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[i'A 


FINANCIAL  TIMES 


U.S.  takes  iead  In 


profitability,  Page 


No.  29,162 


EUROPE’S  BUSINESS  NEWSPAPER 

Thursday  November  3 1983 


D 8523  B 


GENERAL 

U.S.J 

out 

Grenai 

troops 


$I$INESS 


Eagle  Star  accepts  record  UK  offer  in  effort  to  thwart  takeover  by  Allianz  French  get 
a rfi  1 • 1 /"  jp  • 10%  §ts&lk© 

BAT  bids  £796m  for  insurer  » oiivew 


tern 


Almost  half  the  U5-  troops  in  Gren-  t ISRAEL'S  central  bank  governor 
ada  are  expected  to  pull  out  today.  Dr  Mosbe  Afandelbanm  says  the 
eight  days  after  the  Invaaon.  that  country  is  heading  for  severe  eco- 
loOosnd  a coup  on  the  island.  nonue  recession,  and  Labour  Mm- 
U5.  officials  said  about  2^306  . ister  Aharan  Uzan  says,  it  faces 
troops  would  return  to  their  home  mass  imemployinent.  Page  4 
base  in  Ft  Bragg.  North  Carolina,  - 

leaving  about  3JN0  US.  troops  and  * L0.N?0NilrrJ  Indl^ial 
389  men  of  the  Chribbeansecority  ^ 10 

force  still  on  the  island.  Some  Government  securities 

showed  marginal  falls.  Report, 
Grenada's  Governor  Sir  Paul  Page  41,  FT  Share  Information  Ser- 
Scoon  yesterday  gave  Cuban  diplo-  vice.  Pages  42,43. 
mats  24  hours  to  leave  the  island.  AWAT  . ototo™. 

But  they  were  waiting  for  the  with- 
drawal  of  all  Cubanbrops.  which 

was  progressing  yesterday.  US.  i£5ui  ^ * 

S3m  aid  for  Granada,  Page 4 ®H*’. 

. „ • • TOKYO:  Nikkei  Dow  index  eased 

In  Washington,  US  Deputy  See-  by  6.79  to  9,344.12  and  the  Stock  Ex- 
retary  of  State  Kenneth  Dam  told  a change  dropped  by  &07  to 

Congress  foreign  affairs  committee  68544,  Page  37.  T«»W  prices,  oth- 
that  the  Soviet  Union,  Cuba,  and  erexchanges,  Page40. 

North  Korea  had  signed  agree- 

meats  to  provide  Grenada  with  ® DOLLAR  feU  to  DM  2444  (DAT 
weapons  worth  $37 4m  and  military  2455),  FFr  84425  (FFr  84775),  SwFr 
experts.  ■ • 2J5  (SwFr  —161)  • and  Y234.45 


c //  BAT  INDUSTRIES,  the  tobacco 

Jfri&ixvw rAW/\  giant,  yesterday  launched  Britain’s 

^SCvCFC  ..  _ . biggest  ever  takeover  bid  with  a 

E796m  ($L2bn)  offer  for  Eagle  Star, 
^ « the  insurance  group.  The  move  is 

1*PPPGGlATl"  expected  to  spark  one  of  the  largest 
A CLCjj  1 " " 1 1 takeover  battles  ever  waged  in  the 

UK  financial  community. 

The  575p  per  share  cash  offer  by 
• ISRAEL’S  central  bank  governor  BAT  has  been  accepted  by  Eagle 
Dr  Mosbe  Afandelbanm  says  the  Star  directors,  who  have  been  un- 
comubry  is  heading  for  severe  eco-  der  siege  by  Allianz  Versicherung 
nomte  recession,  and  Labour  Mm-  AG,  West  Germany’s  largest  insur- 
ister  Aharan  Uzan  says,  it  faces  er,  for  the  last  turn  weeks.  Allianz, 


BY  JOHN  MOORE  AND  ERIC  SHORT  (N  LONDON 

In  another  bid  yesterday  in  the  tor."  Mr  Sheehy  said  that  the  inher-  was  watching  the  situation  closely, 
world’s  insurance  markets  Ameri-  ent  growth  and  profit  potential  of  Its  London  merchant  banking  ad- 
can  Brands,  the  fourth  largest  U.S-  major  composite  insurance  groups,  visers,  Morgan  Grenfell,  said  that  it 


seal 


fication  this  week  of  the  new  bid  by  I new  IIMSiS 
BAT. 

For  1982  BAT  Industries  reported  By  David  Marsh  in  Parts 
pre-tax  profits  of  £856m  while  Eagle  . „ . 

Star,  which  ranks  as  the  UK's  sixth  CIT-ALCATEL.  tne  state-controlled 
largest  composite  insurer,  reported  , nc“  telecommunications  and 

electronics  group,  together  with 

Since  1981  Allianz  has  been  at-  f^nch  financial'  institutions,  will 
tempting  to  gain  board  represents-  a ^ P?r  cenf  stf^e..'n  Olivetti 


can  Brands,  the  fourth  largest  U.S.  major  composite  insurance  groups, 
cigarette  manufacturer,  announced  which  underwrite  both  life  and  gen- 
that  it  had  agreed  to  acquire  South-  eral  insurance  risks,  "is  high  and 
land  Life  Insurance,  a major  U.S.  they  are  strategically  well  placed  to 
life  insurer,  for  S352m.  develop  in  the  way  we  have  in 

In  Britain  Mr  Patrick  Sheehy,  mind." 
chairman  of  BAT,  said  that  his  He  said  that  BAT.  which  is  the 


winch  holds  294  per  cent  of  the 
shares  in  Eagle  Star,  offered  500p 
per  share  for  the  rest.of  the  British 
insurer's  equity.  Sir  Denis  Moun- 
tain, chairman  of  Eagle  Star,  and 
his  board,  were  planning  to  fight  - 
the  German  bid. 


life  insurer,  for  S352m.  develop  in  the  way  we  have  in 

In  Britain  Mr  Patrick  Sheehy,  mind." 
chairman  of  BAT,  said  that  his  He  said  that  BAT.  which  is  the 
group  had  approached  the  beleagu-  third  largest  company  in  Britain 
ered  Eagle  Star  board  two  days  af-  and  has  large  interests  in  retailing 
ter  it  received  the  takeover  bid  from  and  paper,  would  concentrate  in  the 
Allianz.  “We  think  Eagle  Star  is  short-  and  medium-term  on  expand- 
weU  managed  and  has  a good  rec-  ingin  insurance.  Mr  Sheehy  added 
ord,”  he  said  in  London  yesterday,  that  the  group  might  take  an  inter- 
He  said  that  the  group  had  been  est  in  a stockbroking  firm  “in  the 
searching  for  "appropriate  new  ac-  longer  term  but  not  next  week." 
tavities"  tor  the  last  two  years.  in  Munich  yesterday,  Allianz 
BATs  investigations  “had  revealed  played  the  counterbid  coolly.  The 
quite  early  that  financial  services  German  company  is  not  planning  to 
were  the  most  promising  single  sec-  react  immediately  and  said  that  it 


meats  to  provide  Grenada  with  ® DOLLAR  feD  to  DM  2444  (DAT 
weapons  worth  $37.8m  and  military  2455),  FFr  8JM25  (FFr  84775),  SwFr 
experts.  ' ■ 2X5  (SwFr  2X61)  and  Y234.45 

(¥2344).  Its  trade-wieghted  index 

UK  troon<£  in  Envnt  heM  1274.  In  New  York  H closed 
UIV  TrOOpS  in  cgypi  DM  2^  SwFt  2X54,  FFr  8445 

British  troops  were  back  in  Egypt,  and  Y234.7.  Page  47 

” the  ilHatgd  Aagto-  , STEKLING  moved  m li™  wiU. 

French  Suez  cainpaig-  They  Mok  ^ 10  po^  to 

prtu.UMM’n^uuthEpireuu  sL4875.Ke«JrDmSmS 

ajMjere.  Only  bunk  bullets  were  ^^^(FFrl^SwFr 
fir“L  112  (SwFr  3215)  and  F349  (t34925) 

Canada  cuts  quota 


Thyssen-Krupp  plan 
for  merger  fails 


BY  JAMES  BUCHAN  IN  BONN 

THE  PLAN  to  merge  the  steel  inter-  put  up  an  additional  DM  IX  bn 
ests  of  the  Tbyssen  and  Krupp  ($452. 8m)  as  a condition  for  it  tak- 
groups  was  yesterday  declared  fog  over  the  financially-stretched 
dead  when  Tbyssen  rejected  as  in-  Krupp  Stahl 
adequate  Bonn's  last  offer  of  fin  an-  This  demand  is  over  and  above 

rial  assistance.  aid  for  the  merger  of  DM  14bn  al- 

. The  collapse  of  the  plan,  broadly  ready  promised  as  part  of  a pack- 


put  up  an  additional  DM  lXbn  pendent  auditors  - over  the  valua- 
($452. 8m)  as  a condition  for  it  tak-  tion  of  assets. 


Thyssen’s  chief  executive.  Dr  Die- 
ter Spethmann,  has  demanded  the 


This  demand  is  over  and  above  extra  government  aid  to  neutralise 
aid  for  the  merger  of  DM  14bn  al-  Krupp 's  debts  and  provide  start-up 


regarded  as  the  most  effective 
mownc  q{  cutting  capacity  in  the  us- 


age for  the  entire  industry. 


help  while  Krupp  has  insisted  its 
extra  profitability  in  special  steels 


Krupp  Stahl,  in  contrast,  insisted  should  be  taken  into  account. 


dhstry  on  the  lower  Rhine  to  meet  yesterday  that  what  Count  Otto  Some  observers  in  the  Ruhr  were 
market  demand,  leaves  the  Bonn  Lambsdorff,  the  Economics  Minis-  surprised  at  Thyssen's  continued 


ito  ..Hire,  U IDO.,  •»  j I 4eoc  TU  ..  „ n^.  I umuabl  upmuiu.  leaves  luc  iwuii  1 a ITIOSaonX.  tne  bCOQUimCS  mjQIS-  auiuxtttu  « -luyswins  LUUUUUW1 

Governments  steel  policy  iu  nuuu.  ter.  terreud  a "final  offer-  oi  DM  hardline  despite  the  uuprevemeut 


tion  quota  by  about  10  per  cent,  to  ain’s  gold  and  foreign  eusrescy  re- 
between  80,000  and  85400.  to  pro-  serves  rose  by  $200m  in  October 
tect  jobs  for  Canadians.  due  to  overseas  borrowing  by  stale 

industries  mil  revaluation  of-  gold 

Etendards  in  Iraq  Rowings.  After  aifowing  for  .time. 

Iraqi  Defence  MimsSir  Tarek  Aaz  »»  underiying  .fiU  el 

confirmed  that  the  country  had  tak-  , COLD  rere  SL5  in  London  <o 


It  is  also  a serious  blow  to  Chan-  500m  last  week  was- adequate. 


ceUor  Helmut  Kohl  who  personally 
involved  himself  in  its  success. 


Count  Lambsdorff  said  that  the 
Federal  Government  would  not  in- 


last week  in  the  Government's  offer 
from  DM  300m  to  DM  500m  and  fi- 
nancial savings  from  the  merger  es- 


Yesterday’s  announcement  from  dulge  in  favouritism  at  the  cost  of  timated  at  DM  400m  or  more  in  ra- 


the Economics  Ministry  ",»»•>  g the 
total  failare  of  a govermnent-sup- 


vS&zsttinsmB- 

Etendard  warplanes.  nge3  to  $38345  and  in  Znricb  a $6  rise 

Beirut  clashes  ■ took  it  to  $3834.  In  New  York  the 


ported' ptan,  put  forward  in  Janua-  that  giving  in  to  Thyssen's  demands  Observers  suggested  that  Dr 
jry,  to  reduce  capacity  by  mergng  would  badly  hamstring  Bonn  in  its  Spethmann  had  opted  for  caution  at 
the  five  main  steel  producers  into  dealings  with  the  other  companies  - a difficult  time  and  in  the  expecta- 
two  groups.  The  second  group,  above  all  the  troubled  Arbed  Saar-  tion  that  the  money  would  be  avail- 
whkh  was  to  comprise  Hoesch.  staid,  which  presents  its  own  state-'  able  anyway. 


other  jobs  in  the  industry.  tionalisation  effects  and  DM  l-2bn 

Behind  his  remarks  is  the  fear  hr  spared  investment 
that  giving  in  to  Thyssen's  demands  Observers  suggested  that  Dr 


Comex  November  settlement  was 
Lebanon’s  army  again  fought  with  $383X^53784).  Page  46k  On  the  Lon-' 
anti-government  guerrillas  in  Bei-  don  Stock  Exchange,  the  FT  Gold 
rut  suburbs  and  the  central  moute  Mines  index  rose  334  to  4774,  re- 
tains. Progress  in  peace  talks,  covering 
Page  4 Page  41 


tion  that  the  money  would  be  avail- 
able anyway. 

Bonn  has  recently  stepped  up  its 


ground. 


Klockner-Werke  and  Salzgitter,  aided  rescue  plan  today.  Bonn  has  recently  stepped  up  its 

was  stillborn.  The  collapse  of  the  merger  raises  attacks  over  subsidised  steel  pro-  ■ 

The  failure  also  weakens  the  questions  above  all  for  Krupp  Stahl,  duced  elsewhere  in  Europe,  which 
West  German  Government  in  its  ef-  which  has  debts  in  its  books  of  DM  has  contributed  to  the  loss  of  40  per 
forts  to  force  European  Community  2.7bn.  The  two  companies  are  ex-  ‘ cent  of  the  West  German  market  to 
governments  and  the  European  peeled  to  make  losses  of  between  imports. 


forts  to  force  European  Community 


Guerrillas  surrender 


governments  and  the  European  pected  to  make  losses  of  between 
Commission  to  come  to  grips  with  DM  lbn  and  DM  14bn  this  year  □□ 


Thailand's  Government  accepted  video  cassette  recorders.  Page  5 
the  surrender  of  about  650  Com-  # PAKISTAN  plans  to  relax  indus- 
munj^guen^  arri  Moslem  se  trial  controls  to  encourage  private 
paratists  m the  south  ofthe  coon-  sector  investment  Page? 
try.  ■ 

• EUROPEAN  trade  unions  are  to 

Opposition  burden  campaign  for  greater  access  for  em- 

rr  ployees  to  company  information 

Singapore  high  court  ordered  the  than  the  EEC  is  contemplating  in 
bankrupt  opposition  Workers'  Party  its  Vredeling  directive.  Page  2 
to  Sll,^  (U5^,5M)  in  cwts  # H0NG  K0NG  5^  reduced  ^ 


• TAPAN  is  exnertpd  to  ask.  the  wllimiww  " WJLU  anu  urn  ijs o 

^ ^ Which  0000  them  steel  operations 

virion  rassetto.  n*m»yiers.  Pak 1 5 dauns  “«  proppuig  up  excess  ca-  . The  formal  reason 


parity  elsewhere  in  Europe. 


M lbn  and  DM  14bn  this  year  on  It  now  faces,  however,  the  retort 
.eir  steel  operations.  that  it  has  signally  failed  to  come 

The  formal  reason  for  the  failure  up  with  a German  contribution  to 


of  the  merger  is  the  continued  dif-  the  over-capacity  problem. 


Senior  Bonn  officials  yesterday  ference  of  opinion  between  Thyssen 
did  not  conceal  their  rage  at  Tbyss-  and  Krupp  - eagerly  supported,  by 
en’s  continued  demand  that  Bonn  the  Economics  Ministry  and  inde- 


Edhorial  comment.  Page  22;  Lex, 
Page  24 


after  dismissing  its  defamation  suit 
against  a senior  minister. 

SS  man  dies 

Former  Nazi  SS  officer  Albert  Ras- 
ca,  74,  died  in  hospital  in  Kassel, 
West  Germany,  while  awaiting  trial 
accused  of  murdering  over  1L500 
Lithuanian  Jews. 

Tube  twins  double 

Two  sets  of  twin  test-tube  babies 
were  born  yesterday  in  an  Ade- 
laide, South  Australia,  hospital- 


prime  lending  rates  by  IK  percent-  111  u 

age  points  to  13.5  per  cent 

BF  JUREK  MARTIN  IN  TOKYO 

barrels  a day  and  is  likely  to  aver-  EARLY  JAPANESE  elections  are 


Early  Japanese  poll  expected 
in  wake  of  Tanaka  affair 


age  nearly  24m  b/d  in  1983  (1982: 
2.06m  b/d). 

• MARKS  & SPENCER,  UK  stores 
group  increased  first-half  pre-tax 
profits  16  per  cent  to  £105.6m. 
(S157m),  Lex,  Page  21  Details, 
Page  28 

• SANTOS,  Australian  oil  and  gas 


EARLY  JAPANESE  elections  are  Mr  Nakasone  is  not  obliged  to  go 
expected  to  be  called  for  late  De-  to  the  country  until  next  summer 
cember  in  an  attempt  to  break  the  and,  according  to  some  reports, 
political  impasse  resulting  from  the  would  prefer  to  wait  at  least  until 


Tanaka  affair. 


but  his  hand  has  been 


Although  MrYasuhiro  Nakasone,  forced  by  the  extraordinary  politi- 
the  Prime  Minister,  remained  silent  cal  circumstances  of  the  last  three 
yesterday  on  the  issue,  Tokyo  was  weeks,  above  all  Mr  Tanaka's  refus- 
alive  with  anthoritive  reports  that  al  voluntarily  to  resign  his  Diet 
he  had  told  leaders  of  his  ruling  seat  even  after  a personal  ap- 


producer,  is  to  spewi  more  than  Liberal  Democratic  Party  (LDP)  preach  from  Mr  Nakasone. 

AS200m  (5184m)  on  250  exploration  that  a December  election  was  the  This  has  produced  an  Opposition 


. obliged  to  go  The  course  of  events  over  the 
next  summer  next  three  weeks  is  less  easily  pred- 
ome reports,  ictable.  It  can  be  assumed  that  the  . 
at  least  until  LDP  will  continue  to  try  to  railroad  j 
id  has  been  legislation  through  the  Diet  with  or 
■dinary  politi-  without  opposition  participation 
the  last  three  and  then  claim  credit  for  the  politi- 
an aka's  refus-  cally  popular  parts, 
ign  his  Diet  The  Japanese  preference  for  con- 
personal  ap-  sensus  rather  than,  confrontation, 
sone.  however,  is  certain  to  produce  at- 

m Opposition  tempts  at  mediation.  Mr  Hajime 


New  York  sinnesiy wells  in  the  Cooper-Eronaga  basin,  J only  way  to  clear  the  political  log-  boycott  of  the  Diet  (broken  briefly  Fukuda,  Speaker  of  the  Lower 


New  York  City  started  releasing  341 
prisoners  under  court  order  to  re- 
lieve jail  overcrowding.  Mayor- Ed 
Koch  said  “only  time  will  tell  what 
effect  it  will  have  on  crime.'' 


central  Australia.  Plage  26 


jam  that  has  paralysed  Japanese  yesterday  when  only  the  43  Com-  House,  failed  in  one  such  bid  on 


• GULF  OIL,  the  U.S.  major,  says  P^cs  since  the  Lockheed  bribery  munist  Party  MPs  stayed  away  Tuesday  night  but  is  apparently  go- 

that  Mesa  Petroleum’s  plans  to  re-  conviction  three  weeks  ago  of  Mr  from  a speech  to  parliament  by  the  ing  to  try  again  tomorrow.  Another 

organise  it  would  be  “operationally  Kakuei  Tanaka,  the  former  Prime  West  Germar  Chancellor.  Herr  Hel-  reason  to  call  a political  truce  is  the 

devastating.”  Page  24  Minister.  ' ' _ ^ mut  Eohl),  the  blockage  of  govern-  arrival  next  week  of  President  Ro- 

• INTERNATIONAL  Harvester, 


Briefhr  the  debt-laden  U.5.  farm  eqmpment 

* ■"  and  vehicle  maker,  says  the  four 

Seoul:  Police  used  tear  gas  to  break  year  slide  in  the  heavy  truck  mar- 


devastating  " Page  24  Minister.  mut  Eohl),  the  blockage  of  govern-  arrival  next  week  of  President  Ro- 

M TNTFRVATinVAl  Harvester  The  01081  date  for  a snap  meat  legislation,  including  a tax-cut  nald  Reagan. 

T Tic;  farm  eouioment  efection  **  December  18  or,  possi-  bill,  and  a general  souring  of  the  po-  Nevertheless,  it  is  quite  likely 

“SSfUS one  Vteek  later  on  Chriltaas  iittol atinSjhere.  that  the  Opposition  wSl  conclude 

m^  ^ As  a result,  virtually  everybody  of  there  is  more  mileage  to  be  gained 

kSp  anri  te-stenDina  UD  nro-  ^ current  session  of  the  Diet,  consequence  in  Japanese  politics  with  the  public  by  maintaining  its 


KSSSSS  the  boycott  and  portraying  the  UP  as 

President  Konaw  Reagans  coming  auction  from  Monday  to  reacn  -4  fa  16,  is  likely  to  be  extended  for  Opposition,  because  it  believes  the  authoritarian  and  insensitive  to  na- 

vl5lL  P® 06111 1,10X6  m Janaflry-  "s  10  days  to  permit  Hu  Yaobang,  the  Tanaka  issue  will  work  in  its  fa-  tional  concerns  over  the  Tanaka  is- 

• COCA-COLA,  the  world's  largest  Chinee  Communist  Party  Secre-  vour,  Mr  Tanaka  because  he  ex-  sue  by  not  permitting  the  Diet  to 

soft  drinks  company,  raised  net  tary-General,  to  address  the  legisla-  pects  to  be  vindicated  by  his  home  vote  on  the  motion  to  oust  him.  The 

profits  by  6.4  per  cent  to  51524m  in  tors.  Sometime  in  the  following  constituency,  and  most  of  the  Lib-  half-dozen  minority  parties  have 


visit. 

West  German  bulk  carrier  Kampra 
sank  off  Iceland.  Six  of  the  crew  of 
14  were  saved. 

ZululawTs  black  university  was 
closed  until  January  because  of 
riots. 


the  third  quarter,  following  an  ‘ex-  week,  however  Mr  Nakasone  is  now 
ceptionaf  12  per  cent  volume  in-  expected -to  .issue  formal  notifica- 


crease  in  U.S.  drinks  sales. 


tion  of  an  election. 


eral  Democrats  because  r 
both  candidates  and  cam 
chests  ready  to  be  unleashed. 


because  it  has  rarely  before  displayed  the  same 
and  campaign  cohesiveness  of  purpose  as  in  the 
unleashed.  last  three  weeks. 


CONTENTS 


Europe 

Companies 25 

America 

Companies  * 25 

OtiArcpRV  . »4 


Britain 

Companies 


. . .6 

28-30 


Editorial  comment .22 

Eurobonds  48 

Euro-options  . . ■ .40 

Financial  Futures 47 

Gold - « 

Ini.  Capital  Markets 48 

Letters . 23 

Lombard  ......  ........  23 

Marketing •••3® 


°cSL  irr  here  to  stay 23 

. 6 SCSSe'II."-- Washington:  the  demise  of 


Britain:  BAT  ‘rescues’  the  Alfa  Romeo:  robots  move  in- 
Eagle  22  to  the  Pomigliano  plant  . 25 

U.S.:  third-quarter  upturn  is  Marketing:  Pernod  looks  for 
here  to  stay 23  fresh  pastures 36 


Marked' Washington:  the  demise  of  Editorial  comment:  German 

\\W\W.\n  James  Watt 4 steel;  banks;  unions  ....  22 

Mining 

' ‘ - - ■ « Technology:  the  factory  of  Lex:  Eagle  Star;  Marks  & 

stock  markets -Boui^s.. . sjMjj  the  future 16  Spencer;  Grerman  steel  . . 24 


Agritylm j :*  i:S 

Appointments 8-15,34.35  -Wall  Street  . 37-40  * * 1 

Technofogy . I » ^ Banking:  the 

profitieague  . 


international 
25 


Currencies 


Belgium 

Survey Pages  17-20 


visers,  Morgan  Grenfell,  said  that  it  for  1982  BAT  Industries  reported 
was  unlikely  that  any  further  state-  pre-tax  profits  of  £B56m  while  Eagle 
ment  would  be  made  this  week.  Star,  which  ranks  as  the  UK's  sixth 
Managers  of  large  British  funds  largest  composite  insurer,  reported 
with  shares  in  both  companies  were 

forecasting  a takeover  battle,  say-  Since  1981  Allianz  has  been  at- 
ing  that  the  matter  was  unlikely  to  tempting  to  gain  board  representa- 
be  concluded  by  yesterday’s  devel-  hon  following  its  acquisition  of  a 
opments.  On  the  London  stock  mar-  large  shareholding.  The  British 
ket,  shares  of  Eagle  Star  rose  57p  to  group  has  resisted  leaving  Allianz 
585p  while  shares  of  BAT  fell  4p  to  with  its  strategy  of  expanding  into 
I49p.  the  London  market  through  co- 

...  . „ , operation  frustrated. 

Britain  s Office  of  Fair  Trading.  „ . _ 

which  decides  whether  takeowra  Continued  on  Page  24 

should  be  examined  by  the  Monopo-  BAT  'rescues’  the  Eagle,  Page  22-, 
lies  and  Mergers  Commission,  was  American  Brands  to  buy  insurer, 
yesterday . stiU  studying  Allianz's  Lex,  Page  24;  BATs  acquisition 
bid  and  has  only  just  received  noti-  trail.  Page  24 


Rescue  agreed 
for  German 
private  bank 


BY  JOHN  DAVIES  IN  FRANKFURT 


GERMAN 


ness  should  not  be  disturbed  by  its 


stepped  in  to  rescue  the  old-estab-  difficulties.  But  neither  the  banks 
lished  private  hank  of  Schroder.  n°r  the  authorities  would  disclose 
Munchmeyer,  Hengst  with  an  aid  the  scale  of  the  rescue  or  confirm 
package  estimated  at  well  over  DM  which  banks  are  taking  part. 


200m  (S75m). 

Neither  Schroder,  Munchmeyer. 
Hengst,  nor  the  banking  authori- 
ties, disclosed  the  precise  cause  of 
the  bank’s  difficulties,  except  to  say 
that  they  concern  dealings  with 
non-banks.  The  bank  is  a limited 
partnership  with  assets  of  DM 
24bn. 

Schroder,  Munchmeyer,  Hengst 


The  rescue  operation  was  agreed 


French  telecommunications  and 
electronics  group,  together  with 
French  financial  institutions,  will 
take  a 10  per  cent  stake  in  Olivetti 
of  Italy,  Europe's  leading  office 
equipment  company,  under  a wide 
ranging  industrial  and  commercial 
agreement  unveiled  by  the  compa- 
nies yesterday. 

In  the  first  major  production  pact 
between  EEC  companies  in  the  of- 
fice equipment  field,  the  partners 
are  to  setup  a joint  venture  factory 
to  produce  a new  generation  of  elec- 
tronic typewriters  in  France.  It  is 
planned  to  start  production  in  four 
years'  time. 

Additionally.  CIT-AIcatel  - part  of 
the  Compagnie  Generate  d'Electri- 
cite  group,  nationalised  last  year  - 
and  Olivetti  will  co-operate  on  pro- 
duction of  office  equipment  compo- 
nents. Olivetti  will  also  market 
through  its  own  network  Alcatel 
video-information  products,  such  as 
its  Minitel  videotex  terminals. 

The  announcement  follows  more 
than  a year  of  contacts  between  the 
two  groups  to  hammer  out  the  in- 
dustrial part  of  the  agreement 
Since  summer,  conclusion  of  the 
deal  has  been  held  up  by  haggling 
over  the  33  per  cent  share  of  Olivet- 
ti's capital,  held  up  to  now  by  com- 
panies controlled  by  the  French 
Government  under  another  series 
of  accords  dating  back  to  1980. 

Olivetti  insisted  on  a reduction  of 
this  stake  as  a condition  of  the  elec- 
tronic typewriter  deal. 

The  French  Government  has  fi- 


at a meeting  at  the  headquarters  of  nally  given  the  green  light  to  the 
the  Bundesbank,  the  central  bank,  sale  by  the  government-owned  corn- 
in  Frankfurt  late  on  Tuesday  night,  panies  involved  - Saint-Gobain  and 
Bankers  were  called  to  the  meet-  the  Bull  computer  group  - of  their 
ing  by  the  Federal  Banking  Super-  respective  8 aod  25  per  cent  stakes 
visory  Office  based  in  West  Berlin,  ir.  Olivetti.  Part  of  these  stakes  may 


Part  of  these  stakes  may 


which  has  the  job  of  supervising  the  eventually  be  sold  to  U.S.  or  Jape- 


soundness  of  banks. 


Yesterday's  statement  said  other  nies. 


nese  telecommunicauons  compa- 


has  a close  association  with  IBH,  banks  would  -therefore  transform  At  the  same  time,  CIT-AIcatel 
the  construction  equipment  group,  their  credit  lines  into  subordinated  and  French  investment  institutions 
in  which  it  has  a shareholding  of  debt  while  the  banking  system's  - including  the  state-run  Caisse  des 
about  8 per  cent  common  deposit  guarantee  fund  Depots  - will  jointly  take  a 10  per 


rent  stake  worth  around  FFr  450m 


about  8 per  cent.  common  deposit  guarantee  fund  Depots  - will  jointly  take  a 10  per 

However,  Herr  Hurst-Dieter  would  also  contribute  aid.  rent  stake  worth  around  FFr  450m 

Esch,  IBM's  founder  and  chief  ex-  ^ cimnn™  (S56m). 

ecutive.  said  last  night  that  he  saw  ^ ^ A-a^mion  of  CIT-Alcatel's  direct  stake  in  Oliv- 

SSlHrh,tJiS«u5J3  Ge™30  Bankers  said  that  as  a re-  «ti  will  be  around  3 per  cent.  But  it 
affiliate  which  would  have  caused  . . ..  . 1he  hank's  have  voting  rights  eorrespona- 

the  bank's  difficulties.  He  said  IBH  Oh  « hemal  mg  to  the  full  10  4r  «ht  ahd  will 

and  no  depositor  would  lose  money,  nominate  wo  representatives  to 

SE  2*  £1 S .222SE  ™ J They  said  they  understood  that  the  *e  0l>^  board. 

its  shareholders  to  increase  its  capi-  Luxemb0urg  subsidiary  of  At  a joint  press  conference  in  Pa- 

a v,,  Schroder.  Munchmeyer.  Hengst  ris  yesterday.  M Georges  Pebereau. 

A statement  yesterday  by  the  J.  the  CIT-AIcatel  chairman,  and  Sig 

Federal  Banking  Supervisory  Of-  Ujntinued  on  Tage  Carlo  deBenedetti.  chairman  of  CUi- 

fice  said  it  had  been  agreed  by  the  Manila  bank  under  pressure,  p..„_ 

authorities  and  the  ban’s  taking  Page  41;  International  banking  t-ontin  ea  o rag  -•* 

part  in  the  rescue  that  SMH*s  busi-  profit  league.  Page  25  Sarilor  layoffs,  Page  3 


The  Federal  Banking  Supervise- 

y Office  and  the  Association  of  LIT-Alcaiel  s direct  stake  in  Oliv- 


They  said  they  undersiood  that  the  t^e  Olivetti  board. 


Luxembourg  subsidiary  of 
Schroder.  Munchmeyer,  Hengst 

Continued  on  Page  24 
Manila  bank  under  pressure, 
Page  41;  International  banking 
profit  league.  Page  25 


At  a joint  press  conference  in  Pa- 
ris yesterday,  M Georges  Pebereau. 
the  CIT-AIcatel  chairman,  and  Sig 
Carlo  de  Benedetti,  chairman  of  Oli- 
Continued  on  Page  24 
Sacilor  layoffs,  Page  3 


Belts 


(j-A  4 


>tcii  ty'L 


h;*S*C- 

IeV."113  Bl!N31D 
c,TvrD  ,s  scSTi*-3 


Financial  Times  Thursday  November  3 1983 


EUROPEAN  NEWS 


Swiss  vote 


for  key  changes  in  Vredeling  directive 


i*. 

Teia  delayed 

By  John  Wicks  in  Zurich 

THE  SWISS  Parliament  is  to 
delav  deciding  whether  to  join 
the  'Group  of  Ten  because  of 
uncertainly  about  U.S.  inten- 
tions over  enlargement  of  the 
General  Agreements  to  Borrow 
(GAB). 

Commissions  of  both  houses 
of  Parliament  have  recom- 
mended in  principle  that 
Switzerland  should  become  a 
full  member. 

Discussion  of  the  matter  will 
resume  in  Parliament's  winter 
session.  The  commissions  will 
then  continue  to  recommend 
Swiss  membership,  but  the 
Federal  Council  (the  Swiss 
Cabinet)  will  only  be  em- 
powered to  take  the  necessary 
steps  when  it  is  clear  that  ail 
Group  of  Ten  countries  will 
participate  in  the  GAB  expan- 
sion. 

The  General  Agreements  to 
Borrow  wore  first  concluded 
between  the  International 
Monetary  Fund  and  the  Group 
of  Ten  in  1962. 

They  have  since  been  period- 
ically reviewed.  Switzerland 
joining  ia  as  an  associate  in 
1964.  The  Group's  ministers 
and  governors  decided  last 
January  to  raise  the  aggregate 
commitments  available  from 
some  SDR  6.4bn  f£4.5bn)  to 
SDR  17bn  f£ll.9bn)  to  take 
effect  when  all  Group  countries 
had  agreed  by  the  end  of  the 
year.  President  Ronald  Reagan 
has  called  the  increase  un- 
realistic. 

The  Swiss  Lower-House  com- 
mission says  full  membership 
which  would  increase  Swiss 
contribution  from  a maximum 
SwFr  865  m to  more  than 
SwFr  2.3bn.  should  be  delayed 
until  the  U.S.  is  ready  to  join.  J 


BY  JOHN  WYLE5  IN  BRUSSELS 

THE  EUROPEAN1  TUC  Is  gear-  i 
ing  up  for  a vigirous  lobbying  i 
campaign  which,  while  getter-  1 
ally  supporting  the  highly 
contentious  "Vredeling"  direc- 
tive on  employee  consultation, 
will  also  urge  EEC  governments 
ici  make  key  revisions  to  the 
European  Commission's  propo- 
sal. 

The  aim  is  to  reinstate  some 
of  the  most  controversial 
elements  in  the  first  draft 
adopted  by  the  Commission  in 
19S0.  These  were  dropped  from 
the  final  version  tabled  by  the 
Commission  in  July  partly  out 
of  deference  to  the  European 
Parliament's  opinion  and  partly 


in  response  to  intense  lobbying 
from  multinationals  at  whom 
the  directive  is  aimed. 

The  three  “improvements" 
demanded  by  the  unions  con- 
cern: 

9 Secrecy.  The  final  draft 
allows  management  of  multi- 
nationals or  groups  of  com- 
panies to  withhold  secret  in- 
formation which,  if  disclosed, 
“could  substantially  damage  the 
undertaking's  interests  or  lead 
to  the  failure  of  its  plans.” 

The  ETUC  says  this  would 
drastically  weaken  the  impact 
of  the  proposed  legislation. 
Unions,  it  says,  understand  the 
need  for  confidentiality  and  can 


be  relied  upon  to  behave  re- 
sponsibly. 

• Access  to  the  parent  com- 
pany. The  1980  draft  gave  em- 
ployees' representatives  the 
right  of  access  to  the  parent, 
whether  established  inside  or 
outside  the  EEC,  when  local 
management  was  not  complying 
with  the  information  or  con- 
sultation requirements. 

The  revised  version  allows 
employees  to  communicate  with 
the  parent  in  writing  if  local 
management  is  unable  to  satisfy 
the  information  needs.  But  It 
offers  no  access  about  issues 
upon  which  management  is 
obliged  to  consult. 


• Information  obligations.  The 
ETUC  wants  the  list  of  subjects 
about  which  managements  must 
inform  their  employees  ex- 
tended to  include  “ investment 
and  production  plans " and 
“introduction  of  new  technolo- 
gies.” 

Secondary  complaints  about 
the  final  draft  recently  en- 
dorsed by  the  ETUC  executive 
also  include  the  fact  that  infor- 
mation has  to  be  communicated 
once  a year  instead  of  every  six 
months,  as  in  the  1980  draft. 

The  unions  are  also  unhappy 
about  the  proposal  to  have  the 
directive  apply  to  groups  em- 
ploying at  least  1,000  workers 


in  the  Community.  The  ETUC 
sr>ys  this  would  exclude 
medium-sized  multinationals 
and  it  wants  the  threshold  set 
at  500  employees. 

It  is  too  early  to  say  how 
much  impact  the  unions  are 
likely  to  have  on  member 
governments.  The  Council  of 
Ministers  has  begun  examining 

die  draft  and  employment  mini- 
sters are  due  to  have  their  first 
political  debate  on  the  issue 
here  on  December  8. 

Only  the  British  Government 
is  resisting  the  directive  on 
principle,  but  all  have  strong 
reservations  about  various 
aspects  of  it. 


The  discussions  between  offi- 
cials have  thrown  up  a raft  of 
technical  queries  and  objec- 
tions which  point  to  difficulties 
over  reconciling  the  application 
of  the  proposal  with  the  draft 
fifth  company  law  directive  pro- 
viding for  employee  involve- 
ment In  management  boards. 

Some  delegations  are  also  un- 
happy about  the  lack  of  preci- 
sion In  the  secrecy  require- 
ments. These  seem  to  be  nulli- 
fied by  a separate  requirement 
on  management  to  consult  em- 
ployees on  the  impact  on  them 
of  “ secret " decisions  before  , 
such  decisions  are  finally 
adopted. 


sak  rises  in  EEC’s  surplus  mountain  range 

Greek  sultanas  may  end  up  in  the  sea,  writes  Andriana  Ierodiaconou 


CHRISTMAS  CAKE-MAKERS 
of  the  EEC.  read  on  and  weep. 
There  is  a 70,000  tonne  sultana 
mountain  in  Greece,  but  little 
of  it  Is  likely  to  find  Its  way 
into  your  favourite  Yuletide 
confection.  Most  of  it  will  prob- 
ably be  Ihrown  away. 

The  mountain  was  formed 
when  two-lhirds  of  a bumper 
Greek  sultana  crop  for  1981  — 
the  first  year  of  full  EEC 
membership  — and  part  of  the 
1982  crop  were  bought  up  by 
the  Community  as  unsold 
surplus.  It  now  lies  abandoned 
and  rotung  in  warehouses  in 
the  Athens  and  Corinth  areas. 

An  attempt  to  auction  it  off 
for  distillation  into  surgical 
spirits  and  processing  into 
animal  feed  earlier  this  year 
attracted  no  buyers.  Asked 
what  will  be  done  with  it,  Greek 
agriculture  officials  look 
gloomy.  “We  will  probably 


have  to  dump  it  into  the  seaT 
one  said. 

The  surpluses  were  a shock 
for  Greece,  the  Community's 
only  significant  producer  of 
sultanas.  It  had  expected  to 
have  no  problems  selling  its 
sultanas  in  the  EEC  market. 
Community  countries,  led  by 
Britain  and  the  Netherlands, 
consume  an  average  of  180,000 
tonnes  of  sultanas  each  year, 
more  than  double  the  average 
Greek  annual  production  of 
85,000  tonnes. 


Unwelcome 

The  surpluses  were  also  an 
unwelcome  and  expensive  sur- 
prise for  the  Community,  which 
agreed  as  part  of  Greece's  terms 
of  entry  to  support  the  sector 
by  buying  up  unsold  stacks 
under  the  same  sort  of  inter- 


vention system  which  has 
generated  butter  mountains  and 
wine  lakes.  The  European  Com- 
mission, concerned  about  the 
Ecu  150m  (£85m>  or  so  which 
the  Greek  sultana  support 
system  is  costing  each  year,  has 
proposed  a much  more  limited 
support  system. 

The  Greek  Agriculture  Minis- 
try is  now  locked  in  a fierce 
battle  with  the  Community  on 
the  issue.  Greece  is  anxious  to 
protect  its  300.000  sultana- 
growers,  who  relied  for  half  a 
century  before  EEC  accession 
on  a system  of  selling  their 
surplus  output  to  the  state.  The 
fact  that  the  main  producing 
area  is  on  Crete,  a stronghold 
of  the  governing  Socialist  parly, 
adds  extra  piquancy  to  Athens' 
concern. 

Affronted  Agriculture  Minis- 
try officials  recite  a tale  of  EEC 
inefficiency,  inexperience  and 


pandering  to  the  interests  of  a 
third  country  producer  — 
Greece's  political  arch  rival 
whose  sultans  gave  the  grape 
its  name:  Turkey. 


Import  levy 


They  accuse  the  Commission 
of  allowing  Turkish  sultana  im- 
ports to  undercut  Greek  fruit 
on  EEC  markets  in  1931.  The 
price  guaranteed  to  Greek  pro- 
ducers was  not  protected  by 
any  import  levy  on  sultanas 
from  third  countries,  such  as 
Turkey  and  Afghanistan. 

The  Greeks  admit  that  the 
Commission  redeemed  itself 
somewhat  last  year  when,  learn- 
ing from  experience,  it  used  a 
market  disruption  clause  to  set 
such  a levy.  This  allowed  all 
but  about  8,000  tonnes  of  that 
year's  Greek  crop  to  be  sold. 


li 


ystem’s  so 
s,how  come  it 
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But  they  want  much  mare 
done  to  keep  sultana-growers 
happy.  Unfortunately,  other 
member  states  are  more  reluc- 
tant than  ever  to  find  money 
from  the  hard-pressed  EEC 
budget  to  offer  generous  sup- 
port to  Mediterranean  farmers. 

This  is  seen  in  Athens  as 
callous  indifference  to  the  fate 
of  their  sultana-growers.  Nor- 
molly  placid  Agriculture  Minis- 
try officials  argue  heatedly  that 
political  sympathies  for  Turkey 
among  some  member  states  are 
also  at  play. 

Commission  officials  take  a 
cooler  view,  while  admitting 
that  Turkish  sultanas  scooped 
the  market  in  1981  because  of 
the  lack  of  an  import  levy. 
“The  Greeks  must  realise  that 
sultanas  are  not  the  same  as 
milk  or  butter  or  wheat,”  said 
a spokesman,  referring  to  the 
political  opposition  to  giving 


the  same  support  to  Mediter- 
ranian  farmers  a a that  enjoyed 
in  the  north,  where  dairy  and 
cereal  products  are  heavily  In 
surplus. 

“ Intervention  buying  of 
surpluses  is  meant  to  be  an 
Instrument  of  last  resort,  and 
the  impression  in  Brussels  is 
that  the  Greeks  were  over- 
eager  to  use  it.” 

Support  system 

For  the  moment  Greece  has 
won  a temporary  victory.  Last 
month  in  Luxembourg  agree- 
ment was  reached  in  principle 
to  extend  the  support  system 
for  another  year.  But  with  Mr 
Costas  Si  nulls,  the  Greek  Agri- 
culture Minister,  swearing  that 
the  regime  will  be  changed 
over  his  dead  body,  the  issue 
will  soon  complicate  Greece's 
relations  with  the  EEC  again. 


Pannefla  steps  down  as 
Italy’s  Radical  leader 


BY  JAMES  BUXTON  IN  ROME 

SIG  MARCO  PANNELLA,  Italy’s 
most  colourful  and  magnetic 
politician,  is  no  longer  the 
elected  leader  of  the  small 
Radical  Party,  which  he  had 
made  into  a surprisingly  effec- 
tive force  for  change. 

Hie  decided  at  the  last 
minute  at  me  party's  congress 
this  week  not  to  stand  for  re- 
election.  Sig  Roberto  Ciccio- 
messere,  one  of  his  close  asso- 
ciates, was  elected  Instead. 

While  Sig  PanneUa  will  con- 
tinue the  change  does  reflect 
some' ‘dissatisfaction "among  the 
Radicals  with  his  leadership. 

He  has  been  made  to  look 
foolish  over  the  case  of  Pro- 


fessor Toni  Negri,  who  is 
accused  of  serious  terrorist 
offences.  The  Radicals  had 
Prof  Negri  elected  to  Parlia- 
ment in  the  June  general  elec- 
tion, thus  ensuring  his  release 
from  four  years  of  preventive 
detention. 

But  in  September,  Parliament, 
with  the  Radicals  abstaining, 
voted  for  his  re-arrest,  by 
which  time  Prof  Negri  had  left 
Italy,  apparently  for  France. 
H5s  refusal  to  come  back  has 
taken  the  wind  but  of  the 
Radicals*  satis,  preventing  them 
using  him  to  uphold  the  case 
against  preventive  detention. 


In  Algarve 

By  Diana  Smith  In  Lisbon 

ALGARVE  HOTELIERS  have 
rebelled  against  the  Esc  1,000 
(£5.34)  exit  tax  Introduced 
last  week  by  the  Portuguese 
Government  in  the  hope  of 
extracting  more  revenue 

from  tourism- ■ a prime  source 
of  Invisible  earnings. 

Irate  hoteliers  in  Portugal's 
most  lucrative  tourist  spot 
decided  to  withhold  payment 
of  tourism  far  levied  on 
hotels,  meals,  drinks,  hired 
cars  and  bus  tours  until  the 
highly  - controversial  exit 
stamp  is  abolished. 

. _ They  hope  to  persuade  tour 
- and  hire  car  operators  to  join 
the  boycott 

Equally- irate  heads  of 
Algarve  municipalities,  how- 
ever, are  threatening  to  cut 
off  water  supplies  to  hotels 
Ifuif  fall  to  pay  tourism  tax. 

The  Algarve  rebellion  fol- 
lows that  of  the  government 
of  the  Atlantic  island  of 
Madeira,  which  depends  on 
tourism  for  Its  livelihood  even 
mere  drastically  than  does  the 

mainland 

Sr  Alberto  Joao  Jardim,  the 
Madeira  leader,  a maverick 
populist  who  hammers  Lisbon 
for  funds  and  concessions  to 
his  islanders,  and  mercilessly 
guys  his  own  Social  Democrat 
Party  if  it  annoys  him, 
publicly  refunded  tour 
operators  in  Madeira  for  the 
cost  of  any  exit  stamps  they 
had  bought  for  their  cus- 
tomers. 

The  exit  stamp— due  In 
principle  to  last  only  until 
December  31  — caused  bad 
feeling  from  the  outset,  On 
October  26,  first  day  of  the 
new  tax,  several  foreign 
tourists  missed  their  aircraft 
because  of  it. 

They  had  not  been  warned 
to  keep  enough  escudos  to 
boy  Esc  1,060  fiscal  stamps 
for  adults  or  Esc  500  for 
people  under  the  age  of  18, 
and  had  to  join  long  queues, 
first  to  change  money  then  to 
buy  the  stamp. 

Soviet  ice  hazard 

lee  conditions  appear  still  to 
be  causing  serious  supply 
problems  in  the  Soviet  Arctic, 
despite  claims  that  most  of 
the  ships  earlier  reported 
trapped  had  been  rescued, 
writes  Anthony  Bobinson. 
Two  ice-breakers  are  re*  " 
parted  te  be  trying  to  force  a 
ehanrirti  for  ships  westward' 
from  W range!  Island  to 
Fevek  in  north-eastern 
Siberia. 


Spain  scales  down  ore  project 


BY  DAVID  WHITE  IN  MADRID 

AN  AMBITIOUS  iron  ore  pro- 
cessing project  in  a depressed 
region  of  south-west  Spain, 
which  was  widely  attacked  as 
“economic  madness,”  has  been 
replaced  by  a less  costly  scheme 
which  the  Government  hopes 
will  satisfy  local  job  expecta- 
tions without  losing  money. 

The  on-again-off-agaln  ore 
reduction  project,  known  as 
Presur,  has  become  a test  case 
of  the  Socialist  Government’s 
policy  towards  un viable  ven- 
tures. 

The  new  scheme,  which  cuts 
the  estimated  investment  cost 
by  two-thirds  from  $2 00m  to 
567m,  means  dropping  the 
pelletisation  plant  at  Fregenal 
de  la  Sierra,  which  was  origin- 
ally at  the  centre  of  the  pro- 
ject This  will  be  replaced  by 


a small  pilot  unit,  with  the  main 
part  of  «he  investment  now 
scheduled  to  go  on  producing 
less  concentrated  sdnter-feed  at 
the  Cala  mine  site  ia  Huelva 
province. 

The  sinter-feed,  due  to  be 
produced  at  the  rate  of  600,000 
tonnes  a year,  is  to  be  bought 
by  the  state  heavy  steel  group, 
Ensidesa. 

The  scaled-down  venture  is 
seen  as  ensuring  the  mainten- 
ance of  500  pit  jobs  at  Cala 
and  creating  employment  for 
another  550. 

The  prospect  of  reopening 
tiie  Cala  mine  and  another  at 
La  Berrona,  in  Badajoz 
province,  was  the  basis  for 
reviving  an  abortive  import- 
substitution  scheme  put  forward 
by  northern  Spanish  small 


steelmakers  in  the  early  1970s. 
The  resurrected  project,  drawn 
up  in  1980  with  a package  of 
aid  and  credits,  brought  in 
Lurgi,  the  West  German 
engineering  group,  and  the 
Kuwaiti  Government  as  share- 
holders, with  48  per  cent 
between  them. 

The  project  lapsed  again, 
however,  when  it  was  found 
that  expectations  of  cheap  gas 
supplies  from  the  Gulf  of  Cadiz 
were  over-optimistic. 


FINANCIAL  TIMES,  USPS  No.  180640, 
published  dally  except  Sundays  and 
holidays.  U.S.  eubacripiian  raw* 
*420.00  par  annum.  Second  clan 
pc  stage  paid  at  New  York  NY  and  at 
additional  mailing  offices.  POST- 
MASTER: send  address  changes  to: 
FINANCIAL  TIMES.  75  Bockafallar 
Plaza.  NY.  NY  10019. 


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Notice  of  Redemption 

Transamerica  Overseas  Finance  Corporation  N.V 

Guaranteed  Sinking  Fund  Debentures  Due  1966 

NOTICE  IS  HEREBY  GIVEN  that,  pursuant  id  the  provisions  of  the  Fiscal  Aamcy  Agreemen 
dated  as  6f  December  1,1971,  under  which  the  above-designated  Debentures  are  xssueaT$4Ol,0OO 


for  redemption  on  December  1, 

1983  (herein  sometimes  referred  to  a 

the  redemption  dare): 

SI. 000  COUPON  DEBENTURES 

M2I 

2569 

3348 

7090 

8612 

9883 

10298 

11814 

12828 

14202 

14989 

15418 

16413 

17618 

18892 

3357 

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Slot  B321  XOl IT  126Z5  13550  1*770  15251  16804  17464  18ETT  TR7B1  103*  10054 

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1«°5  0321  7090  8474  9068  10270  11778  12731  14067  14910  15397  16884  17909  18492  S 1B4T9 

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ru*!?*  above  are  to  be  rede«ned  for  the  Sinking  Fond  (a)  at  the  Corporate  Troat 

Offjceol  GSbrnk,  N ^ Fiscai  Agent  under  tbeRscal  Agency  Agreement  referred  to  above.  No.  Ill 
WaOStraet,  Receive  and  Defiver  Department,  5th  Floor,  m the  Borough  of  Manhattan,  the  d*y  of  New 
York,  or  {bjsubject  to  any  laws  and  regulations  applicable  thereto,  at  the  main  offices  of  Citibank,  N.A. 
to  London  (Citibank  House)  and  Fraokfnrr/Main.  the  mam  office  of  Amsterdam-Rotterdam  Bank,  N.V. 
m Amsterdam,  the  main  office  of  Sodft*  Genfiralede  Banque  S A.  in  Brussels,  the  main  office  of  Banca. 
a America  edualia  in  Milao/tbe  main  offices  of  Basque  de  Paris  etdes  Pays-Bas  and  Gotnpagnie  Euro- 

peera»de  Banque  in  Paris,  and  the  main  office  of  Banque  de  Paris  etdesPays-Bas  pour  le  Grande  Dnch£; 

de  Uixerabourgm  Luxembour g.  Paymentsat  the  offices  referred  toin(b)abavew&l  be  made  by  a United 
States  dollar  check  drawn  on  a bank  in  New  York  City  or- by  a transfer  Co  a United  States  dollar 

account  tramtamoi  by  the  payee  with  a bank  rnNe#  York  Qty,  on  December  1, 1983,  thedate  on  which 
they  rfuD  become  due  and  payable,  at  the  redemption  price  of  100  percent  of  the  prinripal  amount  thereof, 
together  with  accrued  interest  to  the  date  fixed  for  redemption.  On  and  after  the  redemption  date. 


Debentures  wifo  aHcoiapom  appertaining  Aei«omatwi^aftMme£cefoo3fOTrofcm|So^iMymatt 
wifl I be  made  at  the  said  redemption  price  out  of  foods  to  be  deposited  with  the  Fiscal  ArenL^ 
Coupons  due  December  l,  1983  should  be  detached  and  presented  for  payment  in  the  usual  manner. 

For  TRANSAMERICA  OVERSEAS  FINANCE  CORPORATION  N.V. 


October  28, 1983 


By.  CITIBANK,  NJL 
Fiscal  Agent 


Financial  Times  Thursday 'November  3 1983  0 


EUROPEAN  NEWS 


France  pays  quiet  tribute  to  soldiers  killed  in  Lebanon 


FRANCE  PAID  tribute 
yesterday  to  the  58  French 
soldiers  of  the  - Lebanon 
peace-keeping  force  killed  In 
the  bomb  attack  on  their 
Beirut  headquarters.  It  was  a 
simple,  moving  ceremony 
that  emphasised  the  note  of 
private  grief,  writes  David 
House  go  in  Paris.  Avoiding 
any  dramatisation  of  the 
event  that  might  stir  national 
passions,  it  was  held  in  the 
closed  courtyard  of  the 
Invalided,  Napoleon's  burial 
place  and  where  France  has 
traditionally  honoured  its 
dead. 

Relatives  were  invited 
along  with  ministers,  opposi- 
tion leaders,  senior  members 


of  the  armed  forces,  the 
diplomatic  corps  and  other 
prominent  figures  in  French 
public  Hfe.  Strict  security 
virtually  sealed  off  the 
Invalides  from  the  public, 
but  the  ceremony  was  tele- 
vised live. 

There  were  no  speeches,  in 
sharp  contrast  to  the  public 
airing  of  grief  in  the  U.S. 
which  lost  more  than  230 
soldiers  in  another  attack  on 
the  same  day.  President 
Francois  Mitterrand  has 
spoken  no  more  than  a hand- 
ful of  sentences  in  public 
about  It  after  his  flying  visit 
to  Beirut,  and  his  restraint 
has  won  wide  approval. 

Catholic,  Protestant,  Jewish 


and  Moslem  deries  partici- 
pated in  yesterday's  brief 
religious  service  that  opened 
the  ceremony. 

Under  a drab  Paris  sky  and 
wtthin  the  grey-stoned  court- 
yard, the  only  colour  came 
from  red.  white  and  bine  flags 
draped  over  the  rows  of  58 
coffins.  After  the  service.  Pre- 
sident Mitterrand  laid  post- 
humous decorations  on  the 
coffins  of  the  four  officers  and 
54  soldiers.  The  oldest  man 

lolled,  and  die  most  senior, 
Captain  Thomas,  was  31.  and 
the  average  was  S3. 

The  four  officers  were  given 
the  Legion  of  Honour,  each  of 
tiie  soldiers  was  decorated  in- 
dividually with  the  Military 


MedaL  The  families  standing 
in  the  courtyard  clasped 
hands  and  in  many  cases  wept 
openly. 

Former  President  Valery 
Giscard  iTEslaing  took  part  in 
the  ceremony— one  of  the  few 
public  occasions  in  which  be 
and  President  Mitterrand 
have  participated  together 
since  the  Socialists  came  to 
power. 

The  decision  to  avoid  a 
large  state  occasion  such  as 
a march  past  down  the 
Champs  Elysee  or  a ceremony 
at  the  Tomb  of  the  Unknown 
Soldier  under  the  Arc  de 
Trlomphe  did  not  please 
everybody.  Former  paratroop- 


DEFENCE  MINISTER  CONFIRMS  ARRIVAL  OF  SUPER  ETENDARDS 

French  jets  delivered,  says  Iraq 


BY  PAUL  BETTS  IN  PARIS 

IRAQ  HAS  officially  confirmed 
it  has  received  delivery  of  the 
five  controversial  Super  Eten- 
dard  aircraft  from  France.  Mr 
Tarek  Aziz,  the  Iraqi  Defence 
Minister,  said  in  an  interview  to 
be  published  todav  in  - the 
French  Socialist  daily  news- 
paper Le  Matin,  that  they  were 
delivered  last  month. 

The  confirmation  coincides 
with  a sharp  heightening  of 
tensions  between  Iraq  and  Iran, 
and  Iraqi  claims  to  have 
destroyed  five  Iranian,  ships  in 
the  Gulf. 

Mr  Aziz  acknowledges  in  the 
interview  that  the  Super  Eten- 
dard  problem  had  become  “ the 
most  thorny  issue  ” in  relations 
between  France  and  Iraq. 

The  interview  also  coincides 
with  several  declarations  during 
the  past  24  hours  by  French 
senior  government  officials  that 
France  had  honoured  its  com- 
mitments to  deliver  the  aircraft 
to  Iraq.  France's  single  largest 
client  for  defence  equipment. 

Both  M Claude  Cheysson,  the 
French  Foreign  Minister,  and 
M Charles  Hernu,  the  Defence 
Minister,  had  suggested  that 
the  Government  had  fulfilled 


Hernu:  extra  budget 


its  commitments  to  Iraq.  M 
Hernu  said  yesterday:  “ France 
will  honour  present . and  past 
contracts,  including  this  one.” 
He  Aided:  “ France  is  a 
country  which  has  a habit  of 


honouring  its  contracts.” 

The  French  decision  caused 
alarm  among  the  country’s 
Western  allies  who  feared  that 
delivery  of  the  aircraft  could 
seriously  escalate  the  Iraq-Iran 
conflict.  Western  diplomats 
had  described  the  French  action 
as  "playing  with  fire.” 

M Hernu  remarked  yesterday 
that  despite  the  controversy 
over  the  five  aicraft,  "it  has 
not  prevented  the  world  from 
turning.”  While  declining  to 
say  precisely  where  the  aircraft 
had  gone,  he  said  they  were 
"nearly  a month  ago  where 
they  should  be.” 

President  Saddam  Hussein  of 
Iraq  said  last  month  that  France 
would  in  principle  deliver  the 
five  aircraft  before  the  end  of 
October. 

The  French  Defence  Minister 
also  confirmed  yesterday  that 
there  will  be  a supplementary 
budget  to  help  finance  the 
French  military  presence  in 
Chad  and  Lebanon.  He  said  his 
ministry  was  calculating  the 
costs  of  the  two  operations  and 
would  report  the  results  to 
Parliament. 

Before  the  bombing  of  the 


French  forces  headquarters  in 
Beirut,  the  operations  in  Cen- 
tral Africa  and  Lebanon  were 
estimated  to  have  cost  the 
country  an  additional  FFr  lbn 
(£S3zn)  since  August. 

In  outlining  the  1984  defence 
budget.  M Hernu  said  expendi- 
ture would  total  FFr  142.1bn. 
an  increase  of  6.7  per  cent  over 
1983.  Despite  budgetary  con- 
straints, the  country  was  main- 
taining its  commitment  to 
strengthen  its  nuclear  force 
which  will  absorb  32.7  per  cent 
of  capital , expenses,  compared 
with  31.7  per  cent  this  year 
and  30  per  cent  in  1982.  Funds 
allocated  to  the  nuclear  force 
will  total  FFr  21.7ba  next  year. 

As  part  of  the  five-year  plan 
to  reduce  armed  forces  man- 
power by  35,000,  almost  9.000 
will  go  next  year  at  a saving 
of  FFr  353m.  M Hernu  said  yes- 
terday. however,  that  France 
would  keep  50,000  soldiers  in 
West  Germany. 

The  new  “ rapid  action 
force”  would  be  manned  by 
47,000  soldiers  based  in  France. 
This  force  is  designed  to  inter- 
vene in  crisis  situations  in  inter- 
national theatres. 


ers,  members  of  the  same 
regiment  as  those  who  died, 
came  to  pay  their  tribute  bnt 
were  mined  away  as  they  had 
no  invitation.  “ There  is  no 
need  of  an  invitation,”  one 
said  angrily.  “We  are  part 
of  the  same  parachute 
family." 

This  discordant  note  apart, 
there  is  no  donbt  that  Presi- 
dent Mitterrand  has  focussed 
and  articulated  French  grier 
in  the  quiet  manner  that  most 
think  appropriate  to  the  cir- 
cumstances. He  has  also 
helped  pat  off  the  political 
debate  on  the  French  role 
in  Lebanon  that  is  rumbling 
beneath  the  surface. 

Peace  talks.  Page  4 


Steel  chief 
sees  more 
job  losses 

By  David  Homego  m Paris 


SACILOR,  the  French  state- 
owned  steel  group  which  lost 
FFr  3.6bn  (£3 00m)  last  year 
and  forecasts  a similar  defi- 
cit this  year,  does  not  expect 
a return  to  profit  for  another 
three  or  four  years. 

M Claude  Do  lie.  the  chairman, 
also  said  yesterday  that  fur- 
ther “painful”  lay-offs  will  be 
needed.  Under  the  French 
steel  plan  the  two  state-owned 
groups  are  already  to  lay  off 
10-12,000  people  by  1986. 

The  plan  was  buiit  on  the 
assump  of  steel  output  rising 
to  24m  tonnes  a year  by  1986. 
But  M Dolle  said  his  group 
was  now  working  on  the 
assumption  -pf  16m-20m 
tonnes. 

The  Government  has  still  to  de- 
cide whether  to  approve  a 
fresh  round  of  redundancies 
though  recent  ministerial 
statements  point  in  this  direc- 
tion. The  bulk  of  them  would 
be  in  Lorraine.  Previous  plant 
closures  have  provoked  vio- 
lence. 


Wage  talks  | Increase 

collapse  in 


Netherlands 

By  Walter  Ellis  in  Amsterdam 
DUTCH  civil  service  union 
leaders  yesterday  threatened 
widespread  and  prolonged 
strikes  following  the  breakdown 
of  talks  with  government  min- 
isters on  pay. 

The  government  proposes  to 
cut  public  sector  wages  and 
most  social  welfare  benefits  by  | 
3.5  per  cent  from  January  l to 
help  reduce  the  budget  deficit. 
Just  before  yesterday's  talks,  it 
announced  it  was  prepared  to 
reduce  the  cuts  to  3 per  cent. 

The  unions  rejected  the  offer, 
having  set  1.5  per  cent  as  the 
most  they  can  accept.  They  have 
called  on  members  to  step  up 
their  campaign  of  disruption 
into  an  indefinite  strike. 

It  is  a make  or  break  struggle 
for  both  sides.  The  Government 
needs  to  win  If  its  programme 
of  long-term  austerity  is  to  have 
any  credibility.  The  unions 
need  to  show  they  still  have 
strength  and  can  prevent  cuts 
in  salaries  not  only  next  year 
but  in  1985  and  1986  as  well. 

Strikes  could  begin  within 
days.  Mr  Jaap  van  der  Scheur. 
chairman  of  Abvakabo.  the  big- 
gest union  involved,  is  expected 
to  announce  strike  plans  today. 

Negotiations  were  still  con- 
tinuing yesterday  on  the  issues 
of  shorter  working  hours  and 
job-creation  schemes.  Unions 
and  Government  are  in  virtual 
accord  on  the  need  to  use  work- 
sharing to  create  employment 
in  the  public  sector.  However, 
union  leaders  may  well  with-  J 
draw  from  all  discussions  pend- ' 
ing  resolution  of  the  pay  ques- 
tion. 

In  The  Hague  yesterday, 
st rated  on  the  streets,  using 
buses  and  other  vehicles  to 
block  the  vital  Prins  Bernard 
viaduct  for  a time.  In  Rotter- 
dam. publ  ic  transport  staff 
staged  a 24-hour  strike,  and 
there  were  demonstrations  in 
other  parts  of  the  country.  J 
Stock  markets.  Page  36 


oil  stocks 

lower  than  expected 


BY  RICHARD  JOHNS 

INDUSTRIALISED  countries 
increased  their  oil  stocks  at  a 
rate  of  800.000  barrels  a day  in 
the  third  quarter  of  1983— less 
than  generally  calculated  or  ex- 
pected hitherto— according  to 
the  latest  monthly  market 
assessment  of  the  International 
Energy-  Agency  tlEA). 

A month  ago  the  IEA 
reckoned  that  the  increase  was 
1.3m  b/d.  Its  downward  revi- 
sion can  only  be  good  news  for 
the  Organisation  of  Petroleum 
Exporting  Countries  (Opec) 
whose  members  have  signifi- 
cantly breached  their  collective 
production  ceiling  of  17.5m  b/cL 

Moreover,  the  IEA  says  that 
available  data  indicates  a 
200,000  b/d  depletion  of  stocks 
in  the  non-C_ommunisc  world 
during  October  and  November. 
This  is  questionable,  however, 
given  sagging  prices  on  the  spot 
market  and  clear  over-supply  in 
recent  weeks. 

Overall  in  the  non-Com- 
munist  world  the  build-up  of 
inventories,  including  those  in 
countries  not  belonging  to  the 


Organisation  for  Economic  Co- 
operation (OECD)  and  — - 
operation  and  Development 
(OECD),  and  oil  still  afloat  at 
sea  in  tanker,  was  1.6m  b/d. 
the  Paris-based  agency  now 
says. 

The  build-up  was  almost  the 
equivalent  to  the  increase  in 
Opec  output  of  crude  oil  which, 
the  IEA  believes,  rose  from 
16.7ra  b/d  in  the  second  quarter 
lo  18.2m  b/d  in  the  third.  It 
estimates  provisionally  the  rate 
to  have  been  18.6m  b/d  in 
October. 

The  IEA  believes  that  actual 
demand  for  Opec  crude  during 
the  October-December  period 
will  be  just  over  19m  b/d.  The 
indications  are  that  OECD  con- 
sumption in  October  and 
November  will  rise  by  2 per 
cent  over  the  same  period  of 
1982. 

Commercial  stocks  In  the  in- 
dustrialised countries  at  the 
end  of  October  are  put  by  the 
IEA  at  78  days  forward  con- 
sumption and  those  held  by 
governments  at  another  15 
days. 


Fay  linked  for  Irish  MPs 


BY  BRENDAN  KEENAN  IN  DUBLIN 


IRISH  MPs,  Ministers  and 
judges  will  in  future  have  their 
salaries  automatically  linked  to 
civil  service  pay  awards  in  an 
attempt  to  avoid  the  regular 
embarrassment  of  politicians 
awarding  themselves  increases 
in  Parliament. 

A chorus  of  objections,  mostly 
from  trade  unions,  has  greeted 
the  19  per  cent  pay  increase  to 
be  presented  to  the  Dail  today 
even  though  MPs  have  not  had 
a rise  since  1981  and  the  award 
is  in  line  with  civil  service 
increases. 


The  increase  will  give  an 
Irish  TD  i LIP)  1E16.413 
(£13.000)  a year  on  which  he 
receives  tax  concessions  for 
expenses.  The  Prime  Minister, 
Dr  Garret  FitzGerald,  will  get 
L£ 4-4,350  a year,  an  increase  of 
more  than  LE7.000. 

Nevertheless,  many  rank-and- 
file  MPs  do  not  feel  they  have 
been  fairly  treated.  They  are 
to  get  no  back  pay  in  *Hp  t»vo 
year  delay,  which  would  have 
amounted  to  over  H2.UUU.  »ne 
judiciary  will  receive  a retros- 
pective award. 


U.S.  joins  Polish  debt  talks 


BY  STEWART  FLEMING  IN  WASHINGTON 


THE  REAGAN  Administration  in 
the  U.S.  announced  yesterday  that 
it  would  join  14  other  Western  gov- 
ernments in  talks  about  reschedul- 
ing that  part  of  Poland's  official  for- 
eign debt  due  to  mature  in  1981  and 
not  already  covered  by  a re- 
scheduling agreement 
However,  in  a move  interpreted 
as  showing  that  the  Administration 
had  revised  its  earlier  intentions, 
the  U.S.  said  it  would  not  immedi- 
ately lift  the  ban  on  Polish  fishing 
in  US.  waters.  Instead.  Poland 
would  be  authorised  to  get  into 
talks  about  joint  ventures  with  UJS. 
companies,  and  .a  decision  on 
whether  to  lift  the  fishing  sanctions 


would  be  taken,  depending  on  bow 
those  talks  progressed  and  on  fur- 
ther progress  on  human  rights  in 
Poland. 

The  White  House  statement  fol- 
lowed confusion  on  Tuesday  about 
the  content  and  timing  of  the  an- 
nouncement on  Polish  sanctions. 
initially  the  White  House  said  the 
statement  would  Jbe.made  on  Tues- 
day afternoon.  The  delay  appears  to 
reflect  White  'House  concern  about 
the  political  impact  of  tin*  decisions 
at  home. 

The  AFLOO,  organised  labour’s 
umbrella  organisation,  has  made 
dear  that  it  feels  any  move  to  ease 
sanctions  now  is  sending  the  wrong 


signal  to  the  Polish  Government 
The  talks  with  other  members  of 
the  Paris  dub  would  deal  with  some 
S65m  of  unscheduled  debt  due  to 
mature  in  1981,  and  SlOOm  of  inter- 
est on  delayed  payments.  Other 
sanctions  would  thus  remain  in  ef- 
fect, rnduding  a ban  on  LOT,  the 
Polish  airline,  a freeze  on  trade 
credit  insurance  and  on  exports  of 
high-technology  equipment  > 

In  annouTHnng  the  sanctions  deci- 
sions, Mr  Larry  Speakes,  the  White 
House  spokesman,  emphasised 
that,  initially,  only  the  decision  to 
get  into  negotiations  on  the  1981 
debt  would  come  into  effect  imme- 
diately. . 


Bonn  ties  loan  to  freer  travel 


BY  LESLIE  COUTT  IN  BERLIN 

WEST  GERMANY'S  Finance 
Minister.  Herr  Gerhard  Stolten- 
berg  has  laid  down  Bonn’s  terms 
for  a new  loan  to  East  Germany 
— better  opportunities  for 
travel  for  ordinary  Germans 
between  the  two  German  states. 

Herr  Stoltenberg  conferred 
with  East  Germany’s  top 
economic  official,  Herr  Guenther 
Mittag,  a member  of  the  East 
German  Politburo  on  Tuesday 
and  said  afterwards  tbe  sub- 
ject of  a new  loan  was  not  dis- 
cussed. He  was  not  to  be  taken 
literally  though. 

Using  the  coded  language  of 
senior  officials  in  East  and  West 
Germany  when  they  discuss  deli- 
cate political  and  economic 
questions,  Herr  Stoltenberg 


presented  Bonn’s  conditions  for 
a fresh  loan  which  every  know- 
ledgeable West  German  banker 
says  East  Germany  urgently 
seeds. 

In  June  West  German  banks 
gave  East  Germany  a DM  lbn 
(£253m)  loan  guaranteed  by  the 
Bonn  Government  East  Ger- 
many is  estimated  to  owe 
Western  banks  approximately 
$4bn  this  year  and  a similar 
amount  in  1984. 

Herr  Stoltenberg  told  Herr 
Miitag  that  East  Germany  had 
made  .“limited  progress”  in  im- 
proving access  to  the  country  by 
easing  border  controls  and  drop- 
ping currency  exchange  require- 
ments for  Western  children. 
More  East  Germans  are  also 


being  permitted  to  visit  West 
Germany.  The  Finance  Minis- 
ter noted  though  that  Bonn  had 
“further  expectations.” 

West  German  bankers  esti- 
mate East  Germany  needs  a loan 
of  up  to  DM  2bn  and  that  its 
main  hope  is  pinned  on  West 
Germany.  The  Bonn  Government 
has  told  the  banks  it  would  not 
underwrite  a loan  until  East 
Germany  had  produced  substan- 
tial humanitarian  concessions. 

Herr  Mittag’s  reply  was  to 
refer  to  a recent  warning  by 
Herr  Erich  Honecker,  East  Ger- 
man's leader,  that  an  “ice  age 
would  descend  on  inter-German 
relations  if  new  American  mis- 
siles were  deployed  in  West  Ger- 
many. 


NOTICE  OF  REDEMPTION 
To  the  Holders  of 

ENTE  NAZIONALE  IDROCARBURI 

E.N.I. 

(National  Hydrocarbons  Authority) 

6y2%  Sinking  Fund  Debentures  due  June  1, 1987 

NOTICE  IS  HEREBY  GIVEN  iliat,  pursuant  to  the  provisions  of  the-  Sinking  Fund  for  the  Deben- 
lur'es  oF  the  above-described  H*ie,  Morgan  CuarantyTn«st  Company  of  New r Yorir  as  FiscalAgent, 
has  selected  by  lot  for  mietuptrou  on  December  1,  1983  at  ibe  principal  amount  thereof  &003.000  prin- 
cipal amount  of  said  Debentures-, .as  follows: 

. Outstanding  Debentures  of  C. 5.  JljOOO  Each  of  Prefix j“&r  Bearing  Serial  Numbers 
■ Ending  in  the  Following  Two  Digits: 


84 


89 


DO 


Also  Debentures  of  U.S.  $1,000  Each  of  Prefix  “IT  Bearing  the  Following  Serial  Numbers : 


741 

3S41 


1941 

2941 


35*1 

3B4L 


5541 

GM1 


6541 

CUL 


7141 

7641 


8341 

9341 


30G41 

21441 


13041 

13441 


151*1 

15741 


19641 

20541 


31841 

24441 


On  Derenibrr  3, 1983,  there  will  become  and  be  due  and  payable  upon  each  Delwnlure  the  principal 
amount  thereof,  in  such  coin  or  currency  of  the  United  Stales  of  America  as  on  said  date  is  legal  tender 
for  the  payment  iherein  of  public  and  privale  debts,  at  the  option  of  the  holder,  either  (a)  at  the 
rorporate  trust  office  of  Morgan  Guaranty  Trust  Company  of  New  York,  13th  floor,  30  West 
Broadway,  New  York,  N.Y.  10015,  or  (b)  subject  to  any  lawn  aud  regulations  applicable  thereto 
with  respect  to  the  payment,  currency  of  payment  or  otherwise  in  the  couniiy  of  any  oTthe  following 
offices atthe  principal  office  of  Bauca  Nazionale  del  Lavoro  in  Rome  or  the  principal  office  of  Banra 
(Jommcreiale  fialiaua  in  Milan  or  the  main  offices  of  Morgan  Guaranty  Trust  Company  of  New  York 
in  London.  Brussels,  Paris  or  Frankfurt  or  the  main  office  of  Algrmene  Bank  Nederland  NA . m 
Am'tenlanx  or  the  main  office  of  Kredictlunk  S.A.  Lurembonrgeoise  in  Luxembourg^  die. 

li.lwntirw  surrendered  for  redemption  should  have  attadied  all  miniatured  coupons  appurtenant 
ihrretl  Coupon*  due  Decemlier  I.  W83.  should  1*  detached  and  collected  in  ihc  usual  manner. 

Frum  ami  after  December  1: 1983,  inierea  diall  cease  to  accrue  on  the  Debentures  heron  designated 

b"4wi*  ENTE  NAZIONALE  EDROCAKBUKI 

By:  MORGAN  GUARANTY  TRUST  COMPANY 
Octo’-er  27: 1983  YOSK’ Fisad  Agent 

NOTICE 

The  following  Debentures  previously  called  for  redemption  hare  not  as  yet  been  presented  for  payment: 
DEBENTURES  OF  UA.81JM0  EACH 

15838  130*2  20GB1  M91S 


The  class  war  is  over 


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A 


Financial  Times  Thursday  November  3 1983 


OVERSEAS  NEWS 


r first 


BY  ANTHONY  McDERMOTT  IN  GENEVA 


THE  LEBANESE  conference  on  na- 
tional reconciliation  was  moving 
yesterday  afternoon  into  crucial 
discussions  on  Lebanon's  accord 
with  Israel,  signed  on  May  17,  in- 
volving the  withdrawal  of  Israeli 
troops,  it  could  make  or  break  the 
conference. 

On  the  technical  point  of  accept- 
ing that  Lebanon  does  indeed  have 
an  Arab  identity,  agreement  was 
reached  in  a session  yesterday 
morning  of  the  nine  member  Leba- 
nese committee,  chaired  by  Presi- 
dent Amin  Gemayel,  the  session 
was  also  attended  with  observer 
status  by  Mr  Abdei-Halim  Khad- 
dam,  the  Syrian  Foreign  Minister 
and  Mr  Mohammed  Ibrahim  Mas- 
soud,  the  Saudi  Minister  of  State 
for  Foreign  Affairs. 

Eut  there  have  been  two  impor- 
tone  setbacks.  On  Tuesday  night,  af- 
ter a two  hour  session,  a special 
four-man  Lebanese  committee 
broke  up  having  failed  to  agree  on 
their  task  - the  definition  of  Leba- 
non's identity. 

Yesterday  morning,  the  full  con- 
ference ended  with  Mr  Valid  Jum- 
blatt  leader  of  the  Druze  and  Leba- 
nese left  and  a Syrian  ally,  staging 
a door  slamming  walk-out.  He  com- 
plained of  being  talked  down  to  by 
Sheikh  Pierre  Gemayel,  the  father 
of  the  Lebanese  President  and  the 
founder  of  the  Christian  Phalangist 
Party. 

However,  yesterday  morning's 
session  did  provide  some  definition 
of  Lebanon's  position.  According  to 
an  unofficial  translation  of  the  Ar- 


abic statement,  Lebanon  was  de- 
fined as  being  of  “Arab  belonging 
and  identity'  and  is  a founding  and 
active  member  of  the  Arab  League 
and  bound  by  all  its  charters." 

In  a press  conference,  Mr  Alfred 
Madi,  the  Phalangist  spokesman, 
made  it  clear  that  unless  any  party 
- and  he  specifically  referred  to  Mr 
Jumblatt  and  the  Syrians  - could 
come  up  with  a better  alternative  to 
the  May  accord  with  Israel  - “in 
spite  of  its  weaknesses"  - the  Leba- 
nese Government  would  not  aban- 
don it  He  said  Mr  Jumblatt  was 
unprepared  to  face  the  implications 
of  the  May  accord.  “He  cannot  pby. 
Syria  and  Israel  at  the  same  time." 
he  said.  Syria  has  about  40,000 
troops  in  Lebanon  at  present. 

Syria  is  adamant  thel  this  accord 
should  be  abrogated.  The  US. 
through  Mr  Richard  Fairbanks,  the 
special  envoy  to  the  Middle  East, 
has  been  pressing  to  prevent  the  is- 
sue of  the  accord  being  raised  in  the 
conference.  Both  he  and  British  dip- 
lomats have  been  working  hard  be 
hind  the  scenes,  talking  with  a 
whole  range  of  participants,  from 
Mr  Jumblatt,  to  Mr  Nabih  Bern,  the 
leader  of  the  Lebanese  Shia  and  to 
established  Phalan gists  on  the 
right 

But  whatever  the  outcome  of  the 
meeting  due  for  yesterday  after- 
noon. there  was  no  real  expectation 
that  this  conference  could  come 
anywhere  near  solving  Lebanon's 
problems.  “It  could  be."  according  to 
Mr  Madi.  "just  the  start  of  a pro- 
cess... of  building  a new  Lebanon." 


casssaot  defend  itself 


BY  KATHY  EVANS  IN  DOHA 

THE  meeting  of  the  six  Gulf 
foreign  ministers  went  into  its 
second  day  in  Doha  yesterday 
with  the  Omani  head  of  slate. 
Sultan  Qaboos,  claiming  that  the 
states  were  incapable  of  defend- 
ing the  region. 

He  told  a Kuwaiti  newspaper: 
“We  do  not  possess  the  military 
capacity  to  confront  Iran  . . . 
joint  manoeuvres  by  the  GCC 
(Gulf  Cooperation  Council) 
member  states  do  not  mean  we 
have  an  army  capable  of 
shouldering  the  security  of  the 


Gulf  region.  Possessing  advanced 
weaponry  is  not  enough.” 

He  added  th2t  if  the  Straits 
of  Hormuz  were  closed,  then 
the  U.S.  might  have  to  intervene 
to  guarantee  navigation  in  the 
Gulf  and  protect  its  interests 
and  those  of  its  allies. 

Oman  has  reported  increased 
Iranian  warplane  activity  over 
its  territory  in  the  last  few  days. 

The  Omani  Foreign  Minister, 
Youssef  A1  Alawi.  said  that  the 
Iranian  threats  were  escalating 
almost  daily. 


Fresh  talks 
may  speed 
decision  on 
Hong  Koag 

By  Mark  Baker  in  Peking 

THE  HEADS  of  the  Chinese  and 
British  delegations  negoti- 
ating the  future  or  Hong 
Kong  are  to  meet  regularly 
on  an  informal  basis.  in 
addition  tu  the  official  talks. 

The  derision  indicates  a new 
flexibility  on  both  sides  and 
suggests  they  are  ready  to 
move  more  quickly  towards 
an  agreement  on  the  Colony’s 
future. 

It  is  believed  that  the  senior 
negotiators — Sir  Percy  Crad- 
ock,  British  Ambassador  to 
China,  and  Yao  Huang. 
Ch  i nese  Vice-Fo  reign  Min- 
ister, will  meet  frequently — 
possibly  more  than  once  a 
week  — to  smooth  points  of 
detail  between  the  formal 
negotiating  sessions.  now 
occurring  about  once  a 
month. 

"The  meetings  will  occur  as 
often  as  is  necessary,  as  often 
as  there  is  something  to  talk 
about,”  a spokesman  for  the 
Bn  fish  Embassy  in  Peking 
said.  “ 1 think  you  can 
interpret  it  as  an  encouraging 
development.” 

Qi  Huaiyuan,  director  of  the 
Information  Department  of 
the  Chinese  Foreign  Ministry, 
confirmed  yesterday  that  at 
least  one  meeting  had  already 
been  held  between  Sir  Percy 
and  Yao.  He  could  not  say 
what  was  discussed,  but 
described  it  as  an  opportunity 
for  “ an  exchange  of  opinions 
and  informal  contact.” 

The  next  round  of  formal 
negotiations  is  scheduled  for 
November  14  and  15  in 
Peking. 

Prime  rate 
cut  to  13.5% 

3y  Robert  Cottrell  in  Hong  Kong 

HONG  KONG'S  leading  banks 
yesterday  cut  prime  lending 
rate  by  one-and-a-half  percent- 
age points,  to  13.5  per  cent 

The  move  follows  a one-point 
cut  last  week,  and  reflects 
lower  local  money  - market 
interest  rates  and  successful 
stabilisation  of  the  Hong 
Kong  dollar's  exchange  rate. 

The  Stock  Market’s  Hang  Seng 
Index  reacted  positively  to 
the  reduction,  rising  20.16  to 
close  at  866.9  and  reversing 
Tuesday’s  18.48  decline. 

The  market  is  now  trading  at 
25  per  cent  higher  than  on 
October  4 when  the  index  hit 
a 1983  low  of  690. 


Israel  headed  for  recession  says 

BY  DAVID  LENNON  IN  TEL  AVIV 


ISRAEL  IS  headed  for  a severe 
economic  recession,  according 
10  Dr  Moshe  Mandefbaum, 
governor  of  the  company's 
central  bank-  and  is  facing  a 
period  of  mass  unemployment, 
according  to  Mr  Aharon  Uran. 
the  Labour  Minister. 

The  country's  multiplying 
economic  woes,  which  most 
recently  included  the  news  that 
the  foreign  ru.serv«-s  are 
rapidly  failing  to  The  danger 
level  of  S2.5bn  (£1.6bn>  include 
| the  looming  closure  of  some 
factories- 

Di rectors  of  Ala.  a leading 
textile  company  with  over  3.000 
employees,  have  warned  that 
they  wiil  close  some  of  their 
factories,  if  government  aid  is 
□ot  immediately  forthcoming. 

Ata's  current  debt  of  S2Qm  is 
fairly  typical  of  many 
companies  in  Israel  hit  by 
problems  in  the  economy  during 
the  past  12  months.  For  many 


companies,  an  artificially  high 
value  on  the  shekel  has  meant 
a poor  return  for  exports. 

Not  only  textile  companies 
are  in  trouble.  The  S00 
employees  of  Israel  Shipyards 
(IS)  are  idle,  and  the  const  ruc- 
tion industry  is  already  in  deep 
recession. 

Dr  Mandeibaum  explained 
that  the  recession  is  likely  to 
be  hastened  and  deepened  by 
the  decision  of  the  Bank  of 
Israel.  The  central  bank,  to  try 
to  force  the  Government  to 
follow  a restrictive  monetary 
policy  in  the  coming  months. 

As  part  of  this  policy,  the 
central  bank  has  decided  to 
reduce  commercial  bank  credit 
by  Israeli  ShJ  lGbn  (fSOm) 
soon,  and  has  also  approved  in 
principle  a 25  per  cent  increase 
in  the  base  lending  rate.  This 
will  bring  it  to  some  130  per 
cent,  probably  still  less  than 
the  inflation  rate. 


The  Labour  Minister's 
remarks  about  pending  large- 
scale  unemployment  were  made 
after  discussions  with  the 
Treasury  over  cuts  in  the 
Ministry's  budget 

Mr  Uzan  said  that,  instead  of 
cutting  social  services,  the 
Government  should  increase 
taxes  on  the  well-off. 

Among  steps  being  considered 
by  the  Treasury  to  deal  with 
the  economic  crisis  is  a 10  per 
cent  increase  in  the  marginal 
tax  celling  to  70  per  cent,  and 
a stricter  enforcement  of  regu- 
lations governing  limits  on 
foreign  currency  holdings  per- 
mitted to  the  public. 

This  latter  issue  has  been 
ignored  during  the  past  six 
years. 

Wi rh  the  re-introduction  of 
controls  this  week,  the  Treasury 
is  also  considering  ways  to  bring 
back  into  the  financial  system 


central  bank  chief 


the  $500m  which  it  believes  is 
kept  in  cash  or  travellers’ 
cheques  by  the  public. 

Next  Sunday's  Cabinet  meet- 
ing is  expected  to  discuss  the 
economic  crisis,  and  may  be 
asked  Id  approve  harsh 
economic  measures  proposed  by 
Mr  Yigal  Cohen-Orgad,  the  new 
Finance  Minister. 

• Bethlehem  Catholic  Uni- 
versity was  ordered  dosed  for 
two  months  by  the  Israeli 
military  authorities  yesterday, 
as  part  ot  a new  hard-line  policy 
on  the  occupied  West  Bank. 

Two  secondary  schools  were 
also  closed  and  curfews  have 
been  Imposed  on  some  Pales- 
tinian refugee  camps  and  the 
town  centre  of  Nablus. 

The  university  closure  fol- 
lowed clashes  on  Tuesday 
between  Israeli  soliders  and 
students  at  the  university. 


SEoshe  Mandeibaum 


Pakistan  plans  to  ease  curbs  on  Industry 

BY  JOHN  ELLIOTT  IN  ISLAMABAD 


S.  African 
result 


A RELAXATION  of  industrial 
controls  i.>  planned  by  the 
Pakistan  Government  in  an 
attempt  to  encourage  private 
sector  investment  which  Is  esti- 
mated to  have  totalled  a record 
Rps  19bn  (St.5bn)  during  the 
last  five  years. 

Ministers  want  to  remove  con- 
trols— for  the  first  time  in 
Pakistan's  35-year  history — 
from  all  industries  apart  from 
about  five  or  six  special  areas. 

Private  sector  investment  has 
piebrd  up  considerably  during 
the  martial  law  regime  of  Presi- 
dent Zia  ul-H2q. 

But  there  has  been  neither 
sufficient  political  or  economic 


stability,  nor  sufficient  incen- 
tives, to  attract  private  sector 
business  lnlo  capital-intensive 
basic  Industries  such  as  petro- 
chemicals. heavy  electricals  and 
mineral-based  production. 

Now  there  is  a fear  that  the 
country's  political  unrest  of  the 
past  two-and-a-half  months  may 
have  upset  the  trend,  causing 
businessmen  to  hold  back  from 
new  projects. 

This  may  not  show  in  the 
government's  statistics,  how- 
ever, because  it  is  unlikely  that 
the  unrest  has  affected  the  pace 
of  applications  for  industrial 
licences. 

Industrial  controls  were 


liberalised  in  1979,  and  projects 
costing  less  than  S6xn  do  not 
have  to  be  cleared  by  the  gov- 
ernment. The  controls  are.  how- 
ever, onerous  and  time-wasting, 
and  the  plan  is  to  free  all  indus- 
tries except  those  on  a short- 
list 

That  list  will  probably  include 
industries  such  as  cooking  oil, 
soft  drinks  and  sugar,  where 
the  government  does  not  want 
any  new  capacity. 

Projects  totalling  $3.8bn,  have 
been  approved  during  the  last 
five  years  in  the  private  sector, 
double  the  total  for  the  previous 
17  years  I960  to  1977  which  in- 


cluded a booming  investment 
period  in  the  early  1960s.  Even 
allowing  for  inflation,  the  total 
of  the  last  five  years  is  50  per 
cent  of  those  17  years. 

The  Industry  Ministry  esti- 
mates that  projects  accounting 
for  38  per  cent  of  the  $3Bbn 
have  either  been  completed  or 
are  under  construction  and  that 
by  1985-86  this  will  have  risen 
to  66  per  cent 

More  than  one-third  of  the 
total  projects  are  in  chemical 
and  fertiliser  industries.  About 
20  per  cent  are  in  textiles,  about 
10  per  cent  in  cement  and  glass 
and  7 per  cent  in.  engineering. 


Banks  under  pressure  to  assist  Philippines 

BY  EMILIA  TAGAZA  IN  MANILA 


SMALLER  FOREIGN  banks 
who  have  so  far  resisted  a 
request  by  the  Philippines  for 
a 90-day  moratorium  on  debts 
falling  due  from  October  17 
are  under  increasing  pressure 
to  assist  the  heavily  indebted 
country. 

The  12-bank  advisory  com- 
mittee representing  the 
country's  largest  foreign 
creditors  have  endorsed  the 
freeze,  and  an  official  of  a U.S. 
bank  with  a small  exposure  in 
the  Philippines  said  bis  back 
has  been  placed  in  a position 
where  it  has  no  choice  but  to 
accept  the  moratorium. 


The  official  said  that  the  S3bn 
(12 bn)  which  the  Philippine 
Government  said  is  involved  in 
the  freeze  is  underestimated. 
The  figure  is  closer  to  $4bn. 
out  of  which  some  52bn  are 
short-term  debts  that  may  have 
to  be  rescheduled  into  medium- 
term  loans,”  the  banker  said. 

Foreign  capital  and  new 
loans  have  virtually  stopped 
Sowing  into  the  Philippines, 
and  the  Government  has  been 
digging  into  its  international 
reserves  to  pay  off  maturing 
debts  and  interests. 

Last  month,  foreign  reserves 
were  down  to  about  6500m, 


roughly  equivalent  to  one 
month's  imports.  Foreign 
bankers  estimate  that  the 
reserves  could  be  down  further 
to  $I50m  toward  the  end  of 
the  year. 

The  bankers  are  more 
worried  about  political  develop- 
ments in  the  country.  Amid 
persistent  reports  that  Presi- 
dent Ferdinand  Marcos  is 
seriously  ill,  they  are  concerned 
with  the  absence  of  a definite 
and  orderly  succession 
procedure. 

The  major  anxiety  is  that  if 
Mr  Marcos  is  suddenly  incapaci- 


tated, there  might  be  chaos  in 
government,  and  turmoil  in  the 
streets. 

“ Capital  flight  from  the 
country  will  not  stop  unless 
there  is  some  semblance  of 
political  stability,"  one  banker 
who  belongs  to  the  advisory 
committee  said. 

• The  Philippines  Govern- 
ment yesterday  raised  the  price 
of  petroleum  products  by  one 
peso  a litre  as  a result  of  the 
peso  devaluation  last  month. 
The  board  of  Energy  said  that 
the  price  increase  will  preclude 
hoarding. 


likely  today 

RESULTS  are  expected  today 
in  the  South  African  referen- 
dum to  decide  whether  to 
introduce  a new  constitution. 
The  constitution  has  already 
been  debated  and  passed  by 
parliament  and  signed  by  the 
State  President,  writes  J.  D.  F. 
Jones  in  Johannesburg. 

Most  observers  believe  there 
will  be  a majority  “ yes  ” vote, 
possibly  in  the  region  of  60  per 
cent.  Only  white  South  Africans 
were  able  to  vote. 

The  poll,  which  has  been 
conducted  nationally  and  not 
according  to  the  usual  con- 
stituency system,  has  been  quiet 
except  for  two  bomb  explosions 
in  Durban  early  yesterday. 

Muzorewa  move 

Bishop  Abel  Muzorewa,  de- 
tained in  Harare,  has  been 
allowed  to  see  a lawyer,  but 
there  is  still  no  indication  of 
when  be  might  be  freed,  a 
spokesman  for  the  Zimbabwe 
aerie’s  Party  said  yesterday, 
Reuter  reports  from  Harare. 

Queensland  poll 

Final  counting  in  the  Queens- 
land, Australia,  state  election 
has  given  Mr  Joh  Bjelke- 
Petersen’s  National  Party  an 
overall  majority,  following  the 
collapse  of  the  Liberal  vote, 
writes  Michael  Thompaon-Noel 
in  Sydney. 


AMERICAN  NEWS 


Time  to  reassess  Falklands  issue 

BY  JIMMY  BURNS  AND  ROBERT  GRAHAM 


THE  ADVENT  of  a civilian 
administration  in  Argentina  3nd 
the  firm  rejection  of  the  mili- 
tary implicit  in  Sunday's  poll 
have  put  the  future  of  the  Falk- 
lands in  a new  light . The 
Radical  Party  leader.  Sr  Raul 
Alio  ns  in.  is  opposed  to  the  use 
of  force  in  the  settlement  of 
Argentina’s  dispute  with  Britain 
over  the  Falklands  and  with 
Chile  over  the  Beagle  Channel. 

The  first  foreign  policy  initia- 
tive when  the  new  administra- 
tion takes  office  under  Sr 
Alfonsin's  presidency  is  ex- 
pected to  be  on  The  Beagle 
Channel  dispute,  according  to 
Argentine  diplomatic  sources. 

Over  the  past  five  years. 
Argentina  and  Chile  have  on 
several  occasions  come  close  to 
war  over  the  Beagle  Channel, 
which  provides  strategic  access 
between  the  Pacific  and  the 
Atlantic. 

Sr  Alfonsin  told  foreign 
journalists  last  week  that  he 
would  accept  the  peace  pro- 
posals of  the  Holy  See.  made  in 
1978.  These  would  convert  the 
disputed  area  around  Cape  Horn 
into  a “sea  of  peace”  and  leave 
the  three  islands  of  Nueva.  Fic- 
ton  and  Lennox  in  Chilean 
hands. 

Sr  Alfonsin  will  maintain 


Argentina's  claim  of  sovereignty 
to  the  Falklands,  according 
to  close  aides.  While  anxious  to 
establish  a dialogue  with 
Britain,  few  in  his  party  favour 
altering  the  status  quo.  in  which 
a formal  end  to  hostilities  has 
not  yet  been  declared.  Britain 
has  insisted  that  such  a declara- 
tion is  a fundamental  condition 
for  any  change  in  its  relations 
with  Argentina.  Argentina's 
refusal  to  comply  has  been  the 
British  Government's  main  jus- 
tification for  its  continued  mili- 
tary presence  in  the  south  Atlan- 
tic and  the  fortification  of  the 
islands. 

The  majority  view  in  the 
Argentine  Foreign  Ministry  and 
the  Radical  Parry  is  that  stand- 
ing firm  will  force  the  British 
to  pay  an  increasingly  heavy 
price  to  garrison  the  Falklands, 
eventually  provoking  domestic 
reaction  against  This  policy.  But 
this  attitude  has  turned  into  a 
two-edged  weapon.  Senior  radi- 
cal officials  are  now  aware  of  the 
risk  that  the  more  Britain  con- 
solidates its  presence  on  the 
islands,  the  harder  it  becomes 
to  withdraw.  Close  aides  of  Sr 
Alfonsin  are  hinting  that  if 
London  were  to  freeze  construc- 
tion of  Port  Stanley's  new  air- 
port, this  wcjuld  be  construed 


as  a positive  move. 

Likewise,  Britain  could  re- 
duce the  150  mile  “protection 
zone.'*  This,  in  practice,  ex- 
cludes Argentine  fishing  vessels, 
because  although  technically 
allowed  within  it.  they  have  to 
obtain  British  Government  per- 
mission. Doing  so  is  regarded 
as  admission  of  British 
sovreignty  over  the  islands,  and 
this  the  highly  nationalistic  fish- 
ing fleet  refuses  to  accept. 

The  valuable  hake  fishing 
season  is  shortly  due  to  open  in 
the  south  Atlantic  and  Argen- 
tine trawler  owners  face  further 
losses,  due  to  the  presence  of 
Japanese.  Polish.  Spanish  and 
Soviet  vessels  operating  inside 
the  protection  zone. 

One  way  round  Argentina's 
refusal  to  declare  a formal  end 
to  hostilities  would  he  a 
generalised  statement  by  Sr 
Alfonsin  renouncing  the  use  of 
force,  directed  as  much  towards 
Chile  as  Britain.  This  would  be 
in  line  with  the  Radical  Party’s 
traditional  neutralism.  (The 
Radicals  kept  Argentina  out  of 
World  War  I and  decliivl  par- 
ticipation in  the  U.S.  operations 
in  Santo  Domingo  in  1965.) 

Argentine  diplomats  have 
noted  statements  by  Mrs  Mar- 
garet Thatcher,  the  British 


Prime  Minister,  saying  Britain 
is  willing  to  negotiate  every- 
thing but  sovereignty.  However, 
they  are  not  convinced  by  this 
willingness,  pointing  out  that 
she  would  be  embarrassed 
by  any  offer  to  negotiate  an  end 
to  hostilities  since  this  would 
undermine  the  basis  of  "For- 
tress Falklands.” 

Argentina  and  Britain  will 
state  their  positions  formally 
next  week  in  the  UN.  when  the 
Falklands  comes  up  for  debate. 
Little  change  is  likely  in  sub- 
stance. But  the  Argentines  will 
stress  that  one  of  Mrs  Thatcher's 
arguments  against  talks,  an  un- 
reliable military  government  in 
Buenos  Aires  3s  negotiating 
partner,  no  longer  applies. 
Added  to  this.  Sr  Alfonsin  is 
committed  to  keep  the  military 
in  barracks  and  to  slash  spend- 
ing on  the  armed  forces. 

Brirain  is  one  of  the  countries 
involved  in  Argentina's  $39  bn 
foreign  debt,  which  will  be  re- 
negotiated by  the  new  govern- 
ment. Argentina  will  be  seek- 
ing more  favourable  terms  and 
Britain  could  use  the  pretext 
for  resumption  of  more  normal 
commercial  and  diplomatic  re- 
lations. It  is  also  possible  that 
the  l\S.  may  help  by  acting  as 
broker  in  the  deadlock. 


BY  CHRISTIAN  TYLER  IN  LONDON  AND  NANCY  DUNNE  IN  WASHINGTON 


A CAMPAIGN  by  foreign  and  do- 
mestic companies  m the  U.S. 
against  the  spread  of  the  controver- 
sial “unitary"  caeihod  of  taxing  mul- 
tinational companies  appears  to  be 
paying  off  in  Florida,  the  latest  of 
13  U.S.  states  to  adopt  Ihe  system. 

Businessmen,  who  were  taken  cv 
surprise  when  the  state  made  the 
tax  law  list  July  to  finance  an  edu- 
cation programme,  were  to  meet 
the  tax  committees  in  the  state 
legislature  yesterday  in  Tali  ah  as- 
set to  urge  repeal  ox  the  legislation. 

According  to  Florida  busi- 
nessmen visiting  London  lo  pro- 
mote European  investment  in  their 
state,  it  is  highly  likely  that  stale 
legislators  will  either  greatly  modi- 
fy or  repeal  the  iax. 

Unitar.'  ’.**  requires  local  compa- 
nies ;o  declare  their  national  or  in- 
ternational earnings,  payroll  and 
assets. 

The  state  tax  authorities  then  de- 
cide what  proportion  is  attributable 
to  the  local  concern  and  tax  it  accor- 
dingly. 


Unitary  tax  has  been  condemned 
by  multinationals  in  Bn  tain,  Hol- 
land. Japan.  Canada  and  elsewhere 
as  arbitrary  and  unjust. 

Governments  have  also  given 
warnings  that  it  might  sour  mutual 
investment  relations. 

President  Reagan  has  refused  to 
intervene  for  fear  of  alienating  the 
states,  after  the  Supreme  Court’s 
June  verdict  that  vindicated  Califor- 
nia's right  to  use  the  method.  But 
he  has  set  up  a working  group  to  try 
to  find  a compromise. 

Mr  Jim  Eeasley,  managing  direc- 
tor of  a South  Florida  law  firm  anc 
leader  of  the  delegation  to  London, 
said  the  issue  had  been  exaggerat- 
ed. but  “we  realise  we  have  shot 
ourselves  in  the  foot.”  A recent  poll 
of  state  legislators  showed  more 
than  hall  would  vote  for  repeal,  he 
said. 

Local  opposition  to  the  measure 
has  been  led  by  the  banks,  especial- 
ly out-of-state  banks.  Moreover. 
IBM.  which  makes  its  personal 
computer  in  Florida,  is  also  report- 


ed to  be  worried  about  the  disincen- 
tive effect. 

Businessmen  are  being  asked  to 
suggest  how  to  make  good  the  reve- 
nue loss  if  the  system  is  repealed. 
One  possibility  would  be  to  raise 
the  5 per  cent  sales  tax.  which  ac- 
counts for  63  per  cent  of  budget 
revenue. 

Corporate  income  tax  yields 
about  10  per  cent.  or  $4 00m.  while 
unitary  tax  would  be  worth  another 
S50m  only.  Another  suggestion  is 
that  local  petrol  tax  be  increased. 

Ln  Washington.  Mrs  Paula  Haw- 
kins. Republican  Senator  from  Flor- 
ida. pressed  by  state  businessmen 
and  worried  about  jobs,  introduced 
a bill  on  Tuesday  w force  the  Trea- 
sury task  forea  studying  Federal 
legislation  to  report  findings  and 
recommendations  to  Congress  with- 
in 99  days. 

There  has  been  speculation  in 
Washington  that  the  task  force 
would  seek  to  delay  a final  conclu- 
sion until  after  the  presidential 
erlections  in  November. 


Federal  legislation  is  considered 
unlikeiy  without  support  from  the 
administration,  but  President  Rea- 
gan has  been  put  under  pressure  by- 
several  governors  ta  leave  states 
free  to  determine  their  own  taxa- 
tion practices. 

Another  member  of  the  delega- 
tion to  London.  Mr.  John  Koch.  3 
senior  rice-president  of  Sun  Sack, 
NA.  of  Miami,  claimed  that  Florida 
was  still  one  of  the  10  least-taxed 
states  in  the  US.  The  increase  in 
taxation  due  to  the  unitary  method 
was  typically  only  small,  he  said. 

Britain,  the  biggest  overseas  in- 
vestor :n  the  1-S-,  accounts  for 
abcu:  40  per  cent  of  total  foreign  in- 
vestment in  Florida. 

Florida  has  become  espeuaHy 
sensitive  *j>  UK  objections  since  z 
London  Chamber  of  Commerce 
mission  10  the  state  earlier  this 
year  was  cancelled  on  the  ground 
that  companies  had  lost  interest  in 
opening  business  there  white  un- 
itary tax  r.-as  in  force. 


fJfa^T8  Harvester  plans 

job  cuts  to  increase 


UJS.  send 
aid  to 
Grenada 


By  Paul  Taylor  m New  York 

AMERICAN  Telephone  and 
Telegraph  (AT  & T),  the  U.S- 
telecommunications  group  on 
the  verge  of  a massive  court- 
approved  break-up,  is  seeking 
to  shed  13,000  jobs  In  two  of 
its  new  divisions  through 
early  retirement  packages 
intended  to  trim  annual  pay- 
rolls by  S500m  f£337m). 

The  job  reductions  form 
part  of  AT  & Ts  strategy  for 
remaining  competitive  after 
January  1 when  thousands  of 
workers  will  he  shifted  to 
AT  & T from  the  22  Bell 
System  operating  companies 
which  are  being  spun  off. 

The  cuts  are  seen  as  neces- 
sary if  the  new  AT  & T is  to 
compete  effectively  in  its  new 
deregulated  businesses  with 
other  U.S.  telecommunications 
companies. 

The  two  divisions  affected 
by  the  job  cuts  are  at  AT  & T 
information  systems,  the 
AT  & T unit  fonnerlly  called 
American  Bell  which  will 
market  business  and  resi- 
dential communications  equip- 
ment. and  AT  & T communica- 
tions systems  which  wfli  offer 
long  distance  telephone 
services  in  competition  with 
other  suppliers  such  as  MCI 
and  GTE. 

AT  & T has  already  begun 
slimming  down  the  workforce, 
mainly  through  attrition,  and 
closing  plants  at  a third 
division,  Western  Electric, 
AT  & T's  manufacturing  arm. 
Those  cuts  are  expected  by 
198S  to  reduce  Western’s 
134. 000- strong  workforce  by 
about  16,300, 

The  hnik  of  the  latest  joh 
reductions  will  (all  on  AT  & 
T's  information  systems 
division.  The  unit  which  cur- 
rently employs  28,000  people. 
Is  due  to  receive  an  additional 

80.000  from  the  Bell  operating 
companies  on  January  1 when 
responsibility  for  equipment 
installed  on  customer 
premises  is  transferred  to  the 

new  AT  & T. 

Of  these  AT  4 T is  seeking 

10.000  voluntary  retirements 
— or  about  a II  per  cent 
redaction  in  the  division's 
post-diverstiture  workforce. 
This  is  seen  as  crucial  if  the 
currently-loss  making  division 
is  to  become  profitable  quickly 
and  win  hack  a major  share 
of  the  estimated  $2bn-a-year 
business  equipment  market. 

The  other  3.000  job  cuts  are 
being  sought  in  the  communi- 
cations division  which,  after 
January  1,  would  otherwise 
have  a total  workforce  of 
around  118,000. 


truck  output 

BY  TERRY  DODSWORTH  IN  NEW  YORK 

INTERNATIONAL  Harvester,  the 


debt-laden  U.S-  farm  machinery 
and  commercial  vehicle  manufac- 
turer, is  to  step  up  truck  production 
amid  strong  indications  that  the 
four  year  slide  in  the  North  Ameri- 
can heavy  truck  market-  has 
stopped. 

The  company  said  yesterday  that 
it  will  increase  overall  output  by  20 
per  cent  between  November  7 and 
February  of  next  year,  with  the 
main  advance  in  January. 

In  the  heavier  vehicle  category  of 

33,000  lb  gross  vehicle  weight  and 
over,  production  will  go  up  by  42  per 
cent;  while  output  of  medium 
weight  vehicles  is  to  increase  by  8 
per  cent 

Mr  Neil  Springer,  president  of 
the  group’s  international  division, 
said  that  the  decision  to  increase 
production  was  based  on  a 78  per 
cent  rise  in  orders  over  the  May-Oc- 
tober  period  compared  with  a year 
ago.  International  Harvester  vehi- 
cles had  also  increased  their  mar- 
ket share  to  28  per  cent,  he  added. 

The  U.S.  heavy  truck  market  has 
fallen  into  deep  recession  since  the 
peak  year  of  1979.  International 
Harvester  was  the  principal  casu- 
alty of  this  decline,  as  it  was  hit  at 


the  same  time  by  an  equally  sharp 
slump  in  the  agricultural  equip- 
ment business. 

Only  a week  ago,  the  company 
completed  a second  major  debt  re- 
scheduling agreement  with  200 
lenders  aimed  at  putting  its  fi- 
nances on  a firmer  footing. 

A substantial  part  of  the  group's 
S3fibn  of  bank  debt  is  being  con- 
verted into  equity  under  the  agree- 
ment which  could  leave  the  banks 
with  as  much  as  half  of  OTs  equity. 

So  far  this  year,  the  U.S.  heavy 
truck  market  has  shown  a further 
decline,  falling  from  57,500  units  in 
the  33,000  lb  category  to  55,600  in 
the  nine  months  to  September. 

But  in  the  last  summer,  manufac- 
turers reported  a reversal  in  the 
trend,  and  over  the  last  July  to  Sep- 
tember period,  sales  rose  by  15.5 
per  cent  The  big  diesel  engine  sup- 
plier to  the  industry,  Cummins  En- 
gine, is  now  predicting  80,000  truck 
sales  this  year  against  75,000  a year 
ago. 

Both  Ford  and  the  US.  subsid- 
iary of  Volvo,  the  Swedish  compa- 
ny, have  announced  that  they  are 
also  increasing  truck  output,  with 
Ford  stepping  up  production  by  35 
per  cent  early  next  year. 


Capital  gams  plan  fears 


WASHINGTON  — Mr  Dan 
■ Rostenkowski,  U.S.  House  Ways 
and  Means  Committee  chair- 
man, yesterday  voiced  concern 
over  a proposal  to  reduce  the 
long-term  capital  gains  holding 
period  to  six  months  from  a 
year  and  to  reduce  to  SL000 
from  $3,000  the  limit  on  deduct- 
ability  of  capital  losses  against 
ordinary  income. 

Opening  a Ways  and  Means 
hearing  on  the  tax  treatment  of 
capital  gains  and  losses,  Mr 


Rostenkowski  said  proponents 
of  the  two-part  proposal  must 
carry  the  burden  of  proof  in 
view  of  the  feet  that  60  per 
cent  of  gain  from  long-term  in- 
vestments is  already  excluded 
from  tax.” 

In  addition,  he  noted  that  the 
maximum  tax  rate  on  capital 
gains  was  reduced  from  28  per 
cent  to  20  per  cent  in  the  1981 
tax  Act 
AP-DJ 


By  Reginald  We, 

US.  Editor  in  Washington 

THE  VS.  Government  yester- 
day announced  a 93m  addi- 
tional aid  package  for 
Grenada,  intended  mainly  to 
restore  disrupted  medical  and 
public  health  activities  on  the 
island.  The  aid  was  in  addi- 
tion to  $475,600  worth  of 
fond,  generators  and  water 
tanks  supplied  by  the  UJS. 
immediately  after  last  week’s 
invasion. 

Officials  said  that  ft  was  not 
clear  whether  the  latest 
funds  would  be  used  to  re- 
build the  mental  hospital 
accidentally  damaged  by  an 
American  bomb  attack,  or 
whether  the  Pentagon  would 
be  billed  separately  for  it. 

Meanwhile.  the  White 
House  said  that  Mr  Richard 
Stone,  President  Ronald 
Reagan’s  special  envoy.  Is  to 
reborn  to  Central  America, 
apparently  In  the  hope  that 
the  UJ3.  show  of  force  in 
Grenada  will  spur  wider 
regional  peace  negotiations. 

Mr  Stone  is  to  convey  Hr 
Reagan's  determination  not 
to  lose  momentum  built  up 
hi  the  four-nation  eontadora 
group  (composed  of  Mexico, 
Venezuela,  Colombia  and 
Panama),  which  Is  seeking  a 
negotiated  eolation  to  the 
Central  American  conflict,  the 
White  House  said.  The  coats- 
flora  countries,  however,  have 
condemned  the  Invasion  of 
Grenada. 

On  Capitol  mu,  there  was 
uncertainty  over  the  future 
of  moves  to  invoke  the  1973 
War  Powers  Act,  which  could 
require  the  U.S.  troops  to  be 
withdrawn  by  Christmas  in 
the  absence  of  Congressional 
approval  of  a longer  stay. 
While  the  House  of  Repre- 
sentatives voted  overwhelm- 
ingly on  Tuesday  to  invoke 
the  Act,  a similar  resolution 
has  lapsed  in  the  Senate  and 
there  were  no  Immediate 
plans  to  revive  it 

Military  officials  said  that 
a nine-ship  aircraft  carrier 
task  force  was  due  to  begin 
surprise  exercises  to  test  the 
readiness  of  VS.  forces  In  the 
Western  Atlantic 


mum  icorasc  mmmom 

every  Monday- 
Only  in  the  Financial  Times 


Financial  Times  Thursday'  November  3 1983 


WORLD  TRADE  NEWS 


Motorola  sees  strong 
growth  in  W.  Europe 
semiconductor  sales 


BY  GUY  DE  JONQUM5RES 

THE  RECENT  surge  in  West 
European  semiconductor  mar- 
kets will  extend  well  into  next 
year  led  by  continued  strong 
demand  in  Sri  tain  and  Scandi- 
navia, Motorola,  the  large 
American  electronics  -com- 
ponents manufacturer  said  yes- 
terday. . 

But  UJ>.  and  Japanese  sup- 
pliers will  benefit  most.  Moto- 
rola. forecasts.  Indigenous  Euro- 
pean manufacturers  wiH  supply 
only  about  40  per  cent  of  their 
own  $2L9bn  market  this  year, 
and  Western  Europe’s  total  defi- 
cit on  semiconductor  trade  will 
rise  to  SJLSbn  from  Sl.fibn  last 
year. 

Motorola  expects  the  Euro- 
pean market  to  grow  by  13  per 
cent  this  year,  measured  in  local 
currencies,  and  by  3 per  cent  in 
current  U.S.  dollars.  Growth  in 
local  currencies  next:  year  is 
forecast  at  16  per  cent,  with  the 
strongest  Increase  taking  place 
in  the  first  half.  ‘ 

The  outstanding  performer  is 
Britain,  where  Motorola  esti- 
mates that  the  market  will 
increase  by  30  per  cent  in  local 
currency  terms  this  year  and 
by  22  per  cent  next  year.  Scan- 
dinavia comes  second,  with  an 
estimated  growth  of  18  per  cent 
this  year  and  17  per  cent  next 
year. 

According  to  Mr  pedy  Saban, 
director  of  European  marketing 
for  Motorola,  Britain's  semi- 
conductor market  has  doubled 
in  value  since  1080.  It  now 
accounts  for  .24  per  cent  of  all 
European  sales  and  is  narrow- 
ing the  gap  with  West  Germany, 
traditionally  Europe’s  largest 
single  national  market;  which 


represents  29  per  cent  of  total 
sales  in  the  region.  ■ 

Though  44  per  cent  of  semi- 
conductor consumption  in 
Britain  is  accounted  for  hy 
government  and  telecommuni- 
cations purchases,  its  expand- 
ing personal  computer  sector 
has  made  a substantial  contri- 
bution to  recent  growth. 

Mr  Saban  said  that  the  UK 
was  now  the  centre  of  personal 
computer  manufacturing  in 
Europe,  But  he  warned  that  the 
industry  was ' fragile  and 
vulnerable  to  shakeouts  result- 
ing from  increasingly  fierce 
international  competition. 

West  German  demand  for 
semiconductors  is  expected,  to 
pick  up  strongly  next  year, 
increasing  by  16  per  cent  in 
local  currency  terms,  after  a 
rise  of  only  8 per  cent  this 
year.  But  Mr  Saban  said  that 
the.  German  electronic  equip- 
ment industry  was  still  in  poor 
shape  and  was  steadily  losing 
market  share. 

Motorola  sees  France  and 
Italy  as  the  two  weak  spots  in 
Western  Europe.  The  growth 
of  semiconductor  sales  hi  both 
countries  has  lagged,  with  in- 
creases of  10  per  cent  and  13 
per  cent  respectively  expected 
this  year. 

Mr  Saban  expected  the  U.S. 
to  start  increasing  its  world- 
wide lead  over  Japan,  which 
has  captured  an  estimated  13 
per  cent  of  the  American  semi- 
conductor market.  One  reason 
was  increased  demand  for 
microprocessors,  in  which  U.S. 
technology  was  .superior  to  that 
of  Japanese  and  European 
manufacturers. 


UK  export  opportunities 
improve  in  Ghana 


BY  CHRISTIAN  TYLER,  TRADE  EDITOR 


GHANA  appears  to  be  stepping 
up  its  imports  again  despite 
economic  problems  it  shares 
with  other  debt-laden  African 
countries. 

According  to  businessmen  at 
a London  seminar  yesterday 
Ghana  is  one  of  the  few  coun- 
tries where  business  has  in- 
creased in  the  wake  of  IMF 
loan  support  and  a domestic 
austerity  programme. 

In  the  first  eight  months  of 
this  year  UK  exports  were  up 
50  per  cent,  from  £41 ,1m  to 
£6Q-2m.  Exports  of  machinery, 
transport  equipment  — —and  - 
vehicles  more  than  doubled,  to 
£14m,  The  country  is  also  said 
to  be  stepping  up  imports  of 
the  raw  materials  it  needs  to  re- 
vive its  economy. 

A £15m  line  of  credit  through 
Standard  Chartered  Bank  and 
backed  by  the  Export  Credits 
Guarantee  Department  is  ex- 
pected to  be  in  place  by  the 
end  of  the  year.  ECGD  is 
covering  short-term  business 
with  Ghana,  but  on  vexy  re- 
stricted terms:  buyers  have  to 
produce ' cash  on  receipt  of 
shipping  documents  and  letters 
of  credit  confirmed  in  the  UK 
are  required. 

Mr  Ron  Dittrich,  of  Barclays 
Bank  International,  said  it  was 
not  clear  how  long  this  export 
opportunity  would  last.  Ghana 


had  8900m  of  trade  arrears  and 
short-term  debt,  and  IMF  sup- 
port was  still  “ inadequate.” 

Businessmen  at  the  seminar, 
arranged  by  the  London 
Chamber  of  Commerce,  were  in 
general  advised  to  seek  aid- 
related  business  or  insist  on 
confirmed  letters  of  credit  for 
the  countries  under  review. 

Gambia  has  already  an- 
nounced that,  subject  to  the 
price  of  its  major  export, 
copper,  and  international  lend- 
ing support,  it  will  be  paying 
off  its  trade  and  remittance 
arrears  of  8500m  In  quarterly 
instalments  of  $25m  from  next 
year.  An  agreement  reschedul- 
ing some  867m  of  commercial 
bank  debt  is  due  to  be  signed 
this  month. 

Tanzania  is  still  very  short  of 
foreign  exchange  and  imports 
are  much  restricted,  while 
trade  arrears  stood  at  8330m  at 
the  end  of  May.  But  the  country 
is  a large  recipient  of  develop- 
ment assistance  which  meant 
that  there  is  scope  for  aid- 
related  business,  the  seminar 
was  told. 

Zaire  was  described  as  a 
good  prospect  in  the  long  run, 
but  with  85bn  of  foreign  debt 
and  constant  rescheduling,  ex- 
porters had  little  alternative 
but  to  seek  confirmed  letters  of 
credit 


GENERAL  SHOPPING  SA. 

IN  LIQUIDATION 
LUXEMBOURG 
R.C.  LMXwnfaaarB  B.6S67. 

Tb*  EjaraonUnary  GMoal  Meeting  of  StoaM*oWera  of  Oaplwr  26.  1983. 
has  retotved  to  dtwolve  ttw  comnanv  and  W nWt  It  ta  liquidation.  The 
Board  ot  UhJiridano**  aopotmed  aMMt  General  Martino  mi  decUed  to  oroucd 
with  the  first  dWrUHittoa  of  HouJdauoo  proceed*  In  the  amount  of  UJ-S1 ZS 

***  dlstribcrdoa  h payable  with  effect  from  November  3.  1983  asalnot 

protestation  Ot  cooson  no.  1. 

Payment  wHI  He  made.  wMMut  charges,  tar  . 

William*  A Gum's  Bank  Limited 
International  Brutal 
5-IO  Great  Tower  Street 
London  EC3P  3HX 

and  bv  dll  tunfcs  assumina  the  financial  service  tor  the  company  In  ether 

““’"pSJinent  In  die  United  Ktagetom  wDI  be  mad*  in  Ui  Dollar  or  In  Pound 
SKrltaB.  ta*  Dollar  btang  cornered  at  the  cmrmt^r^  ^ ^ 

w.  WIRTH,  Chairman 

Luxembourg..  November  1965. 


Japan  to 
ask  EEC  to 
lift  VCR 
restraints 

EEC  officials  and  those  from 
Japan  will  meet  in  Tokyo  in 
mid-November  for  discussions 
on  limiting  Japanese  video 
cassette  recorder  (VCR) 
exports  to  the  Community, 
Japanese  Trade  and  Industry 
Ministry  (Miti)  officials  said, 
Reuter  reports  from  Tokyo. 

They  said  M Etienne 
Davignon,  the  Community's 
viCe-president  for  industry, 
will  bold  talks  on  the  issue 

* with  Mr  Sosnke  Uno,  the 
Japanese  Trade  Minister. 

Under  the  present  three- 
year  agreement.  Japan  is 
limiting  its  VCR  exports  to 
the  EEC  to  4.55m  sets  in 
calendar  1983.  The  levels  for 
the  'second  and  third  years 
have  not  been  fixed  yet 
Government  officials  said 
Japan  is  expected  to  ask  the 
EEC  to  remove  the  present 
export  curbs  on  the  grounds 
that  the  VCR  trade  Issue  be 
resolved  through  stepped-up 
technological  co-operation  be- 
tween, the  two  countries. 

If  the  restraints  are 
ertendefl,  Japan  will  demand 
the  export  quota  be  raised 
substantially  and  the  present 
floor  pricing  system  observed 
by  Japanese  exporters  and 
makers  on  shipments  to  the 
EEC  abolished. 

Twenty  Japanese  com- 
panies have  formed  an 
export  cartel  to  ensure  the 
export  ceiling  does  not  lead 
to  price-cutting  competition. 

A Ministry  official  de- 
scribed as  “ out  of  the 
question”  a request  to  the 
Community  yesterday  by 
Philips  of  the  Netherlands  to 
restrict  Japanese  VCR 
imports  to  2.65m  next  year. 

Philips  said  the  request 
was  based  on  an  estimate 
that  5.3m  VCRs  will  be  sold 
in  the  Community  next  year. 

The  Miti  official  predieted 
that  VCR  demand  would  be 
about  one  million  sets  higher. 

• The  Indian  Government  is 
to  take  up  with  the  European 
Economic  Community  the 
question  of  recent  restric- 
tions imposed  by  the  EEC  on 
export  of  woollen  knitwear 
by  India  to  Britain,  K.  K. 
Shanna  reports  from  New 
Delhi. 

The  restrictions  put  a ceil- 
ing of  11,000  pieces  of  knit- 
wear for  a three-month  period 
from  September  15  following 
complaints  by  British  manu- 
facturers that  Indian  supplies 
have  adversely  affected  their 
interests. 

The  Indians  are  worried 
because  of  the  under-utilisa- 
tion oC.eapadty.iiuthelocal 
knitwear  industry,  which  is 
based  malnfy  In  Punjab, 


Elat  group  wins 
Boeing  order 

By  Alan  Friedman  in  Romo 

THE  AIRCRAFT  castings 
division  of  Fiat  has  secured 
an  order  from  Boeing,  the 
UA  aerospace  group,  to  pro- 
duce 135  flaps  for  Boeing’s 
737  models. 

Teksid,  the  metal  subsidiary 
of  Fiat,  is  to  manufacture  the 
aircraft  components  at  its 
wain  plant  In  Turin,  using  a 
special  aluminium  casting 
technology  which  is  already  in 
use  for  Boeing  757  and  707 
aircraft. 

Teksid,  which  last  year 
recorded  a loss  of  LU&5bn 
(£47.3m)  on  turnover  of 
L834bn,  also  sells  aluminium 
and  magnesium  alloy  com- 
ponents to  aero-engine  makers 
Pratt  and  Whitney  and 
General  Electric. 

Another  Fiat  subsidiary. 
Flat  Avtaztone,  makes  engine 
components  for  these  com- 
panies. Both  Fiat  companies 
have  participated  in  the 
Tornado  jet  fighter  project. 

Elat  would  not  put  a value 
on  the  Boeing  737  order. 


Caledonian  Girls  to 
Los  Angeles: 

Two  First  Class  tickets  for  the 


Between  23rd  October  and  31st 
December  1983,  -we’re  offering  two 
Class  seats  for  the  price  of  one,  on  all 
round  trips  to  Los  Angeles. 

So  if  youVe  never  flown  with  us, 
now's  a good  time  to  try. 

And  let  someone  else  share  the 
experience  with  you.  Free  of  charge. 

For  further  details  contact  your  local 
travel  agent  or  call  British  Caledonian  on 
01-6684222. 

We  neverforget  you  haveachoice. 


Walter  Ellis  in  Amsterdam  reports  on  a controversial  warship  order 


Taiwan  deals  pose 


THE  RECENT  disclosure  that 
Taiwan  wishes  to  purchase  two 
more  submarines  and  six  mine- 
sweepers for  its  navy  from  a 
Dutch  shipyard  highlights  once 
more  the  curious  commercial 
alliance  that  has  sprung  up 
between  the  island  republic  and 
The  Netherlands.  Two-way  trade 
is  running  at  an  all-time  high 
and  is  set  to  grow  further  over 
the  next  12  months. 

If  the  warships  deal  should  go 
through,  It  could  be  worth  up  to 
FI  3bn  (£677m)  and  would  safe- 
guard the  jobs  of  some  3,000 
shipyard  workers,  subcontrac- 
tors and  suppliers  into  the 
1990s.  Against  that  according 
to  Peking's  charge  d'affaires  in 
The  Hague,  by  infringing  wbat 
China  regards  as  its  sovereignty 
over  Taiwan,  it  could  have 
serious  consequences  for  Sino- 
Dutch  relations. 

The  supply  of  additional  sub- 
marines, he  warned  “would  be 
absolutely  unacceptable  to  the 
Chinese  Government  and  the 
Chinese  people.” 

Taiwan  first  ordered  sub- 
marines from  the  Netherlands 
in  1981,  when  contracts  for  two 
diesel-electric  vessels  were 
placed  with  the  Rotterdam  yard 
of  Wilton-Fijenoord.  then  a part 
of  the  doomed  RSV  group. 
Because  of  RSVs  recent  bank- 
ruptcy, serious  financial  prob- 
lems arose  over  the  order,  and 
construction  was  continued  only 


two 


following  the  transfer  from 
Taipei  of  FI  50m. 

China’s  reaction  to  the 
original  order  was  to  reduce 
in  The  Hague  to  charge 
d’ffaires  level,  withhold  visas 
from  Dutch  citizens,  boycott 
the  port  of  Rotterdam  and  halt 
Royal  Dutch  Shell's  oil  explor- 
ation programme  in  China 
itself. 

Since  relations  with  the 
Netherlands  bad  previously 
been  excellent,  what  happened 
was  clearly  a warning  to 
Holland  not  to  repeat  the 
exercise.  Dutch  business,  taking 
a calculated  risk,  has  ignored 


the  warning.  Most  obviously. 
KLM,  the  state  airline,  and 
China  Airlines  of  Taiwan  this 
year  initiated  a direct  air  link 
between  Amsterdam  and 
Taipei — the  first  connection  of 
its  kind  between  Taiwan  and 
Europe.  Dutch  hanks  and 
chambers  of  commerce 
increased  their  Taiwanese 
representation,  and  business 
delegations  in  both  directions 
have  proliferated.  Last  month, 
there  was  a Dutch  trade  fair  in 
Taipei. 

At  present,  the  centre-right 
Government  of  Mr  Ruud 
Lubbers  has  yet  to  declare  its 
position  on  the  proposed  deal. 
It  could  refuse  an  export 
licence  and  thus  scupper  the 
ship  deal. 

This,  though,  would  greatly 
damage  not  only  the  survival 
prospects  of  Wilton-Fijenoord 
and  Van  der  Giessen  de 
Noord,  the  latter  chosen  by 
Taiwan  to  build  the  mine- 
sweepers. but  would  further 
outrage  the  FNV.  largest  trade 
union  federation  in  the  Nether- 
lands with  which  it  is  already 
in  bitter  dispute  over  pay.  The 
FNV  has  supported  the 
Taiwanese  application  right 
from  the  beginning  in  spite  of 
its  general  support  for  tbe 
Chinese  diplomatic  position, 
and  has  urged  the  cabinet  to 
grant  the  licence  straight 
away. 


If  the  shipyards  and  the 
unions  are  fervent  in  their 
support  of  the  naval  order, 
directors  of  the  multi-terminals 
unit  centre  in  Rotterdam  are 
not.  The  centre  handles 
hundreds  of  thousands  of 
tonnes  of  Chinese  cargo  a year 
and  has  written  to  the 
Government  pointing  out  that, 
in  its  view,  the  effect  on  Dutch 
employment  of  going  through 
with  the  deal  would  be  far 
worse  than  if  it  were  lost. 

Air  Lubbers  is  known  to  be  in 
two  minds  about  the  deal.  At  a 
time  of  high  unemployment  and 
declining  fortunes  in  the  ship- 
building sector,  he  does  not 
want  to  turn  away  one  of  The 
most  lucrative  orders  in  years. 

He  is  also  aware  that  this 
year  the  Taiwanese  have 
already  ordered  four  con- 
tainer ships,  cranes,  agricultural 
machinery  and  heavy  boilers 
from  Dutch  companies  and 
promised  much,  much  more. 

China's  reaction,  should  the 
deal  go  through,  is  not  yet 
known  but  would  presumably 
be  commensurate  with  the 
“ crime  ” it  would  perceive  to 
have  been  committed.  From 
January  to  June  this  year, 
according  to  the  Dutch  trade 
ministry,  China  imported  goods 
and  services  from  the  Nether- 
lands worth  FI  ITSm,  while 
reciprocal  exports  were  worth 
FI  257m.  Taiwan's  trade  over 


the  same  period  showed  imports 
from  Holland  at  Fi  177m  and 
exports  at  FI  402m. 

The  most  curious  aspect  of  all 
in  the  affair  is  the  determined 
manner  in  which  Taiwan  is  pur- 
suing its  relationship  with  the 
Netherlands. 

It  is  recognised  that  the 
Netherlands  cannot  substitute 
for  West  Germany.  Britain  and 
France— each  of  which  is  four 
times  bigger— but  Holland  is 
seen  as  a model  of  political- 
economic  development  and  to 
some  extent,  as  the  soft  under- 
belly of  the  European  Com- 
munity. 

In  addition,  the  Taiwanese 
appear  genuinely  to  want  to 
increase  their  imports  from  the 
Netherlands  as  a way  of  saying 
**  thank  you  " for  the  submarines 
and  the  air  link.  They  want  to 
show  that  their  friends  will  be 
well  rewarded. 

To  this  end,  Taiwan  is  con- 
sidering tbe  purchase  of  a pro- 
posed military  version  of  tbe 
Fokker  F-27  airliner  and  is 
encouraging  Dutch  businessmen 
to  visit  Taipei  and  other  cities 
in  search  of  Government-backed 
orders. 

Peking  may  well  be  able  to 
wield  a big  stick  tomorrow,  but 
for  many  Dutchmen,  with  com- 
merce in  their  blood,  it  is  a case 
of  jam  today. 


Troubled  Greek  cement  group  wins  $30m  Algerian  order 


HERACLES  General  Cement, 
tbe  leading  Greek  cement 
manufacturer,  has  secured  a 
530m  contract  to  supply  the 
Algerian  state  construction 
agency,  Societe  Nationale  de 
Materiel  et  Construction,  with 
600,000  tonnes  of  Portland 
cement  in  1984  for  use  in  a 
public  bousing  project,  writes 
Andriana  Ierodlaconu  in 
Athens. 

A financing  agreement  was 


signed  between  Heracles  and 
the  French  bank  Credit  Com- 
merciale  de  France  Inter- 
nationale (CCS)  in  Paris  on 
October  26. 

This  is  the  first  contract  to  be 
secured  by  Heracles  since  the 
mid-September  prosecution 
against  the  company's  manage- 
ment by  the  Greek  Government 
for  the  alleged  illegal  export 
of  foreign  exchange.  A new 
management  was  subsequently 
appointed  by  the  National  Bank 


of  Greece,  the  leading  share- 
holder. 

The  upheaval  caused  a con- 
siderable upset  of  market  con- 
fidence in  the  company  which 
last  year  earned  Greece  §2 65m 
in  foreign  exchange.  Heracles, 
a family  firm  with  a 72-year 
history,  is  one  of  Europe's  top 
cement  exporters  with  a total 
output  of  5.6m  tonnes  last  year. 
Heracles  occupies  a prominent 
position  in  the  Middle  East  par- 
ticularly in  Saudi  Arabia  and 


Egypt,  and  has  a 42  per  cent 
share  of  the  Greek  market. 

• Mr  Frank  E.  Basil,  the  U.S. 
architectural  and  engineering 
firm,  has  secured  a SR  63m 
(£12mj  contract  to  design  a new 
campus  for  the  Islamic 
University  of  Medina  in  Saudi 
Arabia,  in  joint  venture  with 
Arthur  Erickson  Associates  In- 
ternational, and  the  Saudi  con- 
sulting firm  of  Dar  al  Riyadh. 
The  contract  was  sipied  on 
October  4 by  the  president  of 


the  university  Dr  Adbullah  al- 
Saleh  al-Obeid. 

A master  plan  and  complete 
architectural  and  engineering 
design  are  scheduled  to  be  com- 
pleted in  39  months.  The  new 
campus  will  occupy  a 170 
hectare  site  and  will  have 
facilities  for  7,600  students. 
These  will  include  six  colleges, 
a computer  centre,  a central 
library,  teaching  accommodation 
and  administration  and  recrea- 
tion buildings. 


Unfortunately  not  all  important  sales 
meetings  and  conferences  take  place  within  easy 
reach  of  a major  airport. 

With  the  result  that  your  company’s  team 
can  spend  more  time  travelling  than  meeting. 

Not  to  mention  the  cost  of  overnighting 
merely  because  your  itinerary  does  not  mesh  with 
a scheduled  flight  home. 

Fly  MPAlpine  Aviation,  however  and  you 
have  no  such  problems. 

At  your  disposal  is  one  of  the  largest  fleets 
of  Executive  aircraft  in  Europe  including  HS125 
jets,  and  Conquest  turbo  props. 

MPAlpine  Aviation  is  based  at  Luton 
International  Airport^  just  under  an  hour  by  car 
from  London  and  within  easy  reach  of  the  key 
Midland  cities. 

You  can  drive  right  up  to  our  private 
purpose  built  terminal.  Or  take  advantage  of  our 
door  to  door  service,  travelling  byhelicopter  or 
limousine. 


Checking  in  and  clearing  customs  takes 
about  ten  minutes. 

However  we  can  arrange  for  you  to  meet 
your  MPAlpine  charter  at  Heathrow  or  Stansted  for 
no  extra  cost. 

Best  of  all  with  MPAlpine  Executive  aircraft 
you  can  fly  into  places  scheduled  airlines  can  only 
fly  over.  Almost  anywhere  in  the  world  in  fact 

MPAlpine  Aviation  can  save  you  time, 
stress,  lost  man  hours,  even  money. 

Find  out  how  much  before  your  next 
meeting. 

Contact  Marc  le  Guevel  on  0582  24182, 
or  write  to  MPAlpine  Aviation  Ltd, 

Luton  International  Airport^  Luton  LU2  9NT. 
Telex  82185. 


Leaders  in  Europe  for  business  aviation 


II 


SY  DAVID  RSHLOCK,  SCIENCE  EDITOR 


THE  GOVERNMENT  has  asked  Sir 
Douglas  Elack.  one  of  Britain's 
most  eminent  doctors,  to  review  the 
medical  evidence  ior  allegations 
that  there  is  an  unusually  high  inci- 
dence of  cancer  in  children  living 
dose  to  a nuclear  factory  in  Cum- 
bria. North-Vest  England. 

Tne  allegations  were  made  in  a 
Yorkshire  TV  programme  about  the 
Sellafield  factory  (formerly  called 
Windscale)  of  British  Nuclear 
(BNFLJ.  Tne  programme  was 
shown  nationally  on  Tuesday  even- 
ing. 

The  company  has  strenuously  de- 
nied the  allegations  and  has  quoted 
local  and  national  health  authori- 
ties in  support. 

Mr  Patrick  Jenkin,  Secretary’  of 
State  for  the  Environment,  told  the 
House  of  Commons,  yesterday  that 
he  had  invited  Sir  Douglas  to  in- 
spect the  evidence  and  determine 
the  need  for  any  further  research. 

Sir  Douglas,  aged  70.  has  just  re- 


tired after  six  years  as  President  of 
the  Royal  College  of  Physicians.  He 
was  chief  scientist  at  the  Depart- 
ment of  Health  in  the  mid-1670s 
and  is  an  emeritus  professor  of  the 
University  of  Manchester. 

Mr  Jenkin  said  he  appreciated 
the  natural  concern  of  the  public 
over  reports  linking  an  apparently 
high  incidence  of  cancer  close  to 
Sellafield  with  the  factory's  dis- 
charges of  radioactivity. 

The  main  activity  of  the  factory  is 
the  reprocessing  of  spent  nuclear 
fuel  and  the  separation  of  plutoni- 
um and  uranium. 

Mr  Jenkin  told  MPs  that  the  radi- 
ological significance  of  the  quoted 
emissions  of  radioactivity  from  the 
factory  had  been  exaggerated.  Lev- 
els quoted  in  the  programme  were 
not  out  of  line  with  those  recorded 
in  previous  monitoring. 

The  level  of  airborne  plutonium 
in  the  vicinity  of  the  factory  was 
first  monitored  by  the  National  Ra- 


il  ci 


awards  running 
rerage  ©f  5.5% 


EY  PHILIP  BASSETT,  LABOUR  CORRESPONDENT 


THE  GOVERNMENT  estimates 
that  pay  settlement  levels  are  run- 
ning at  just  under  51~  per  cent.  This 
is  based  on  an  examination  of  early 
wags  deals  in  the  new  pay  round. 

Mr  Tom  King.  Employment  Sec- 
retary, said  yesterday  that  settle- 
ments still  needed  to  be  lower  be- 
fore the  unemployed,  the  real  vic- 
tims of  extravagant  pay  bargaining, 
could  feel  the  benefit. " 

The  Department  of  Employment 
rarely  gives  an  estimate  of  settle- 
ment levels.  It  prefers  to  rely  in- 
stead on  its  monthly  index  of  aver- 
age earnings  movements,  the  most 
recent  of  which  showed  a 7.75  per 
cent  rise  in  the  12  months  to  Au- 
gust 

Its  present  estimate  is  that  early 
settlements  are  mostly  running  a 
little  lower  than  the  figure  for  last 
year  of  5£  per  cenL  This  is  broadly 
in  line  with  the  latest  estimate  of 
5.4  per  cent  by  the  Confederation  of 
British  Industry,  the  employers' 
body. 

Mr  King  said  there  was  now  opti- 
mism about  the  economy  and  jobs. 
“But  with  this  optimism  there's  a 
real  threat  if  we  think  the  battle 


has  been  won  and  relax  just  at  the 
moment  when  we  should  be  all  the 
more  determined  to  maintain  our 
effort,'  he  said. 

He  referred  to  the  growing  trade 
union  call  - exemplified  in  such  pay 
disputes  as  Shell  and  Rolls-Royce  - 
that  people  deserved  higher  pay 
rises  after  their  sacrifices  of  the 
past  few  years. 

He  said:  “Let's  remember  who 
made  those  sacrifices.  The  20m  peo- 
ple in  work  have  in  the  last  four 
years  been  paid  15  per  cent  more 
than  the  rise  in  prices. 

The  real  sacrifices  came  from  all 
the  people  who  lost  their  jobs  dur- 
ing this  time  and  the  young  people 
who  saw  so  many  job  opportunities 
vanish  before  them.” 

Mr  King  said  that  the  “real  prize" 
was  now  before  Britain.  Latest  esti- 
mates in  the  Employment  Depart- 
ment showed  that  for  the  first  time 
for  four  years,  instead  of  a continu- 
ing loss  of  jobs,  there  were  in  the 
second  quarter  of  this  year  1B.0Q0 
more  people  in  work  than  in  the 
previous  quarter. 


THE  FINANCIAL  TIMES 


Survey  on 
Frozen  Foods 

will  be  published  on 


FRIDAY,  11TH  NOVEMBER 


ij BRITASN’S  BIGGEST  - ■ 
SHEEPSKSN  SELECTION 

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‘1  '•All  aim  and  colour;  f WFSKi VcD BWUVK\  C'-0.jg|| 

+0crn  jll  wrrk  and  5undiys  Idl  2pm  \JNPM rtCQAI IA/G 


P tH?  Tnte  sJreejaJun  & leather  discount  centre. 

*'■  - *"'■  'assmh  5r.  Lshkr  e i T..i  3;;-? 

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diological  Protection  Board  at  the 

request  of  the  inspector  at  the 
Windscale  public  inquiry  in  1977 
and  this  bad  been  continued  regu- 
larly ever  since. 

"it  is  none  the  less  right  that  we 
should  take  seriously  any  evidence 

of  an  abnormally  high  rate  of  can- 
cer. even  though  such  evidence  is 
difficult  to  assess,”  Mr  Jenkin  said. 

The  NRPB  was  working  closely 
with  epidemiologists  at  Oxford  Uni- 
versity to  investigate  the  incidence 
of  “clusters'  of  cases  of  leukaemia 
and  other  cancers. 

Sir  Douglas  is  to  consider  the  evi- 
dence of  an  alleged  duster  of  leu- 
kaemia at  Seascale,  a village  about 
three  miles  from  Sell  afield,  "to  de- 
termine the  need  for  any  further  re- 
search and  to  make  recommenda- 
tions." 

It  was  alleged  in  the  programme 
that  the  incidence  of  leukaemia 
among  children  at  Seascale  was  10 
times  the  national  average. 


Lucas  in 
alloy 

promotion 

By  Alan  Cane 


LUCAS  Cookson  Syalon.  a joint 
venture  of  Lucas  Industries  and  the 
Cookson  Group,  announced  yester- 
day that  it  was  manufacturing  in 
quantity  a UK-developed  “wonder 
material"  which  has  major  applica- 
tions In  engineering,  especially  in 
the  automobile  and  aerospace  in- 
dustries. 

The  material,  Syalon,  is  one  of 
the  most  important  of  the  new  engi- 
neering ceramics.  Claimed  to  be  as 
hard  as  diamond,  as  strong  as  steel 
and  as  light  as  aluminium,  it  it  seen 
as  the  material  of  the  future  for 
everything  from  machine  tool  bits 
to  gas  turbine  blades. 

Dr  Ralph  Hey,  chairman  of  An- 
zon,  a Cookson  Group  company 
which  is  making  the  ceramic, 
warned  yesterday  that  Japan  and 
the  U-5.  would  take  the  lead  in  ex- 
ploiting Syalon  unless  the  British 
engineering  industry  showed  great- 
er initiative.  Some  cars  in  Japan  al- 
ready had  engines  containing  com- 
ponents made  from  the  alloy. 

Lucas  and  Cookson  have  already 
invested  more  than  £2m  in  develop- 
ing Syalon.  which  is  protected  by 
worldwide  patents.  It  was  develop 
ed  at  .Newcastle  University  in 
i north-east  England.  The  raw  mate- 
rials for  its  production  are  being 
manufactured  in  a factory  custom- 
built  for  Ancon  at  Wallsend,  New- 
castle. at  a cost  approaching  Elm. 

Licences  for  the  manufacture  and 
use  of  Syalon  have  been  taken  out 
by  the  machine  tool  manufacturers 
Kennametal  of  the  US.  and  Sand- 
vik  of  Sweden,  wbo  use  it  for  cut- 
ting tool  inserts. 

Hitachi  Metals,  Hitachi.  NGK 
Spark  Plug,  Mitsubishi  Metals  and 
one  other  large  Japanese  company 
have  taken  out  licences,  and  discus- 
sions are  going  on  with  four  large, 
but  unnamed,  US.  corporations. 

The  Japanese  company  Isuzu. 
partly  owned  by  General  Motors, 
has  developed  ceramic  engines  us- 
ing Syalon  for  parts  such  as  pre- 
combustion  chambers.  Mitsubishi  is 
expected  to  launch  a motor  re  hide 
turbocharger  next  year  using  Syal- 
onbiades. 

The  material,  an  alloy  of  silicon, 
aluminium,  oxygen  and  nitrogen, 
will  be  produced  in  “tonnes  a month 
rather  than  thousands  of  tonnes', 
according  to  Dr  Alan  Rae  of  Anzon. 
This  is  just  the  start,"  he  said.  “It  is 
an  act  of  faith.  We  must  manufac- 
ture on  a large  scale  to  bring  the 
price  down,  but  the  material  has  to 
be  used  by  the  engineering  industry 
on  a scale  large  enough  to  make  it 
commercially  worthwhile.  Demand 
would  grow  three  or  four  times  if 
Mitsubishi  goes  into  ceramic  turbo-  | 
chargers. 

The  new  ceramics  are  exciting  in- 
terest in  the  automobile  and  aero- 
space industries  because  of  their 
advantages  in  weight  and  heat  re- 
sistance. 


N.  Sea 
oil  surges 
ahead 

By  Richard  Johns 


OIL  PRODUCTION  from  the  UK 
sector  of  the  North  Sea  is  likely 

to  average  2Jm  barrels  a day  this 

year,  in  spite  of  Government  as- 
surances to  the  Organisation  of 
Petroleum  Exporting  Countries 
(Opec)  that  output  would  not  ex- 
ceed last  year's  average  of  2JJ6m 

b/d. 

Mr  Nigel  Lawson,  the  present 
Chancellor  of  the  Exchequer, 
gave  the  assurance  when  he  was 
Energy  Secretary  al  a meeting  in 
the  spring  of  this  year  with  chief 
delegates  of  Opec.  h was  made 
during  0 pec's  critical  negotia- 
tions on  a ceiling  on  output  and 
individual  quotas  for  members. 

Opec  leaders  have  appealed  to 
non-member  producers  to  rest- 
rain their  production  in  support 
of  the  price  structure  established 
in  the  spring  on  the  basis  of  a $29 
reference  for  Arabian  Light. 

Figures  released  yesterday  by 
the  Department  of  Energy  show 
that  average  output  in  January 
to  September  was  225m  b/d.  Last 
month  it  edged  up  to  nearly  2.4m 
h/d  and  is  likely  to  stay  at  that 
level  until  the  end  of  the  year. 

While  North  Sea  output  has 
surged  ahead,  prices  on  (he  spot 
market  have  continued  to  weak- 
en, apart  from  a temporary  re- 
covery in  mid-October,  because 
of  anxiety  over  Iran's  attempt  to 
block  the  Straits  of  Hormuz. 

Yesterday,  the  median  buyer- 
seller  rate  for  Brent  Blend,  the 
North  Sea  reference,  slipped  by 
another  5 cents  to  £29.52  per  bar- 
rel, compared  with  an  official 
selling  rate  of  S30-  Arabian  Light 
fell  by  the  same  amount  to 
528.45. 

As  the  market  softens  the  So- 
viet Union  aud  Egypt,  the  two 
leading  non -Opec  fringe  suppli- 
ers, look  most  likely  to  offer  dis- 
counts and  undermine  the  price 
structure. 


BY  JOHN  MOORE,  CITY  CORRESPONDENT.  IN  LONDON 


UNDERWRITING  MEMBERS  of 
Lloyd's,  the  London  insurance  mar- 
ket, face  a sharp  rise  in  their  annu- 
al subscriptions  to  meet  increased 
costs  in  the  running  of  the  market 

Members'  subscriptions  will  rise 
next  year  from  0.75  per  cent  to  0J5 
per  cent  of  the  allocated  premium 
limits  set  down  by  Lloyd's  which  in- 
dicate how  much  insurance  busi- 
ness can  be  accepted  by  underwrit- 
ers. 

Rising  costs  were  similarly 
blamed  a year  ago  when  members 
were  told  that  subscriptions  would 
be  raised  from  0.0  per  cent  to  0.75 
per  cent  of  allocated  premium  in- 
come limits. 

Sir  Peter  Green,  chairman,  said 
yesterday;  “Like  all  businesses  we 
hare  to  balance  the  books.”  He  said 
there  were  “three  areas  of  what 
might  be  termed  extraordinary 
□on-recurring  items  which  hare  a 


significant  bearing  on  our  overall 

costs."  These  were: 

• A major  upgrading  of  the  data 
processing  systems  for  the  Corpora- 
tion of  Lloyd's,  after  an  eight-year 
redesign  of  the  market’s  data  sys- 
tems. 

• Expenditure  on  Lloyd's  new 
building.  Estimates  for  the  building 
costs  stand  at  EI57m,  but  Sir  Peter 
said  the  costs  of  the  project,  high  as 
they  were,  had  not  risen  in  real 
terms  since  the  Cl  57m  estimate  was 
made  last  year. 

f)  High  expenditure  on  the  cost  of 
financing  an  unproved  system  of 
self-regulation  in  the  market. 

Sir  Peter  said  that  he  could  not 
give  final  costs  which  bad  arisen 
out  of  a rare  market  rescue  mount- 
ed for  the  insurance  syndicate  once 
headed  by  Mr  Frederick  Sasse, 
which  collapsed  with  C2lm  of 
losses. 


“While  we  have  been  able  to 

reach  a financial  settlement  with 
□early  all  the  names  on  this  syndi- 
cate, and  have  effected  substantial 
reinsurance  recoveries,  there  still 
remains  one  large  potential  recov- 
ery outstanding."  Negotiations  with 
insurers  were  in  progress. 

He  gave  a warning  that  should 
the  recoveries  be  insufficient  “a  fur- 
ther contribution  will  be  collected” 
from  all  those  wbo  were  members 
of  Lloyd's  in  1980. 

In  the  elections  for  fire  places  on 
the  Lloyd's  ruling  council,  Mr  Mur- 
ray Lawrence,  a director  of  C.  T. 
Bowring  and  tipped  to  be  the  next 
chairman  of  Lloyd's,  topped  the  poll 
with  2,647  votes. 

Mr  Ivor  Blnney,  deputy  chairman 
of  C.  T.  Bowring  and  Co.,  came  sec- 
ond with  2,320.  Mr  Michael  Cockell 
of  Willis  Faber  and  Dumas  (Agen- 
cies) polled  2,163  votes. 


Licence 
given  for 
new  Glaxo 
antibiotic 


Writ  against  Howden  interests 


BY  OUR  CITY  CORRESPONDENT 


ALEXANDER  SYNDICATE  Man- 
agement, the  Lloyd's  underwriting 
agent  formed  to  look  after  insur- 
ance syndicates  which  were  once 
run  by  Mr  Ian  Posgate,  is  taking  le- 
gal action  against  underwriting  and 
broking  interests  of  Alexander 
Howden. 

A writ  has  been  issued  by  Alexan- 
der Syndicate  Management  against 
Alexander  Howden  Underwriting 
and  Alexander  Howden  Insurance 
Brokers.  The  writ  arises  out  of  the 
alleged  mismanagement  of  syndi- 
cates 128  and  127  by  certain  former 
Howden  officers  before  the  acquisi- 
tion of  Alexander  Howden  by  Alex- 
ander & Alexander  of  the  UJS..  the 
world's  second  largest  insurance 
broker. 

Alexander  Syndicate  Manage- 
ment is  the  Lloyd's  managing  agent 
established  by  Alexander  & Alexan- 
der, after  its  takeover,  to  handle  the 
affairs  of  syndicates  128  and  127. 

The  agency  company,  although 
owned  by  the  American  group,  was 
formed  with  independent  mange- 


ment  to  protect  the  interests  of  the 
3.000  or  so  members  of  Lloyd's  who 
formed  syndicates  128  and  127. 

The  writ  alleges  that  reinsur- 
ances arranged  for  the  syndicates 
Alexander  Howden  Underwriting 
and  Alexander  Howden  Insurance 
Brokers,  with  a Panamanian  com- 
pany called  Southern  International 
Reinsurance,  were  wrongful  and  in- 
effective. Southern  International 
“was  not  a bona  fide  insurance  com- 
pany of  any  kind,”  the  writ  alleges, 
but  was  controlled  by  four  individu- 
als connected  with  the  two  Alexan- 
der Howden  companies. 

A claim  is  also  made  for  damages 
suffered  by  the  syndicates  “as  a re- 
sult of  the  substitute  effective  rein- 
surance” of  the  risks  with  a reput- 
able reinsurer.  Sphere  Drake  Insur- 
ance, “on  terms  less  favourable  to 
tiie  syndicates”  than  they  could 
have  obtained  elsewhere. 

The  underwriting  agency  is  also 
alleging  negligent  and  wrongful 
dealing  by  Alexander  Howden  Un- 
derwriting on  a war  account  stop 


loss  insurance  policy.  It  is  also 
claiming  damages  amounting  to 
£219.826  on  alleged  negligent  and 
wrongful  dealing  on  a stop  loss 
reinsurance  policy  placed  with 
American  International  Underwrit- 
ers Overseas. 

Mr  John  Bogardus,  chairman  of 
Alexander  & Alexander,  said  the  is- 
sues contained  in  the  writ  had  al- 
ready been  dealt  with  in  correspon- 
dence between  the  agency  company 
and  the  members  of  the  syndicates. 
This  action  does  not  affect  our 
working  relationship  with  Alexan- 
der Syndicate  Management,”  he 
said,  and  “we  will  continue  to  pro- 
tect the  legitimate  interests  of  the 
names”  (the  members  of  the  syndi- 
cates). 

Alexander  Syndicate  Manage- 
ment has  been  looking  after  the  af- 
fairs of  the  syndicates  in-  the  wake 
of  allegations  by  Alexander  & Alex- 
ander that  S55m  had  been  misap- 
propriated out  of  Howden's  insur- 
ance interests  by  five  former  execu- 
tives. 


NCB  seeks  plan  to  reduce  coal  output 


BY  JOHN  LLOYD,  INDUSTRIAL  EDITOR 


THE  NATIONAL  Coal  Board  (NCB) 
is  drafting  a new  “Plan  for  Coal" 
which  it  hopes  to  agree  with  the 
unions  and  Government  early  next 
year. 

The  plan  will  scale  down  radical- 
ly the  output  targets  of  the  original 
Plan  for  Coal  of  nearly  a decade 
ago,  which  is  still  formally  in  place. 
That  envisaged  coal  production  ris- 
ing steadily  to  200m  tonnes  a year 
by  the  end  of  the  century.  Instead, 
the  markets  have  fallen  and  pro- 
duction has  declined  to  105m 
tonnes. 

However,  the  pit  closures  to  re- 
move the  immediate  surplus  in  pro- 
duction of  6-Sm  tonnes  a year, 
which  is  forming  ever-higher  stock- 
piles. will  be  balanced  with  a guar- 
antee of  a job  for  ail  younger  work- 
ers, high  pay-offs  to  men  over  50 
who  wish  to  go,  and  determined  ef- 


forts to  maintain  some  production 
in  all  the  major  coalfields.  These 
would  include  the  big  loss  makers 
of  South  Wales  and  Scotland. 

The  NCB  is  studying  drafts  of  the 
“new  deaT,  which  it  will  put  to  the 
three  mining  unions  at  a meeting 
early  next  month.  The  three  - the 
National  Union  of  Mineworkers, 
the  National  Association  of  Colliery 
Overmen,  Deputies  and  Shotfirers 
and  the  British  Association  of  Col- 
liery Management  - have  agreed  a 
common  platform  of  expansion,  op- 
position to  closures  and  a ban  on 
imports.  The  NCB  will  not  accept 
this,  but  it  is  prepared  to  negotiate 
towards  a common  line  to  take  to 
Government 

Mr  Ian  MacGregor,  the  new  NCB 
chairman,  believes  coal  production 
can  expand  again  by  the  1990s  to  fill 
a gap  likely  to  be  left  in  the  UK  en- 


ergy market  once  the  supply  of  na- 
tural gas  declines. 

In  the  short  term,  however,  he  is 
insistent  that  the  industry  must  cut 
costs  sharply  to  keep  its  share.  The 
Central  Electricity  Generating 
Board  is  - in  common  with  other 
national  electricity  utilities  - look- 
ing increasingly  to  nuclear  power, 
and  the  NCB  can  only  slow  the  de- 
cline In  demand  from  its  main  cus- 
tomer by  a continuing  assault  on 
costs. 

Some  areas,  however,  are  likely 
to  remain  a headache.  Scotland  has 
so  much  energy  that  it  could  meet 
all  its  needs  and  export  a surplus  to 
England  without  using  any  coal  Mr 
MacGregor  is  to  visit  Northern  Ire- 
land later  this  month  to  try  to  find 
industrial  markets  for  Scottish  coaL 

Mr  MacGregor  is  advocating  a 
new  strategy  of  treating  each  of  the 


Ian  MacGregor:  trying 
to  cut  costs 

main  coal  basins  as  a whole, 
searching  out  their  most  workable 
reserves  and  exploiting  these. 


GLAXO.  Britain's  last-growing 
pharmaceutical  group,  yesterday 
received  approval  for  the  launch  of 
Fortum,  its  -first  new  drug'  since 
Zantac,  its  highly  successful  anti-nl- 
cer  drug  which  was  introduced  in 
1981. 

The  UK  Department  of  Health 
and  Social  Security  granted  the 
first  product  licence  for.  Fortum,  an 
injectable  antibiotic.  Analysts  ex- 
pect UK  sales  for  the  drug  to  reach 
£5m  annually,  with  much  larger 
sales  expected  when  the  (hog  is  ap- 
proved in  tiie  rest  of  Europe,  the 
US.  and  Japan. 

Glaxo's  shares  rose  22p  in  Lon- 
don yesterday,  to  dose  at  742p,  af- 
ter news  of  the  licence. 

The  UK  group  recently  won  UJS. 
approval  for  its  more  established 
antibiotic,  Zboacef,  which  already 
has  European  sales  of  about  SlOflm 
a year. 

Drugs  like  Zinaegf  and  Fortum 
are  the  successors  to  penicillins  and 
are  primarily  used  in  hospital  to 
treat  the  most  serious  kinds  of  in- 
fection. In  its  recent  annual  report, 
Glaxo  stated  that  Fortum  was  “an 
important  antibiotic  with  all  the 
characteristics  necessary  to  become 
a major  product." 

The  company  expects  approval 
for  sales  of  Fortum  in  Italy  shortly 
and  the  rest  of  Europe  in  the  first 
half  of  next  year.  It  is  expected  that 
tiie  antibiotic  will  be  on  sale  in  the 
UK  within  the  next  two  months. 

• BRITAIN'S  gold  and  foreign  cur- 
rency reserves  rose  by  £200m  in  Oc- 
tober, but  only  because  of  new  over- 
seas borrowing  by  nationalised  in- 
dustries and  a revaluation  of  some 
gold  holdings. 

After  allowing  for  these,  there 
was  an  underlying  fall  in  the  re- 
serves of  S61m.  At  the  end  of  Octo- 
ber the  UK  reserves  totalled 
$18,102bn,  compared  with  517,902bn 
in  September. 

• ADVERTISED  demand  for  UK 
executives  is  running  at  a nine-year 
high  despite  a downturn  between 
April-June  and  July-September,  the 
Hay-MSL  management  consultan- 
cy says. 

Taking  the  first  nine  months  of 
this  year  together,  the  number  of 
senior  jobs  advertised  in  national 
newspapers  was  25,528  - the  high- 
est nine-month  total  since  1974  and 
more  than  in  the  whole  of  1982. 

• INTERNATIONAL  Finance  and 
Trust  Corporation,  the  Isle  of  Man 
merchant  bank  which  stopped  trad- 
ing in  September  1981  with  a defi- 
ciency of  £5m,  was  wound  up  in  the 
Chancery  Court  at  Douglas  yester- 
day. Creditors  are  to  receive  a dis- 
tribution of  80p  in  the  pound  “with- 
in the  next  few  weeks." 

• EMPLOYERS  and  Government 
were  accused  yesteday  by  universi- 
ty chiefs  of  doing  little  or  nothing  to 
stop  a "deeply  disturbing"  fall  in  the 
number  of  young  Britons  learning 
to  speak  foreign  languages. 

• MR  DESMOND  PITCHER,  ma- 
naging director  of  Plessey  Commu- 
nications, is  taking  over  as  chief  ex- 
ecutive of  Littlewoods  Group,  Brit- 
ain’s largest  privately  owned  com- 
pany. He  replaces  Mr  Philip  Carter 
who  is  retiring. 


Mercury  jobs  at  risk,  court  told 


BY  RAYMOND  HUGHES,  LAW  COURTS  CORRESPONDENT 


EVEN'  IF  tiie  Government  were  to 
abandon  its  plans  to  “privatise" 
British  Telecom  (3T).  the  Post  Of- 
fice Engineering  Union  (POEU) 
would  continue  its  campaign 
against  Mercury  Communications, 
the  Court  of  Appeal  in  London  was 
told  yesterday. 

The  reason  for  that,  said  Mr 
Christopher  Carr,  QC,  for  the  union, 
was  that  the  arrival  on  the  telecom- 
munications scene  of  Mercury  as 
the  first  private  competitor  of  BT 
threatened  the  jobs  of  union  mem- 
bers. 

Mercury,  which  asserts  that  the 
union  is  out  to  destroy  it,  is  appeal- 
ing against  a High  Court  judge's  re- 
fusal last  week  to  make  temporary 
orders  stopping  the  union's  indus- 


trial action  against  the  company. 
The  POEU  has  instructed  its  mem- 
bers not  to  connect  Mercury  to  the 
public  network. 

The  High  Court  decided  that  the 
union  was  immune  from  legal  sanc- 
tions with  BT  over  its  fear  that  priv- 
atisation would  lead  to  lost  jobs. 

Mr  Carr  said  that  the  uncontest- 
ed evidence  plainly  demonstrated 
that  there  was  such  a dispute. 

BT  had  entered  into  the  agree- 
ment with  Mercury;  the  union  had 
said  it  would  be  resisted;  BT  had  in- 
structed its  employees  to  connect 
up  Mercury;  the  union  had  instruct- 
ed them  to  refuse. 

Mercury,  said  Carr,  was  asking, 
the  court  to  proceed  on  the  footing 


that  POEU  members'  opposition  to 
competition  was  based  on  some 
principle  of  political  economy  es- 
poused by  workers  favouring 
monopoly  rather  than  competition. 

That  was  wholly  unreal,  BTs  em- 
ployees were  concerned  about  their 
jobs,  not  about  economic  theory,  Mr 
Carr  said. 

Earlier,  summarising  Mercury’s 
case,  Mr  Robert  Alexander  QC,  said 
that  the  union  was  engaged  on  a 
campaign  against  Mercury,  its 
shareholders  and  the  government 
about  the  breakdown  of  BTs 
monopoly. 

He  denied  that  there  was  a dis- 
pute between  BT  and  its  employees 

The  hearing  continues  today. 

Vickers  wins 
£100m  order 

By  Ian  Rodger 

THE  UK  ROYAL  Navy  has  ordered 
a £100m  (5149m)  new  diesel- 
powered  patrol  submarine,  the  type 
2400,  from  Vickers  Shipbuilding 
and  Engineering. 

The  order,  for  a single  vessel  is 
the  only  one  so  far  received  for  the 
new  design. 

It  helps  to  secure  the  12,500  jobs 
at  Vickers's  Barrow-in-Fumess 
yard  and  might  also  aid  the  compa- 
ny's attempts  to  find  exports  for  the 
type  2400,  which  it  helped  to  design 
and  develop. 

“This  order  has  given  us  the  seal 
of  approval  and  is  going  to  strength- 
en our  hand  in  trying  to  sell  over- 
seas,” Vickers  said  yesterday. 

The  type  2400  was  designed  to  re- 
place the  20-year-old  Oberon  sub- 
marines, and  offers  significant  im- 
provements in  weapons  and  sen- 
sing equipment,  noise  reduction 
and  economy.  The  crew  required 
for  a type  2400  is  only  44,  compared 
with  68  for  an  Oberon. 


THE  KUWAIT  MERIDIEN 
HOTEL 


THE  FRENCH  ART  OF  FINE  LTVING  IN  KUWAIT 


MOapKN 

LES  HOTELS  LTAlR  FRANCE 


Yog  con  find  Ihls  French  ort  of  fine  living  in  Cairo,  Baghdad,  Palmyra. 
Darmxcus.  Uflakia,  Al  Khobar-Dbohran,  Jaddah,  Abu  Dhabi,  Sharjah, 
Kwaiw/m,  and  soon  in  Heltopcdrs,  Alexandria,  Aleppo.  Colombo,  Delhi. 

Coll  wM4rtdien  Reservation  International"  in  London  491.35.16.  for  oil 
the  Meridian  hoteb:  Ports,  Nice,  Lyons,  Tours,  Athens,  Tunis,  Monasiir, 
Mohammed ia,  Dakar,  Bujumbura,  Kigali,  Port-Gentil,  Brazzaville,  Douala, 
Gisenyi,  SainMoura,  Montreal,  Houston,  Boslon,  New  York,  San  Francisco, 
Bahia,  Rio,  Tokyo,  Hong  Kong  city,  Hong  Kong  airport,  Guadeloupe, 
Martinique,  Mauritius  Paradis,  Mauritius  Brabant,  Reunion.  Coming 
openings:  New -Or  (eons,  Mexico  city,  Singapore  city,  Singapore  Chqngi, 
Porto,  Lisbon,  Warsaw. 


Financial  Times  Thursday  November  3 19S3 


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A businessman  is  a marathon  man.  From  working  break- 
fasts to  meetings,  his  life  is  governed  by  a stopwatch,  not  by  a 
clock'.  This  sort  of  rhythm  excludes  short-breathed  members 
from  his  team,  the  100  metres  record  holders  who  cannot 
perform  just  as  smoothly  over  a 10,000  metres  distance. 

Nearly  800  top  executives,  both  in  the  public  and  private 
sectors,  have  experienced  this  vital  efficiency  with  the  Falcons, 
even  when  carrying  outa  mission  in  remote  areas  under  severe 
climatic  conditions. 

Did  you  know,  for  instance,  that  during  nearly  8 years  the 
American  transportation  company  "Federal  Express”  has  sub- 
'jected  its  32  Falcon  20's  "Cargo"  to  a gruelling  pace  which  only 
an  exceptional  plane  could  withstand,  with  an  availability  ratio 


duringthis  period  of 99,5  96. To  achieve  such  a performance,  you 
need  a special  breed  of  aircraft.  Indeed  the  Falcon  is  the  only 
corporate  jet  whose  structure  has  been  certified  “without 
working  life  limit”.  For  the  Falcon  users  this  means  that  they  do 
not  have  to  replace  regularly  such  vital  (and  costly)  parts  as,  for 
instance,  a complete  landing  gear. 

The  Falcons  are  also  the  only  aircraft  for  which  the  manu? 
facturer  has  dared  to  issue  a guarantee  reaching  10  years/ 


10,000  flying  hours.  All  of  which  stems  from  the  often-men- 
tioned fact  that  the-.Falcon  .is  a. real' airliner  built; like  a fighter 
plane.  - 

But  we  keep  talking,  while  time  goes  by.  Quick,  take  off! 
Business  suffers  no  delay.  . 

A special  information  kit  on  the  Falcon  100, 200  and  50 
has  been  prepared.  To  obtain  it,  please  send  your  card  to  Paul 
Delorme,  Dassault  International,  27  rue  Victor-Pauchet, 
92420  Vaucresson,  France,  or  just  call  him  at  the  following 
"number:  (1)  741 .79.21.  • " 

Dassault  International 


Business  takes  off  with  Falcon 


Financial  Times  Thursday  November  3 1983 


JOBS  COLUMN 


Put  profits  first,  but  don’t  forget  people 


BY  MICHAEL  DIXON 


" THE  LIE  that’s  probably  told 
most  often  is:  ‘The  cheque's 
already  in  the  mail’  The  next 
is  perhaps:  * Of  course  I'll  love 
you  Just  as  much  in  the  morn- 
ing V said  Peter  Reay.  group 
personnel  director  of  Cadbury 
Schweppes. 

" But  there’s  a third  that  is 
told  mostly  to  line  managers — 
it's:  *rm  from  the  personnel 

department.  Ire  Come  here  to 
help  you 

The  audience  of  personnel 
managers  laughed.  But  their 
reaction  might  have  been 
different  had  the  crack  been 
made,  not  by  one  of  their  own 
kind  at  the  Institute  of  Per- 
sonnel Management’s  Harro- 
gate conference,  but  by  some 
other  type  of  manager  back  in 
the  organisation  they  work  for. 

In  that  case  they  could  well 
have  Just  put  on  the  sort  of 
glassy  smile  which,  given  in 
response  to  a joke  about  a 
wooden-legged  lumberjack,  sud- 
denly reminds  the  teller  that 
his  listener  walks  with  a limp. 
For  with  the  exception  of  the 
industrial  relations  specialists 
who  tend  to  be  a tribe  apart, 
Britain’s  personnel  staff  are 
sensitive  about  their  image 
among  the  rest  of  management. 

Their  profession  has  grown  a 
lot  in  a relatively  short  time. 
For  instance,  Mr  Reay  can 
remember  when  personnel 
management  at  Cadbury's  con- 
sisted of  duties  like  administer- 
ing swimming  pools,  issuing 
free  toothbrushes  to  new 


recruits,  and  organising  Inspec- 
tions of  operatives’  hair  before 
they  entered  the  chocolate  fac- 
tory (once  described  by  Martin 
High  am,  recently  retired 
recruitment  manager  of  Rown- 
tree’s,  as  “Making  sure  you 
produced  fruit-and-nut,  not 
fruit-and-nit  “). 

Although  such  piffling  tasks 
have  since  sunk  altiost  without 
trace  under  far  weightier 
responsibilities  numerous  other 
executives  — particularly  the 
line  variety — are  still  not  con- 
vinced that  personnel  depart- 
ments are  necessary  or 
beneficial.  Hence  a suspicion 
among  some  of  their  members 
these  past  few  years  that  they 
are  seen  by  production,  market- 
ing, finance  and  so  on  as  little 
better  than  welfare  officers 
elevated  far  above  their  station. 

But  the  profession  is 
evidently  not  going  to  smile 
glossily  and  bear  that  outdated 
image  any  longer.  This  year’s 
annual  conference  was  marked 
by  evidence  of  a fresh  deter- 
mination to  refute  the  shib- 
boleth once  and  for  all.  The 
full-day  session  addressed  by 
Peter  Reay  and  several  others 
was  one  example. 

Not  long  ago  its  title  would 
have  been  something  tike 
“ Developing  managers,”  imply- 
ing that  personnel  specialists 
bad  superior  knowledge  licens- 
ing them  to  manipulate  other 
executives  like  marionettes.  By 
contrast  the  1983  title  was 
“ Helping  managers  get 


results.”  The  point  that  the 
results  in  question  are  the  sort 
that  show  up  favourably  in  the 
profit  and  loss  account,  was 
emphasised  by  various  methods 
including  Mr  Seay’s  joke  about 
often  told  lies. 

Personnel  chiefs  should  com- 
mit themselves  to  longer-iun 
objectives  by  declaring  them  in 
measurable  terms  just  like 
sharp-end  executives.  Inflexible 
procedures  and  all  guru  and 
constabulary  attitudes  should  be 
dropped.  The  job  Is  to  supply 
line  managers  with  the  services 
they  want  when  they  want 
them,  at  the  price  agreed  on. 
That  gives  an  idea  of  this  year's 
message. 

So  it  may  seem  churlish  to 
criticise.  But  I'm  still  going 
to  do  so.  After  all,  among  the 
readers  of  this  column,  sup- 
pliers of  personnel  services  are 
well  outnumbered  by  people 
who  have  to  consume  those  ser- 
vices and  by  no  means  always 
in  the  role  of  employees  serv- 
ing an  organisation.  They  con- 
sume them  in  an  individual 
capacity  when  seeking  a new 
job.  for  instance,  or  help  in 
surviving  sudden  dismissal. 

My  worry  is  that  in  the  pro- 
fession's urge  to  show  that  it 
contributes  to  profits  it  may  in- 
creasingly neglect  its  wider 
responsibilities  to  people,  not 
as  units  of  personnel,  but  as 
human  beings. 

To  be  fair  to  the  institute,  it 
has  lately  made  gestures  in  that 
direction  too.  It  has  drawn  up 


a voluntary  code  of  practice  for 
increasing  employees’  partici- 
pation in  the  running  of 
organisations.  The  conference 
had  a session  which  touched  on 
the  questionable  morality  of 
taking  on  people  wben  a com- 
pany is  buoyant  and  jettisoning 
them  when  it  isn't,  like  so 
much  ballast 

But  the  fact  remains  that  the 
conference  discussion  of  ways 
of  helping  managers  to  increase 
their  skills  was  concentrated  on 
those  marked  out  for  continued 
promotion.  There  was  explicit 
agreement  to  shun  the  embarras- 
sing topic  of  executives  who 
have  been  “ plateaued,”  which 
apparently  means  scheduled  for 
scrapping  wben  the  organisation 
finds  it  convenient 

Even  though  they  have  been 
less  than  outstanding,  diligent 
and  long-serving  staff  deserve 
better,  and  more  than  just  a 
p re-paid  course  of  redundancy 
counselling.  The  personnel  pro- 
fession should  insist  that  com- 
panies themselves  equip  their 
people  with  skills  valued  on  the 
external  market  and  ensure 
they  know  what  those  skills  are. 

Also,  now  go-np-OFget-out 
policies  have  become  general 
the  profession  should  demand 
that  the  high  risk  of  rejection 
in  middle-age  is  spelt  out 
dearly  in  companies'  brochures 
aimed  at  recruiting  future  man- 
agers and  specialists.  By  allow- 
ing that  warning  to  be 
omitted,  as  it  usually  is,  per- 


sonnel managers  effectively  tell 
a worse  lie  than  any  cited  by 
Peter  Reay. 

Pinch-proofing 

HAVING  twice  bad  stereo  sets 
stolen  from  his  parked  car  in 
London  this  summer — once  at 
night,  once  at  mid-day — my  son 
Jon  decided  to  get  out  of  the 
light-fingered  city  and  drove 
200  miles  to  stay  at  a country 
pub.  He  got  up  next  morning 
to  find  the  car  had  been  stolen. 

So  he.  probably  like  many 
others,  can  see  the  potential  of 
a new  product  developed  by  Tag 
Radionics  of  Cambridge. 

The  latest  product  is  based  on 
a coded  device  said  to  enable 
anything  to  which  it  Is  attached 
to  be  identified  by  radio  at  a 
distance.  But  for  the  purposes 
of  identifying  its  own  new  sales  . 
and  marketing  manager,  the 
company  has  turned  to  Geoffrey 
King  of  Cambridge  Recruitment 
Consultants. 

The  prime  need  is  success  in 
marketing  advanced  techno- 
logical products  through  a 
diversity  of  channels  world- 
wide. Salary  up  to  £25,000. 

Inquiries  to  Mr  King  at  la 
Rose  Crescent,  Cambridge  CB2 
3 DU  telephone  0223  311316. 

Mixed  pair 

HEADHUNTER  Christopher 
West  is  offering  upwards  of 
£30.000  for  a London-based 
manager  to  expand  a com- 


modity-trading company’s  actlvi 
ties  on  the  also  expanding 
International  Petroleum  Ex- 
change. Success  in  trading  for 
a major  oil  company  or  on  tbe 
spot  market  is  essential. 

He  is  also  offering  £35,000 
plus  car  on  behalf  of  a London 
consumer-durable  company  far 
a commercial  director  respons- 
ible for  home  and  overseas 
market-development,  sales,  ser- 
vice and  distribution.  As  weil 
as  having  proved  themselves  in 
a comparable  job,  candidates 
must  be  numerate  and  strong  on 
planning  skills. 

Since  he  may  not  name  his 
clients,  Mr  West  promises  sot 
to  identify  any  applicant  who 
so  requests  to  the  potential 
employer  without  specific 
permission. 

Inquiries  to  him  at  Courtenay 
Stewart  International,  11  Mad- 
dox Street,  London  W1R  9LE; 
telephone  01-491  4014  or  499 
1875,  telex  CSX  268312. 

Challenge ! 

LASTLY,  readers  feeling  tip  to 
tbe  challenge  of  the  1984 
national  management  champion- 
ship still  have  a chance  of 
some  of  tiie  £5.750  prize  money 
— provided  they  get  on  the 
’phone  right  now  to  Tony 
Etcfaells.  the  contest’s  adminis- 
trator, and  deliver  their  £92 
entry  fee  tomorrow  morning. 

His  number  is  Windsor  68181, 
and  address  I CL.  Beaumont, 
Old  Windsor.  Berks  SL4  2JP. 


Qualified 

Accountants 

Currently  Seeking 
£15,000-£25,000 

TheExecutive  Division  ofMichad  Page 
Partnership  specialises  in  the  recruitment  of 
financial  specialists  of  outstanding  ability  and 
achievement  for  fadustry  and  commerce.  - 

"V&fe  arenowactivdy  seeking  higbrcalibre  qualified 
accountants  who  are  interested,  in.  developing 
theircareem  in  the  medium  to  long  term. 
Promotion  to  senior  financial  or  general 
Twanagpmenr  positions  will  be  die  iilrimare  aim 
and  applicants  should  have  the  necessary 
personal  qualities  and  professional^ expertise  to 
achieve  this. 

Interested  candidates  should  write  to  Andrew 
Sales,  FCCA,  enclosing  a comprehensive 
curriculum  vitae  quoting  refBX502,  P.O.  Box 
143, 31  Southampton  Row;  London  WC1B  5HY 
Strict  confidentiality  is  ensured. 


Michael  Rage  Partnership 

International  Recruitment  Consultants 
London  NewYbrk 
Birmingham  Manchester  Leeds  Glasgow 


rship  I 

jftants  1 

Glasgow  | 


International 
Fund  Management 


London 


£20, 000-230,000 


One  of  the  major  British  investment  institutions,  with  in  excess  of  £4  billion  undei 
management,  seeks  two  outstanding  Fund  Managers. 

Their  international  clientele  includes  Governmental,  Corporate  and  Pension  Funds  as 
well  as  captive  insurance  companies. 

These  opportunities,  which  are  a result  of  expansion,  win  be  immediately  under 
board  level  and  win  have  direct  accountability  for  clients’  portfolios  and  client  liaison. 
Ideally  one  of  the  successful  carxfidates  will  have  a fixed  interest  background,  whilst  the 
other  should  have  equity  related  experience.  In  the  longer  term  the  work  involved  is 
likely  to  encompass  both  areas.  The  positions  offer  very  considerable  prospects  as  the 
International  side  of  our  client's  activities  is  one  of  their  principal  areas  of  growth. 

You  should  be  in  the  27  to  35  age  range,  possess  a Degree  and/or  a relevant 
professional  qualification,  and  have  at  least  three  years'  experience  in  an  International 
investment  environment  The  remuneration  indicator  is  £20/30,000  together  with  the 
benefits  associated  with  a major  financial  institution. 

Please  write  with  full  details.  These  will  be  forwarded  direct  to  our  efient  List  separately 
any  companies  to  whom  your  application  should  not  be  sent  W.  R.  DalzeU  ref.  B.1469. 
These  opportunities  are  open  to  men  and  women. 


HAY-MSL  Selection  and  Advertising  Limited, 
17  Stratton  Street,  London  W1X6DB. 

aiftcw  « Europe.  Via  AmarKSS.  AlncA  AuMhu  and  Am  Pao*c. 


CONFIDENTIAL  ADVERTISING 


Unit  Trust 
Fund  Manager 


London  West  End 


c£20,000+Car 


One  of  Britairfs  oldest  established  Unit  Trust  Groups,  currently  managing 
about  £1.4  billion  inequities,  has  asked  us  to  help  them  recruit  a Fund 
Manager  specialising  in  the  UK 

The  position  callsfora  man/woman  aged  around  27/33 with  3/5 yearsT fund 
management  experience  gained  with  a tike  group,  merchant  bank,  pension 
fund,  stockbroker  or  similar  institution.  A track  record  of  the  successful 
management  of  UK  equities  is  more  importantthan  formal  qualifications.  V\flh 
the  parent  group  pursuing  an  exerting  expansion  policy  this  is  an  interesting 
opportunity  to  work  within  an  established  team  with  promotional  prospects 
based  solefy  on  merit  The  indicated  salary  level  is  c £20^000  plus  a car  and 

cither  big  com  pany  benefits.  

Please  reply  in  confidence  to  Edward  TroubHdge  at  Overton  Shirley  and  Barry 
(Management  Consultants),  Second  Floor;  Morley  House,  26  Hofoom  Viaduct 
London  EC1A2BRTel: 01-583 1312. 


Overton  Shirtoy 


OSII 


& CO. LIMITED. 


fr 


□ c 


□ 


International  Tax  Lawyer 

We  are  seeking  an  experienced  lawyer  to  work  wrthin  the  Morgan  Grenfell  Business 
Development  Department  which  is  part  of  the  Central  Management  Division,  and 
prorides  inter  alia  specialist  international  legal  and  tax  advice  to  clients  and  divisions 
of  the  Bank. 

The  successful  candidate  must  have  the  ability  to  advise  on  the  affairs  of  major 
corporations  and  have  an  understanding  of  the  intricacies  of  Trusts.  He/She  will 
probably  be  in  his/her  late  twenties  and  is  likely  to  have  a first  class  honours  degree  in 
law  and  be  either  a solicitor  or  barrister  He/She  will  have  a successful  track  record  and 
possess  in  particular  a keen  appreciation  of,  and  interest  in.  the  interaction  of  different 
legal  systems  as  they  affect  the  applications  of  the  provisions  of  double  taxation 
treaties. 

Remuneration  will  be  based  on  experience  and  will  include  a preferential  mortgage 
scheme,  non-contributory  pension  and  other  benefits. 

Please  reply  in  writing  to: 

P.M.  Lefevre,  Head  of  Personnel, 

Morgan  Grenfell  & Co.  Limited, 

23  Great  Winchester  Street,  London  EC2P  2AX 


General  Manager-Pensions 

LIVERPOOL  £25,000  + CAR 

Universities  Superannuation  Scheme  Ltd  is  the  Trustee  Company 
responsible  for  the  administration  of  the  pensions  scheme  for  academic 
and  senior  administrative  staff  of  all  UK  Universities.  There  are  56,000 
active  members  and  9,000 pensioners  and  it  is  one  of  the  largest  schemes 
in  the  country. 

It  is  intended  to  make  a new  senior  appointment  of  a General 
Manager  - Pensions  whose  main  responsibilities  will  be  to: 

■ take  overall  charge  of  all  aspects  of  pensions  administration  (except 

accounting) 

■ coordinate  liaison  between  the  Trustee  Company  and  the  240 
participating  employing  institutions 

■ represent  the  Trustee  Company  in  matters  of  staff  administration 
Applicants,  male  or  female  should  preferably  be  aged  between  40  and  55 
with  a University  degree  and  a record  of  successful  manaympnt 
experience. 

Application  forms  are  available  from: 

The  Chief  Executive  Officer's  Secretary 
Universities  Superannuation  Scheme  Limited 

„ Richmond  House,  Rumlord  Place,  Liverpool  L3  9FD . 

Telephone:  051-227 4-711 


FRN  Salesperson 

We  are  one  of  the  foremost  US  Securities  Houses  and  now  have  an 
opportunity  for  an  ambitious  salesperson  to  work  in  our  London 
Office.  The  successful  applicant,  male  or  female,  would  become  a 
member  of  a close-working,  high-earning  professional  sales  team. 

If  you  have  a minimum  of  one  year's  experience  in  Floating  Rate 
Note  sales  and  are  seeking  a position  where  your  skills  would  be  both 
valued  and  developed  then  this  could  be  the  right  career  move  for  you. 

Remuneration  will  be  commensurate  with  experience.  Benefits  are 
in  line  with  usual  company  practice. 

If  you  would  lihe  more  information,  please  write  to: 

Box  ASS 52,  Financial  Times,  Bracken  House,  10  Cannon  Street 
London  EC4P  4BY 


Portfolio  Manager 

West  End 

The  Coal  industry  Pension  Funds,  one  of  the  largest  investment  groups 
in  the  country,  require  an  experienced  Portfolio  Manager  to  join  their 
team  of  professional  managers  and  analysts  in  pleasant  modern  offices 
near  Oxford  Circus. 

The  successful  applicant,  who  will  report  to  the  Director  of  Equity 
Investment,  will  be  responsible  for  the  management  of  a significant 
proportion  of  the  Funds'  UK  equity  portfolio. 

Candidates,  preferably  aged  28  to  35.  should  have  a minimum  of  5 years' 
experience  of  fund  management  gained  within  a firm  of  stockbrokers  or 
financial  institution.  This  would  be  backed  by  a good  honours  degree  or 
professional  qualification. 

An  attractive  salary  and  excellent  conditions  of  employment  will  be 
offered  to  the  right  candidate. 

Please  send  full  personal  and  career  details  to 


Mr.  B.  J.  South cott.  Director  of  Equity  Investment. 

c/o  The  Staff  Manager  (London  Offices).  National  Coal  Board. 

Hobart  House,  Grosvenor  Place.  London  SW1X  7AE 


Finance 

Director 

South  London 
c£25,000 + bonus 

Major  national  retail  company,  with  a nine  figure 
turnover  and  part  of  an  expanding  group,  seeks  a 
Finance  Director  to  assume  control  of  finance 
and  accounting  and  to  make  a major  contribution 
to  corporate  strategy  and  future  profitability. 
Salary  indicator  £25,000  plus  profit  related 
bonus,  purchase  discounts,  car  and  other  bene- 
fits. Preferred  age  35-40. 

Candidates  will  be  Chartered  Accountants 
who  presently  head  up  the  finance  function  in  a 
substantia]  profit  centre.  Retailing  experience  an 
advantage,  but  a thorough  understanding  of  the 
control  function,  and  the  design  and  implementa- 
tion of  computerised  systems  in  a multi-location 
'environmerre* is -e^en’fialrFartihe' prospects  in- 
clude financial  and  general  management  within 
the  whole  international  group. 

For  a full  job  description  write  toW.T.  Agar  at 
JC&I*  104  Maiylebone  Lane,  London  W1M5FU, 
showing  clearly  how  you  meet  our  client’s  re- 
quirements, quoting  2179/FL  Both  men  and 
women  may  apply.  All  applications  will  be  treated 
in  strict  confidence.  . . . 


JCSP 


• • • .John  Conrtis  andRirtners  • • 


soncrroRS 

firCommaiial 
and  Financial  Wfark 

Coward  Chance  have  a number  of  vacancies 
for  solicitors  in  international  commercial  and 
financial  work  of  a challenging  kind,  inclu- 
ding all  aspects  of  Eurocurrency  banking. 
A substantial  degree  of  responsibility  with 
opportunities  for  travel  will  be  involved  after 
an  appropriate  training  period. 

Applications  are  invited  from  newly  qualified 
solicitors  and  solicitors  aarently  practising  in 
this  field. 

All  applicants  should  have  a good  degree.  In 
the  case  of  newly  qualified  solicitors  previoas 
experience,  though  desirable,  is  not  essential 
Please  write  with  full  C.V.  to: 

M.C.CMogridge, 

Coward  Chance,  Royex  House, 
AJdeonanbury  Square, 

London  EC2V7LD 

COWARDCHANCE 


CORPORATE  FINANCE 

Williams  deBroe 

We  are  seeking  to  develop  this  department  further  and  have 
already  established  a successful  business  in  the  financing  of 
North  American  enterprises.  We  now  wish  to  achieve  a major 
expansion  an  the  HJC. 

To  achieve  this  we^require  an  additional  Senior  Executive  with 
the  skills  necessary  to  .develop "and  process  aH  forms  of 
coiporate  business,  skills  which  will  probably  have  been 
^qmred  yrithin  a Merchant  Bank  or  firm  oT  Solicitors. 

The  individual  we  seek  will  wish  to  be  part  of  a small  team 
and.  will-  expect  -to  join  the  partnership  in  due  course.  The 

?™up  w 284Q.MHL.the  remuneration  will  be 
attractive  to  the  right  person. 

Replies  to:  . . 

A.  W.  F.  Wright 
WILLIAMS  DE  BROE 
Pinners  Halt,  Austin  Friars,  London,  ECS 


9 


Financial  Times  Thursday  November  3 1983 


s 


I 


Director  General 

NATIONAL  FEDERAHON  OF  BUILDING  TRADES  EMPLOYERS 

The  Federation  is  one  of  the  largest  organisations  of  its  land 
m the  country  It  employs  400  sto&,  has  an  income  of  £5  mil- 
lion, and  represents  the  interests  of  some  10,000  member 
companies,  who  employ  approximately  1 million  people. 

• as  chief  executive  key  responsibilities  are  for  the  effec- 
tive management  of  the  organisation  and  for  developing  and 
implementing  policy 

• the  requirement  is  for  a record  of  success  at  top  level  in 
a large  organisation.  Some  knowledge  of  the  industry  would 
be  an  advantage. 

• PREFERREDAGE 45-55.  Salary  unlikely  tobe  alimiting  factor: 

Write  in  complete  confidence 
to  A.  Longland  as  adviser  to  the  Federation. 


TYZACK  & PARTNERS  LTD 

SEARCH  ft  SELECTION  . 

SO  BALLAM  STREET  - LOND.ON  WIN  6DJ 


AREA  MANAGERS 
(FINANCIAL  MARKETING) 

LONDON  OR  BIRMINGHAM 

Age  25-38:  Attractive  remuneration  package 
including  ear  and  profit-sharing 

We  are  a diversified  financial  services  group  specialising  in  providing 
short-term  investment,  leasing  management,  funding  and  other 
treasury-related  services  to  substantial  UK  companies.  Continuing 
expansion  and  internal  promotions  have  resulted  in  openings  in  our 
marketing  team  for  talented  men  or  women  seeking  to  broaden  their 
careers  and  make  greater  nse  of  their  personal  abilities. 

Tbe  preferred  candidates  will  be  graduates  with  relevant  financial 
experience  gained  in  commerce,  industry,  banking  or  the  accountancy 
profession,  capable  of  marketing  sophisticated  financial  concepts  at  a 
senior  leveL  A competitive  salary  will  be  offered,  together  with  com- 
pany car,  pension  scheme,  private  health  insurance  and  profit-sharing. 

Please  reply,  with  c.v.,  under  personal  caver  to: 

N.  It  K Shephard 
Manchester  Exchanger  Trust  limited 
Pembroke  House 

40  Qty  Road,  London  EC1Y  2AX 


AUDST 

ASSISTANT 

Old  established  London 
Merchant  Bank  requires  an 
audit  assistant  to  join  its 
Internal  Audit  Department. 
AIB  and/or  accountancy 
qualification  essential. 
Salary  negotiable 
Please  apply  with  lull  cv  to: 
Mr  Peter  Thring 
ERNST  & WHINNEY 

1 Lambeth  Palace  Road 
London  SE17EU 


Indicating  the  Mini  at  any 
eh  you  do  not  wish 


, , bank  to 

which  you  do  not  wish  your 
application  to  be  sent 


FINANCIAL 

INSTRUMENTS 

TRADER 

Graduate  required,  mid  '20' a.  with 
a minimum  of  2 years'  market 
experience  tor  major  international 
trading  company. 

Must  fie  prepared  to  work  flexible 
hours.  Spoken  French  an  advan- 
tage. Knowledge  of  the  fetation - 
ships  between  cash  market  and 
futures  helpful.  Generous  salary 
and  benefits  offered. 

Reply  with  Cl/  to  Box  A8355 
Financial  Times 

10  Cannon  Srreer.  London  EC4P  4BY 


r 


Financial  Controller 

cdE22,500+car,etc. 


% 


The  James  McNaughton  Paper  Group  was 
founded  in  1974,  since  when  it  has  rapidly 
expanded  to  the  point  where  turnover  is  currently 
approaching  £40m.  and  profits  £1m.  It  is  based  in 
Inner  Kent 

Future  plans  are  to  maintain  this  growth  rate, 
without  prejudicing  the  company’s  financial  health. 
Consequently  a Financial  Controller  is  sought  who, 
in  the  short  term,  will  merit  a Main  Board 
appointment  and  thereafter  will  be  one  of  the 
Group's  most  senior  managers. 

You  are  a qualified  accountant 


experience  of  a multi-branch  service  company  in 
which  tight  stock  control  has  been  paramount  You 
are  a natural  leader  and  a competent 
commercially- minded  controller. 

Most  important  of  all,  you  must  be  able  to  work  in 
harmony  with  an  entrepreneurial  Chief  Executive 
who  demands  and  offers  a lot 
Please  send  a detailed  c.v.,  including  contact 
telephone  numbers,  in  strict  confidence  to  Peter 
Wilson,  FCA  at  Management  Appointments  Limited 
(Recruitment  Consultants).  Finland  House,  56 
Haymarket,  London 


In  your  early  or  mid  30's,  with  Management  SW1Y4RN.  Tel:  (01)  930  6314. 

Appointments  limited 


s™o\c 


OATES 


PRIVATE  CLIENT  ADVISOR 


Simon  & Coates  wish  to  appoint  an  executive  to  join 
their  Private  Client  and  Professional  Funds  Depart- 
ment The  position  entails  assisting  in  the  servicing 
of  an  existing  Client  base  and  aiding  the  further 
expansion  of  a successful  and  happy  Department 

The  ideal  candidate  will  have  had  experience  in  the 
management  of  Private  Client  Portfolios  and  will 
have  the  ability  to  communicate  well  with  clients. 

Please  write,  in  Confidence,  to: 

G.  V.  M.  Hitcher. 

Simon  & Coates , 

I,  London  Wall  Buildings. 

London.  EC2M  SPT. 


J 


MANAGER 
CREDIT  CONTROL 

c.  £17,000  + car 


TSB  Truslcard  has  grown  rapidly  since  its 
introduction  in  1978,  and  there  are  now  almost 
2 million  card-holders.  This  rapid  growth  and 
the  expansion  of  the  services  offered  by 
Trustcard  means  that  we  will  be  moving  from 
London  to  Brighton  laterthis  year. 

The  future  processing  and  credit  assessment  of 
Trustcard  applications  will  be  undertaken 
internally  and  a new  department  is  to  be 
created.  This  is  scheduled  to  become  fully 
operational  by  Spring  1934. 

As  manager  of  this  section,  you  will  report  to  the 
Departmental  Head  — Credit  Control  & 
Operations.  It  will  be  a key  new  position  within 
Trustcard,  and  we  expect  that  you  will  be  over 


30,  be  a qualified  banker  and  have 
demonstrable  experience  of  retail  credit 
assessment 

The  new  system  will  be  computer-based  and 
incorporate  computerised  credit  scoring.  So  a 
knowledge  of  credit  scoring  techniques  and  a 
practical  understanding  of  data  processing  and 
computer  systems  will  be  essential,  together 
with  sound  administrative  experience  and  an 
ability  to  communicate  at  all  levels. 

In  addition  to  a generous  starting  salary, 
Trustcard  can  offer  a wide  range  of  benefits 
including  non-contributory  pension  scheme, 
mortgage  subsidy  scheme  and  help  towards 
relocation  if  necessary. 


TRUSTCARD 


Please  wife,  er dosing  a full  CV  to  the  consultants  xJvisingan  this  appointment 

The  Raccutanent  Services  Dept,  (TC/FT.U 

Geage Hynes  & Partner  Ltd. 82  Farnngdon  Street,  London  E.C.4. 

Appficatons  to  arrive  no  later  than  21st  November  1983. 


ACCOUNTANCY 


MARKETING 
ACCOUNTANT 
Finalist/Newly  Qualified 

W LONDON  to  £12,500 

This  large  and  profitable  British,  multi- 
national is  currently  looking  to  appoint  a 
newly-qualified  accountant  to  be  respon- 
sible, as  part  of  a small  team,  for  its  Mid- 
dle East  region.  Based  in  the  UK,  the  role 
encompasses,  amongst  other  duties,  long 
range  planning,  profitability  studies  and 
pricing,  involving  close  liaison  with  the 
marketing  function.  There  is  ample  scope 
to  progress  within  this  organisation  and 
achieve  a senior  management  post. 


PART  QUAL 
ACCOUNTANT 
CITY  to  £11,500 

Graduate  accountant  CPP2)  required  to 
join  financial  planning  & analysis  team. 
Duties  embrace  short  & long  term  plann- 
ing, evaluation  of  new  products  and  also 
marketing  studies.  Working  knowledge 
of  computers  essential  as  will  be  actively 
involved  in  developing  management  in- 
formation systems.  Large  company,  T/O 
£10Qra,  operating  in  the  FMCG  sector. 

GRADUATE  ACA 
Large  Multi-national 
CITY  to  £13,500 

This  highly  profitable  & successful  con- 
glomerate wishes  to  appoint  a newly 
qualified  accountant  ini  Hally  to  its  opera- 
tional audit  team,  thereafter  to  assume  a 
line  position  within  one  of  its  many  sub- 
sidiaries or  within  Coiporate  HQ.  It  is  a 
policy  that  accountants  in  middle/senior 
management  are  'homegrown1  and  not 
recruited  from  outside,  a fact  which  the 
company  are  happy  to  corroborate. 


Please  contact  Peter  Haynes, 
Alexandra  Gardner  or  Lesley  Baker. 


BANKING 


Export  Finance  to  £30,000 

Board  member  designate  with  a high 
level  of  autonomy. 

UK  Lending  Officer  c£15,000 

Credit  analyst  with  some  business 
development  required  by  European 
Bank. 

Forward  Dealer  c£15,000 

Young  FX  dealer  is  sought  by  US  Bank. 
Must  have  experience  in  forwards, 
deposits  and  arbitrage. 

Senior  Credit  Analyst  to  £15,000 

New  Position 

Eurobond  Dealer  £20,000 

Yen  preferred 

Chief  FX  Dealer  £20,000 

New  Bank 

Documentary  Credits 
Manager  £19,000 

Expanding  environment 

Credit  Manager  to  £17,000 

New  Position 

Marketing  to  £17,000 

Operations  Manager  to  £25,000 

Securities  House 

Corporate  Finance  £25,000 

To  join  management  of  a major  City  bank. 

Deputy  General 

Manager  £30,000 

For  a big  new  bank,  credit  and  U.K.  len- 
ding background. 

Foreign  Exchange 
Dealer  £22,000 

To  run  the  exchanges  desk  of  major  bank. 

Personnel  £14,000 

Demanding  and  challenging  post  for  mer- 
chant bank. 

International  Audit  £12,000 

High  degree  of  travel  for  adventurous 
well  qualified  bank  clerks,  U.S.  bank. 

Pteago  contact  Richard  Meredith, 
Brenda  Shepherd,  Diana  Warner, 
David  Little,  Paul  Trumble  or 
John  Webster. 


COMMODITIES 


CONTROLLER 

£18/25,000 

A "major-name"  house,  floor  member  on 
several  markets,  is  reshaping  its  manage- 
ment team.  They  need  an  experienced 
Manager  able  to  initiate  and  implement 
procedures  and  control  their  diverse 
trading  activities,  exposure,  margins  etc. 
"Futures"  experience  is  considered 
essential. 

CREDIT  MANAGER 
£15/20,000 

Changing  investment  sources  require 
constant  monitoring.  This  international 
floor  member  wishes  to  extend  its  ex- 
isting department  with  a Manager  ex- 
perienced in  analysis  to  prepare  ap- 
praisals for  management  and  operate  a 
tight  margin  control  policy. 

MANAGER-ACCOUNTS/ 

FINANCE 

£Neg 

An  active  member  of  many  floors  re- 
quires a qualified  accountant  with 
"Futures"  experience  and  the  ability  to 
manage  a busy  team.  A practical 
understanding  of  commodity  related 
computer  systems  would  be  an  asset. 

Other  current  requirements  include:- 

ACCT.  EXEC  c£20,000 

UK/US  Grain 

ACCT.  EXEC  £12/18,000 

Energy 

TRADERS 

for  expanding  IPE  teams. 

ACCOUNTANTS 

(qualified  and  son-qualified) 
with  relevant  commodity 
experience. 


LEASING 


Please  contact  Michael  Hutchings 


UK  MARKETING 
MANAGER 
Neg.  £15,000-£23,000 a.a.e. 

We  seek  a graduate  with  2/3  yrs.  direct  marketing 
experience  within  a leasing  environment,  and  a 
knowledge  oi  documentation,  evaluation,  credit 
appraisal  etc.,  to  join  a highly  successful 
marketing  team  specialising  in  the  big  ticket  sec- 
tor. The  motivation/enthusiasm  to  tackle  a new 
business  development  role  is  essential. 

GENERAL  MANAGER 
(FRANKFURT) 
neg.  DM130,000  + benefits. 

Our  clients  wish  to  establish  a leasing  presence  in 
. Germany  and  seek  a highly  motivated  leasing  ex- 
pert to  master-mind  this  start-up  situation.  A 
minimum  of  5 yrs  local  experience  is  a prere- 
quisite; technical  skills  and  a flair  for  business 
development  — essential.  Support  staff  and  back- 
up assistance  will  be  provided  by  this  highly 
respected  International  Bank. 

YOUNG  MERCHANT 
BANKERS  X 2 
£11,000-£15,Q00  + benefits. 

We  seek  two  young  graduates  or  AC  As  with 
several  years  leasing  experience  (including  risk 
analysis,  pricing,  structuring  and  hopefully, 
negotiating},  for  a junior  marketing  position. 

AVP  MARKETING 

(Coiporate  Finance /Leasing) 
c£23000  + benefits. 

An  opportunity  exists  for  an  ambitious 
graduate/MBA.  aged  22-3S  yrs,  with  a proven 
track  record  in  the  larger  more  complex  leasing 
transactions,  asset  finance,  portfolio  management 
etc.,  to  utilise  his/her  experience  in  a challenging 
and  less  restrictive  banting  environment. 

FINANCIAL 

CONTROLLER 

e£I8,000 + share  option  scheme. 

A highly  experienced  ACA,  Aged  28-35  yrs  is 
sought  by  a major  leasing  Co.  to  control  die  finan- 
cial activities  of  the  Group.  Proven  lease  accoun- 
ting and  high  personal  skills  are  essential  as  the 
position  is  Finance  Director  designate. 


X 


Please  contact  Brian  Gooch  or 
Backhouse 


RECRUITMENT  CONSULTANTS 


ren 


OVERSEAS 

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DIRECTEUR  COMMERCIAL 

BRUXELLES 

Banque  Internationale  importable  recherche  ban- 
quier  dipl&md  pour  dirigerle  servjce  commercial 
de  la  banque.  Ce  paste  convient  a une  personae 
d'environ  30  a 40  arts,  poss4dant  une  premiere 
experience  bancaire  de  dix  ans,  acquise  dans 
une  grande  banque  Internationale.  Puisqu'U  s'agit 
d'un  paste  important,  le  sens  commercial,  le 
dynamisme,  le  goOt  de  convaincre  ainsi  qu'une 
conn  usance  exc£Uente  des  credits  seiom  con- 
sid£r£s  coniine  indispensable. 

EFFEKTENBERATER 

FRANKFURT 

Deutsche  Geschaftsbank  sucht  einen  jungen  er- 
fahrenen  Bankkaufmann  zur  Betreuung  der 
privatenundinstimtionellen  Kundschaft  der  Bank. 
Der  eriolgreiche  Bewerber  wird  fiir  die  Beratung 
von  Kunden  im  Bereich  Kapitalanlagen  zustandig 
sein  und  sollte  deshalb  fiber  fundierte  Kennmisse 
in  den  Bereichen  m-  und  auslandische  Wert- 
papienn&rkte  verfiigen.  Mehrjahrige  Erfahrung 
in  der  Anlageberamng  und  Akquisihoa  smd 
uneri&sslich. 

FX  MANAGER 

NEW  YORK  $125,000 

A leading  European  bank  shortly  to  establish 
operations,  seeks  an  experienced  FX/MM  trader 
to  establish  a dealing  presence.  In  addition  to 
sound  foreign  exchange  dealing  skills,  the 
capability  to  handle  asse [/liability  management  is 
also  required. 

SENIOR  DEALER 

NASSAU  $60,000 

An  important  international  bank  with  a European 
and  US  presence  is  seeking  an  experienced 
FX/MM  trader  with  a minimum  of  5 years  dealing 
experience.  Strong  emphasis  is  placed  upon 
marketing  and  development  as  well  as  technical 
skills. 

Please  contact  Roy  Webb,  Robert  Watsham  or 
IjiIh  SLa&jne. 


170  Bishopsgate  ■ London  EC2M  4LX  ■ Telephone  (01)  623  1266 


L 


Financial  Times  Thursday  November  3 1983 


Taxation  - international 
insurance  company 

Surrey  to  £23,000,  excellent  benefits 


One  of  the  world’s  principal  insurance  groups  i$  strengthening  its  taxation 
department,  creating  the  need  for  an  experienced  tax  specialist 

The  tax  department  is  seen  as  a small,  effective  unit  providing  group  and 
departmental  management  with  a full  range  of  UK  and  overseas  taxation 
services,  tax  planning  and  business  advice  covering  life  assurance,  general 
insurance,  investment  and  property  As  a senior  member,  you  will  advise  on 
complex  and  interesting  tax  situations  as  they  affect  the  group  worldwide.  This 
will  require  an  emphasis  on  research  coupled  with  a commercial  approach  to 
taxation  advice. 

A qualified  accountant  with  at  least  5 years'  general  taxation  experience  in  the 
profession  or  commerce,  you  must  be  thoroughly  familiar  with  UK  corporation  tax 
and  have  some  exposure  to  international  corporate  taxation.  Previous  life 
assurance  tax  experience  is  desirable  but  not  essential. 

Resumes  including  a daytime  telephone  number  to  Stephen  Blaney,  Executive 
Selection  Division,  Ref.  BF128. 


Coopers 

&Lybrand 

associates 


Coopers  & Lybrand  Associates  Limited 
management  consultants 

Reetway  House  25  Farringdon  Street 
London  EC4A  4AQ 


International 

Treasury  Management,  Ltd. 


Foreign  Exchange  Dealer  - 
German  Speaking 

The  Hongkong  & Shanghai  Banking  Corporation  and  Marine  Midland 
Bank  have  formeda joint  venture  to  offer  a wide  range  of  treasury  manage- 
ment services  to  corporations,  financial  institutions  and  government 


placements,  provides  financial  futures  advisory  services  and  is  a market 
leader  in  foreign  exchange  options. 

We  are  looking  for  a young  Foreign  Exchange  Dealer  for  our  London 
Office  who  must  be  fluent  in  German  and  have  at  least  \ years'  interbank 
dealing  experience,  to  liaise  with  corporate  clients  in  Central  Europe  and 
to  transact  on  their  behalf! 


As  we  need  a Dealer  who  will  be  conducting  client  visits  wii 
12  months,  we  are  looking  fora  potential  high  flyer,  with  strong 
cation  skills,  and  are  therefore  prepared  to  negotiate  a remunen 
package  which  will  attract  the  best  talent  available. 


client  visits  within 
er,  with  strong  communi- 
iate  a remuneration 
ile. 


Please  apply  in  confidence  to  Teresa  Andrews,  Personnel  Officer, 
MARINE  MIDLAND  BANK.  na. 

3+Moorgate,  London  EC2R  6JR.  Telephone:  01-638 1788 

International 

Treasury  Management,  Ltd. 

A partnership  between  the  Hongkong  and  Shanghai  Banking  Corporation 
and  Marine  Midland  Bank 


SCRAP  TRADER 

A position  has  arisen  in  our  Scrap  Dealing  Room  of  our  long 
established  International  Metal  Trading  Company  for  a person 
who  has  a minimum  of  five  years*  non-ferrous  scrap  trading  in 
the  International  market  The  person  we  are  looking  for  will  be 
aged  between  25  and  30  and  will  be  able  to  demonstrate  a good 
track  record.  The  successful  applicant  whilst  working  in  a team 
will  have  considerable  opportunity  to  develop  and  expand  both 
existing  and  new  business,  and  the  position  offers  significant 
responsibility  and  long  term  career  prospects.  The  salary  offered 
will  be  commensurate  with  experience. 

Please  write  with  a comprehensive  career  resume  to: 

Box  A8346,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


Major  Merchant  Bank 


Planning  and  Taxation 

Samuel  Montagu  seeks  applications  from  suitably  qualified 
individuals  in  their  mid  to  late  20's  for  two  new  positions  in 
its  Tax  and  Planning  Department 

One  position  calls  for  an  MBA  (or  equivalent),  preferably 
with  at  least  one  year’s  relevant  post  graduation  experience, 
to  assist  in  the  Bank's  strategic  and  financial  planning 
processes,  as  well  as  in  the  analysis,  negotiation  and  - - 
implementation  of  Samuel  Montagu  Group  acquisitions, 
disposals  and  financings 

The  other  position  is  far  a Chartered  Accountant  probably 
with  about  two  year’s  experience  since  qualifying  including 
significant  exposure  to  lax  work;  the  selected  candidate  will 
after  suitable  training  give  advice,  inter  alia,  on  interpretation 
of  tax  acts,  accounting  aspects  and  implications  of  UK  tax 
issues,  and  international  Lax  matters. 

Both  positions  represent  excellent  career  opportunities  for 
high  calibre  individuals  to  move  into  an  expanding  and 
successful  international  Merchant  Bank. 

In  addition  to  competitive  salaries,  successful  applicants  will 
be  offered  a full  range  of  staff  benefits,  inducting  profit  shar- 
ing, low  interest  housing  loans,  non-contributory  pension 
scheme,  free  life  assurance,  and  family  medical  covet 
Please  apply  giving  fuH  relevant  details  to  TJ.B. Locker: 

Samuel  Montagu  & Co.  Limited, 

114  Old  Broad  Street,  London  EC2P2HY 


First  choice  for 
top  management 

?c3 

Professional  | 
& Executive  jj 
Recruitment  1 

Financial 

Manager 

£30,000- 
£35,000+  car 

Central  London 


Company 

Accountant 

c£14,500 
+ car  + benefits 

South  Dorset 


Senior 

Economist 

Trade 

Association 

c£10,000  + car 
+ benefits 
London  SW1 


Our  dienl  is  the  UY  division  of  a prestigious,  aggressive  and 
independent  oil  end  gas  production  and  exploration  company 
with  r/o  1 98Z  of  £80m and  total  assetsofEMOm.  Specific 
iespcosbtoas  indude  general  and  aiafiadnnnKtrahou,  expense 
budgetary  control  tax  planning.  ca3b  management  and  ad-hoc 
undertakings  including  janx  ventures.  A university  degree  is 
essential  in  finance,  accounting  car  economics,  with  a related  poefr- 
grad  or  equivalent  qualification.  You  must  have  a thorough 
knowledge  and  nnderaanding  of  the  ofl  and  gas  industry  and 
special  expertise  relative  to  UK  andUS  accounting,  plusagood 
wo  rkmg  knowledge  of  UK  ofl  and  gas  taxauon.  Fami!  iarffy  with 
corporate  secretarial  dunes/’ responsibilities  advantageous. 
Additional  opportunity  exists  for  all  company  secretarial  matters 
and  an  invna&an  to  join  the  Bond. 

Send  fatter  to  Mrs.  Bat  Cook,  FEE.  CenbaUcndop  Office, 
46GroeveimrPhce,  London  SWUC7S8. 


Situated  in  an  attractive  coastal  area,  this  private  company 
employing  30 + , hasaiUgh  reputation  amongst  major  companies 
and  MOD  establishments  for  the  design  development  and 
production  of electronic,  scientific  Insrrumemauon.  Continued 
expansion  requires  the  appointment  of  a Company  Accountant  to 
takeover-the  full  spectrum  of  cost  and  tnanagknem  and  financial 
accountancy  duties.  Tins  would  include:  evaluation  of  present 
computer  system:  financial  planning  and  oontzoi;  moodily 
management  information  reports  on  cesb  Bow  forsca^s.  progress 
and  deviatKin^  capital  expenditure  appraisals,  trial  balance  etc; 
control  of  sales,  purchase  and  nomfaal  ledgers:  responsibility  for 
all  credit  control  matters  negotiation  wuh  MOD  contract 
department*.  Aged 30-40 the  ideal  candidate  witt  baa  qualified 
Ccg:  and  Management  Accountant  seeking  a key  position  within  a 
doeety  knit  management  team.  Rewaidsand  prospects  are 
eroeDem  for  the  rental  calibre  person. 

Sand  fullov  to  Mn.  Pat Yawn,  POL  62-64  High  Street. 
Southampton  SOS  BEG.  (0703) 3821 1. 


We  represent  a wide  range  of  vehicle  and  component 
manufacturers,  unponers  and  dealers,  and  promote  the  interests 
of  the  motor  industry  and  its  contribution  to  tha  paftonal  economy. 
You  wtH  have  responsibility  far  specific  areas  embracing 
economic  and  industrial  policy,  taxation,  transport  policy,  EEC 
work  and.  supervise  the  work  of  others.  With  a degree  m 
economics  and  five  years'  practical  experience  in  commerce, 
industry  or  Government  you  must  offer  the  ability  to  wne  papers 
clearly  for  the  non  specialist  a sound  working  knowledge  of 
French,  oral  arid  written,  and  a knowledge  of  the  motor  industry. 
Please  send  toll  cetoc  Mm.  C.  Calnsn.  Personnel  Officer. 
SMMTLtsL,  Foxbe*  House,  HaEdnStreeLLandonSW  LX  7DS. 


Administration  Manager 

For  Arbuthnot  Investment  Management  Sendees 

Having  spent  most  of  your  career  in  the 
Securities  Industry,  either  with  a large 
Stockbroker  or  the  Investment  Division  of  a 
Merchant  Bank,  perhaps  It  is  time  fa- you  to 
seek  a new  challenge? 

Vtfe  require  an  effective  individual  In  his/her  30’ s 
with  a good  educational  background,  proven 
man- management  skills,  a good  understanding 
of  computer  systems,  management  accounts 
and  a current  knowledge  of  legislation  covering 
the  Securities  Industry. 

We  offer  * Circa  £1 5,000 

* Banking  fringe  benefits 

* A progressive  career  with  an 

enterprising  organisation. 

Please  telephone  for  an  application  form: 

Jakki  Ridlington 
Arbuthnot  Latham 
Bank  Limited 

37  Queen  Street  “j§ 

London  E3C4R 1 BY 


Telephone  01-236  5281 


STOCKBROKING 

APPOINTMENTS 

APPEAR 

EVERY  THURSDAY 
Rate 

£31.50  p.s.  c.c. 
to  place  your  ad 
or  to  find  out  more 
call: 

IRENE,  NOEL 
01-248  5205 


PER,  Moorfoot,  Sheffield,  SI  4PQ.  Central  34  horns  answering  service  (0743)780197. 
Applications  aie  invited  from  both  men  aad  women.  . 


Fund  Manager 

John  Govett  Management  Group 

We  are  an  independent  investment  management  group  with  an  established 
reputation  in  the  Gty,  managing  funds  of  £700  million  on  behalf  of  investment 
trusts,  pension  funds  and  other  institutions.  We  have  recently  expanded  info  the 
unit  trust  area. 

Reporting  to  the  Investment  Director;  you  will  be  part  of  the  team 
responsible  for  portfolio  management  and  involved  in  decision  malting,  with 
emphasis  on  the  Far  East  and  United  Kingdom. 

You  will  probably  have  a degree  or  a professional  qualification,  with  at  least 
3 years’  experience  of  investment  analysis  and  management 

a There  are  good  career  prospects  and  a competitive  remuneration 
Mm  package. 


Please  write  in  confidence  with  curriculum  vitae  to: 

Mark  CorTr&aU-Jones,  Mm  Govett  Secretariat  Limited; 
Winchester  House,  77  London  H5H,  London  EC2N1DH 


Putting  skilled  managers  back 
into  management... 


ARBUTHNOT  INVESTMENT 
MANAGEMENT  SERVICES 


- . - makes  sound  sense  to  Cannon.  We  know 
the  value  of  a management  training  in  commerce 
or  the  professions. 

We  can  provide  the  additional  telling  skill* 
you'll  need  to  ■operate  at  a Cannon  adviser— on 
savings,  life  assurance,  tax  and  retirement 
plans. 

But  what  we  really  have  in  mind  a that  you 


Cannon  Assurance 


should  be  quickly  ready  to  use  your  management 
experience  in  running  one  of  our  tales  teams. 

Financially,  your  rewards  should  be  very  sub- 
stantial. Professionally,  you'll  be  using  ail  your 
business  and  leadership  skills  in  one  of  Britain's 
fastest  growing  industries.  If  you're  and 

interested,  telephone: 

GEORGE  JUCKES, 

SOUTHERN  GROUP  MANAGER  on  01-902  8826 

Or  write  to  him  at  Cannon  Assurance  Limited, 
l Olympic  Way.  Wembley,  Middlesex  HA9  0NB. 


Alhwh,i  ria,CMieCiau<f(ina 


GOVERNMENT  OF  ONTARIO 


Ontario 


business  development  officer 

Salary  £16,500 

The  candidate  will  have  a sound  knowledge  of 
business  in  both  the  United  Kingdom  and  Scandinavia. 
The  individual  wilt  be  responsible  for  continuing 
contact  with  British  and  Scandinavian  companies, 
with  a view  to  increased  investment  in  Ontario.  In 
addition,  it  will  be  necessary  to  develop  a program  to 
attract  investors  from  his  territory  to  Ontario. 

The  successful  candidate  will  be  a self-starter,  result 
1 orientated,  and  accustomed  to  achieving  targets,  and 
wiH  report  to  the  Manager  of  Business  Development. 
An  ability  to  speak  Swedish  is  desirable. 

Interested  applicants  should  forward  complete 
curriculum  vitae  to: 

Agent  General  for  Ontario 
Ontario  House 
Charles  1 1 Street 
London  SW1Y4QS 


LQ.  Index  Limited 

Marketing  Manager 

; The  Company 

La  04DEX  LTD,  a apeciaSsed  bookmaker  which  has  for 
eight  years  provided  a service  in. the  woritfs  commodity 
futures  markets,  through  a-  programme  of  continued 
expansion,  isseeking  to  add  to  its  existing  team. 

The  Position 

The  Marketing  Manager,  responsible  for  projecting  LG. 
through  media  advertising  etc.  wffl  effectively  expand  the 
company's  efient  base  by  following  up  the  leads  generated. 

The  Applicant 

The  individual  will  already  have  experience  In  direct  seffing. 
An  articulate,  competent  and  innovative  executive  looking 
for  a rewarding  challenge  wffi  view  the  posfoon  as  one 
whereby  hefehe  can  captatafe  on  his/her  abilities. 

Remuneration 

An  attractive  package  envisaged  as  being  between  £15,000 
and' £25,000  p-a.  Inducting  car,' BUPA  etc.  awaits  the  suc- 
cesshd  applicant,  likely  to  be  aged  under  40. 

Charterhouse  Appointments  Limited  has  been  retained 
exclusively  to  handle  this  portion  and  all  enquiries  should  be 
made  to  Nigel  Colfins  on  the  telephone  number  below,  where 
they  will  be  treated  in  the  strictest  confidence. 


Tax 

Technical  Director 


Gaik  Whitehall  Associates  limited  is  an  umbrella 
organisation  providing  technical  support  to  thirty  independent 
firms  of  chartered  accountants.  A taxation  director  is  no w 
required  to  oopewwb  the  increasing  workload.  ■; 

Candidates,  aged  under  35,  will  be  qualified  with  a good 
academic  background  and  a broad  experience  of  corporate  and 
personal  tax,  probably  gained  in  a laigeor  medium  sized  firm. 

The  person  appointed  wiff  provide  tax  planning  and 
consultancy  services  to  the  thirty  member  firms  and  will  also  • 
play  a major  role  in  developing  the  organisation^  tax  technical  \ 
department"  in  London-  . 

■This  is  a senior  appointment  offering  excellent  opportunities 
for  advancement  within  Clark WhfiehBl  itself. 

Remuneration  will  be  commensurate  with  the  demands  and 
respohsibainesofthep  , ■ 

Applicants  should,  in  the.  first  instance,  telephone  or  write  to 
Michael  Garland,  Qajk  Whitehill,  Chartered  Accountants,  . 
25  New  Street  Square,  London  EC4A  3LN.  Tel:  01-353 1577.  “ 

jf^fj  Clark  WhitehiU 

Chartered  Accountants 


Corporate  Finance  Analyst 

The  Wen  End  office. of  x ’Kuwaiti  investment  group  is  inking  one 
or  AnaJ/*ts  for  its  expanding  Corporate  Finance  activities.  The 
woric  will  consist  primarily  of  the  analyst  of  investment  proposals 
worldwide  but  with  an  -emphasis  on -the  USA,  UK.  Germany  and 
Switzerland,  and  the  subsequent  supervision  of  investments  when 
mad&  Candidates  are  likely  to  be  aged  about  25  and  have  Merchant 
Banking  or  Accountancy  experience  - — they  must  be  prepared  to 
travel.  Salary  will  be  by  negotiation. 

AppUcstteo,  wttl  be  dvhw  Ai  aoeAdmnca.  should  be  aeeompanM 
bymCVtndbamade.ro-.. 

Mktoel  Moore,  COAST  MANAGEMENT  LIMITED, 

8 Carlos  -Place,  London  WIY  5AE. 


FINANOALPR/MINING  PR 

Ale  to  expaqsxxi  two  vacanciBB  bore  been  ciacilad 

offering  challenging  opportunities  and  eccrangnsurate  rewards. 


director  who  will  feud  expansion  far.  UX.  side  oTcansvltancy. 
Mcudmum  incentives. 

Written  applications  be  ' 

M-D..  City  of  London  FPR  L&L, 
^NswBraadStreel,. London,  ECZM1QY 


U|»'.  i : : ! 


r 


Financial  Times  Thursday  November  3 1983 

Major  Accepting  House  seeks . . . 

Senior  Fund  Manager 

Gilts  and  Fixed  Interest  Securities 

We  have  been  retained  by  the  International  Investment  Services  Division  ot  one  ot  the  UK's  leading  Accepting 
Houses  to  present  a short  list  of  applicants  possessing  relevant  gilts  and  fixed  interest  experience.  The  bank  is 
renowned  as  one  of  the  largest  investment  managers  in  die  Ory. 

The  successful  applicant  will  report  to  the  Divisional  Director  and  will  fill  the  number  two  role  within  the  fixed 
interest  department.  International  and  domestic  levels  of  investment  activity,  in  this  market,  have  continued  to 
expand  leading  to  this  current  senior  level  appointment. 

The  position  will  appeal  to  an  experienced  professional . with  high  earnings  potential , who  seeks  the 
challenge  of  an  expandingand  sophisticated  role  involving  board  level  exposureand  the  guidance  of  junior  staff.  It  is 
essenrial  chat  the  successful  candidate  be  able  to  deal  with  major  institutional  and  corporate  clients  as  well  as  with 
the  complex  technical  aspects  of  the  market. 

Interested  applicants,  possessing  the  relevant  experience,  should  write  enclosing  a lull  curriculum  vitae  to 
Roger  Tipple,  MA,  Manager,  Banking  and  Finance  Division,  Michael  Page  Parmershjp,  PO  Box  143, 
31  Southampton  Row,  London  WC1B  5HY.  All  applications  will  be  dealt  with  in  the  strictest  confidence  and 
discussion  with  ourselves  will  precede  any  submission  to  our  client.  Ref:  3343. 


Michael  Page  Partnership 

International  Recruitment  Consultants 
London  Newark 

Birmingham  Manchester  ’ ieds  Glasgow 


Chief  Leasing  Manager 

London  Up  to  £19,200 


. BIRMINGHAM.  CARDIFF  GLASGOW 
LEEDS.  LONDON.  MAP/CHESTER. 
NEWCASTLE  mad  SHEFFIELD 


Executive  Selection  Consultants 


International  Banking 

Business  Systems,  London — City 

A major  international  hank  is  currently . in  tha  process  of  reviewing  its  computer  systems  and-oparatinns.  In  order  to 
achieve  cohesive  and  compatible  systems  spanning  the  many  complexities  of  international  finance  and  payments, 
and  to  implement  office  automation,  there  is  a need  to  recruit  professionals  to  fiUtto  faDawing  key  positions:  - 

Manager — -Payment  Systems  Development  to  £22,000+ car 

To  act  as  an  interface  between  Computer  Operations  functions  and  Payments  Departments  with  regard  to  the 
planning  «nri  development  of  payment  systems.  Responsible  for  ensuring  compatibility  with  existing  systems  and 
for  identifying  new  applications  for  automation.  The  ideal  candidate  wul  be  in  the  early  30*&and  a graduate  with 
relevant  experience  within  international  banking.  Experience  must  cover  planning  and  managing  independent 
projects  within  a complex  environment  making  full  use  of  all  types  of  hardware,  mnhximg  micros  and  mims. 

Rep  12268/FT. 

Manager — Office  Automation/Information  Centre  u>  £22.000 -hear 


British  Telecom  is  one  of  the  largest  lessees  in  the  UK, 
with  a requirement  in  excess  of £80  million  a year. 

Our  Finance  Department's  Treasury  Division  is  currently 
looking  for  a Chief  Leasing  Manager.  His  or  her  initial 
concern  will  be  the  existing  leasing  programme,  the 
development  of  financing  packages  tor  customers,  and 
ofl" balance  sheet  finance. 

Owing  to  changing  requirements,  an  Interesting  and  in- 
creasingly important  part  of  the  work  will  involve  taking 
a newapproach  todebr  financing  replacing  government 
debt  witn  finance  raised  through  capital  markets. 


We  are  looking  for  someone  with  a good  working  know- 
ledge of  the  UK  leasing  market,  or  related  arafc  of 
banking  practice,  with  several  years  of  senior  manage- 
ment experience.  The  proven  ability  to  negotiate  at  a 
senior  level  is  essential.  An  accounting  qualification 
would  be  an  advantage. 

Sta  rti  ng  salary  for  this  London  post  will  be  in  the  range  of 
£17,500 -£19.200.  including  London  All owance. 

Please  apply,  enclosing  a or,  to  Tony  Rod  well,  (ref  F2), 
British  Telecommunications.  PS2.6, 9th  Floor,  151  Gower 
Street,  London  WC1E  6BA 

British 

TELECOM 


This  is  a new  position  with  tha  need  to  establish  policies  for  the  implementation  of  fastgrowing  office  automation 
techniques.  Responsibilities  will  also  include  the  establishment  of  a amah  staff  to  guide  non-experienced  user  staff 
in  the  development  of  their  own  application  of  a data  processing  system.  It  is  essential  that  candidates  be  fully 
conversant  with  the  available  hardware  and  software,  and  have  successfully  introduced  office  automation  systems 
within  a large  corporation  or  bank.  Ideally  aged  around  30  and  probably  graduates,  their  experience,  is  likely  to 
have  been  gained  in  an  international  bank,  or  within  a large  computer  manufacturer.  Repr 12270/FT: 

Manager — Technical  Policy  and  Planning  Group  to  £22,000  +car 

The  key  responsibilities  of  this  position  are  the  development  and  maintenance  of  an  Information  Plan,  together  with 
strategic  studies  arising  from  the  information,  planning  process.  Candidates  will  need  to  understand  business 
strategies  and  plans,  end  be  able  to  identify  the  strengths  and  weaknesses  of  existing  systemsin  relation  to  these 
plans.  Candidates  will  be  ideally  aged  early/mid  30's  and  graduates,  with  experience  in  consultancy  or  In  the 
business  planning  area  of  an  international  bank.  They  must  be  able  to  review  the  systems  in  use  throughout  the 
world  against  the  strategic  requirements  and  initiate  studies  to  determine  the  policy  Implications  of  alternative 
strategic  approaches.  The  capability  to  explain  these  issues  in  business  terms-to  the  senior  management  of  the  . • • 
Bank  is  a fundamental  requirement  Rep  12272/FT.  — . ■>- 

Manager — Control  and  Administration  Group  to£i9,soo 

reports  at  rdei^^hdervais  showing  direct  andtodireSr  cos  Is  ^Iocated^^tort  bt^^t^ Other  dntiSw^^cluda 
the  dissemination  of  systems  development  standards  and  methodology,  maintenance  of  a document  library  and  tha 
formulation  of  a departmental  training  plan.  The  ideal  candidate  will  be  mid/late  20!s.  a graduate,  with  ah 
accounting  background,  and  must  have  project  control  experience,  a systems  badkgrounaarid  strong 
administrative  abilities.  Rep  12271/FT. 

All  positions  are  very  visible  and  well-developed  Interpersonal  skills  are  essential.  Full  benefits  associated  with  a 
major  employer  are  available,  including  non-contributory  pension.  BUPA.  subsidised  housing  finance,  free  banking 
facilities  ana  relocation  assistance  if  appropriate.  Interviews  will  be  held  in  London..  . 

Male  or  female  candidates  should  telephone  in  confidence  for  a Personal  History  Form,  quoting  appropriate 
reference  to:  f.K  Feaiherstane,  0532*448661,  Minerva  House.  East  Farada  LEEDS,  LSI  5RX. 


LEGAL  APPOINTMENT 


TEXAS  EASTERN 

Solicitor/Barrister 


Texas  Eastern  North  Sea  Inc.  is  actively  participating  in  North  Sea 
exploration  and  production  activities.  We  have  played  a significant  role 
in  the  development  of  North  Sea  oil  and  gas  production  since  the  mid-1960s. 
Now  we  wish  to  appoint  a barrister  or  solicitor  to  join  our  London 
operations  as  our  sole  in-house  Counsel.  The  successful  candidate  should 
have  from  five  to  ten  years  of  substantial  oil  and  gas  experience,  preferably 
in  the  North  Sea.  This  person  should  be  thoroughly  familiar  with  joint 
bidding  agreements,  exploration  and  production  licences,  joint  operating 
agreements,  and  unitization  agreements. 

This  position  offers  an  attractive  salary  and  benefits  package.  Letters  of 
application,  together  with  CV  and  salary  history  should  be  sent  to  Texas 
Eastern  North  Sea,  Inc.,  c/o  Mr  A.  J.  Soundy,  Ashurst  Morris  Crisp  & Co., 
Broadgate  House,  7 Eldon  Street,  London  EC2M  7HD. 


INTERNATIONAL  ECONOMIST 
INVESTMENT  BANKING 


Age  30  + 


Salary : £30,000  - £40.000  + 


This  key  appointment,  at  Director  level,  within  the  newly-established 
London  branch  of  a major  U.S.  Investment  House  calls  for  a senior 
and  very  experienced  Qualified  Economist  to  play  a significant  part  in 
the  formulation  of  the  firm’s  Investment  Policy. 

Additionally,  the  appointee  will  participate  in  the  world-wide  marketing 
of  the  Company's  International  Asset  Management  Services,  and  thus  must 
be  well  able  to  produce  lucid  and  meaningful  extrapolations,  for  internal 
and  client  consideration. 

Previous  experience  in  this  sphere  will  be  a decided  advantage. 

The  above  salary  will  be  augmented  by  substantial  profit  sharing  and  a 
company  car. 

Please  contact,  in  the  strictest  confidence: 

ROD  JORDAN  (Managing  Director) 

RODAN  RECRUITMENT  LIMITED 

14  DEVONSHI RE  SQUARE  ■ LONDON  EC2M  4TE  ■ TELEPHONE:  01-377  1199 


Financial  Controller.  _ 

hacg 

Surrey  £20,000  + Car  jjj  H 

This  BriUsh  company,  part  of  a giant  multinational  but  with  virtual  autonomy, 
manufacturers  and  markets  many  famous  name  consumer  products 
throughout  the  UK 

Due  to  promotion  a new  Controller  is  required  to  look  after  a highly 
profitable  division  with  some  £70m  gross  sales.  Reporting  to  the  Group  Financial 
Director  be/she  will  have  8 staff  and  strong  computer  support  (IBM  range). 

Candidates  will  be  aged  30-45  (ideally  33-38 .1,  probably  qualified  accountants 
but  will  be  of  degree  standard  (ideally  Economics  or  MBA)  and  essentially  must  have 
a sound  grasp  of  business  operations  to  enable  him/her  to  contribute  as  a 
key  member  of  the  Division's  senior  management  team. 

This  person  will  be  joining  a winning  team  with  an  exciting  future. 

Please  write  in  complete  confidence  to  A.  Higson  enclosing  a detailed  CV 
and  Quoting  H.I725{T). 


Higson  Ping  Ltd  ./Executive  Recruitment  Consultants. 
llOJermyr  5treet,London  SW1Y  6HB. 
Telephone;  01-9304196  (24  hoar  answering  service). 


Antony  Gibbs  UPSonsjUmited 

Corporate  Finance 
Executives 

_ Antony  Gibbs  and  Sons,  Limited,  the  London 
merchant  banking  member  of  the.  HongkongBauk 
Group,  is  looking  for  executives  aged 24  - 30 to  join  its 
expanding  Corporate  finance  Department 

The  requirement  is  primarily  for  graduates  who  will 
either  be  chartered  accountants  or  numerate  lawyers 
with  at  least  two  years  appropriate  experience  or  who 
alternatively  will  have  a relevant  background  in 
stockbroking  or  project  finance. 

The  work  will  cover  all  aspects  of  domestic  and 
international  Corporate  Finance  and  prospective 
candidates  should  be  willing  to  travel. 

Attractive  salaries,  which  will  depend  on 
experience,  will  be  negotiated. 

Applications,  which  will  be  treated  in  complete 
confidence,  should  be  sent  with  a full  curriculum  vitae  to:- 
C.  E.  Fiddian-Green. 

Antony  Gibbs  & Sons,  Limited, 

3 Frederick's  Haoe,  London  EC2RSHD. 


Financial 

Executives 

£16,000-£25,000 

Our  client,  a major  British  Group  in  the  leisure  industry, 
is  expanding  rapidly  and  needs  to  strengthen  the  senior  " 
imaiiriaJ  management  of  die  company. 

Ideal  candidates  will  be  aged  2S-38*  have  excellent 
qualifications  in  either  accountancy  or  economics  and 
preferably  an  MBA. 

Successful  candidates  will  be  highly  numerate,  dynamic 
individuals  with  the  ambition  to  succeed  in  a 
sophisticated  company  practising  modem  methods 
and  techniques. 

Please  reply,  in  strictest  confidence,  to  Carol  Speed, 
Kynaston  International,  Edman  House, 

17/19  Maddox  Street.  London  W1R0EY  or  telephone 
01  -629  3727  for  further  information. 

KYNASTON 

INTERNATIONAL 


A direct  line  to  the 
executive  shortlist 

InierEaec  is  the  only  organization  specialising  in  the  confidential 
promotion  of  senior  executives. 

InterExec  clients  do  not  need  to  find  vacancies  or  apply  for  appointments. 
InterEaec's  qualified  specialist  staff,  and  access  lo  over  100  unpdvertised 
vacancies  per  week,  enable  new  appointments  at  senior  levels  /'"N 
to  be  achieved  rapidly,  effectively  and  confidentially.  A /Am 

London  01-9305041/8  19  Charing 

Bristol  0272  277315  30  Baldwin  St.  UNmL  JHkJI 

Edinburgh  031-22SS6SO  47a George  St.  g|KJ 

Leeds  0532  450243  12  St.  Paul's  St. 

Manchtsley  0G1-23G  8409  Faufltner  Hsc.  Faulkner  St.  J l 

The  one  who  stands  out  ^ 


• ■ • . ■ ' qn;VT«  h \r>.  -i  <-  • r • ■■ 

The  investment  community  is  witnessing  a great  many 
changes  just  now— and  not  all  of  them  foF  the  better., ; - 

If  you  manage  private  client  funds  and  feel  that  it’s  time 
to  make  a move  to  a more  secure  environment  then  we’d 
like  to  hear  from  you. 

We’re  a Scottish  financial  institution  with  Loudon 
offices  and  we’re  currently  expanding  our  private  client 
portfolio  management  services.  We’re  offering  a very 
attractive  salary  and  a wide  range  of  related  benefits.  . 

If  you  feel  that  you  have  what  we’re  looking-for^  then 
why  wait?  Write,  in  the  firgt  instance,  with  full  details 
of  your  experience  to: 

Richard  Hardwick 

VALIN  POLLEN  FINANCIAL  MARKEHNG 

46  Grosvenor  Gardens 
LondonSWlW  OEIT  : 


international  Banking 


as  a Lending  Officer 


Our  client,  a leading  US  international  bank, 
invites  applications  from  bright,  innovative 
young  bankers  for  positions  in  its  European, 
Middle  East  and  Africa  Division  in  London. 

The  Bank  offers  a fill]  range  of  services  toils 
customers  throughout  the  world  and  the 


include  credit  control  and  analysis  plus  the 
development  and  servicing  bfrelationshrps 
with  public/ private  sector  clients  and 
banks.  These  assignments  offer  long  term 
career  opportunities  for  self  starters  who  ’ 
can  demonstrate  negooatina  skills  and  are 
ready  to  accept  the  challenge  of  producing 


results  in  a competitive  environment,  both  in 
the  UK  and  overseas. 

Education  to  degree  standareTor  a 
professional  qualification  is  required  audit  - 
is  antia  paled  that  the  successful  candidates 
will  have  had3-3  years*  analytical  and  ' - ' 
■marketing  experience  subsequent  to  the  ~~ 
completion  of  a formal  credit  training  - 
course. 

Compensation  will  be  commensurate  with 
qualifications  and  experience  and  will 
include  a comprehensive  range  of 
generous  fringe  benefits.  Relocation 
assistance  will  be  provided,  if  necessary. 


PORTFOLIO  MANAGEMENT 

WE  REQUIRE  AN  ASSISTANT  INVESTMENT  MANAGER 
The  successful  candidate  will  fa*  initially  expected  to  concentrate  in  the  UK  equity  market 
and  to  make  an  early  contribution  to  the  group’s  investment  strategy  and  jt  j later  dae» 

5 tte^rSltoZS,6,,"y  ^ °f  th*  P°ftfo,ios  “ *■“  as  .“***"*  in  the  adminireratfon 

Applicants  with  a degree  should  have  a minimum  of  three  years’  investment  exnerienr. 
with  an  institution  or  stockbroker.  Applications  from  /ion-graduates  with  longer  neriodc 
of  experience  are  also  invited.  . . ^ penoas 

The  commencing  salary -will  be  negotiable  c.  EI3W0  and  fringe  benefits  Include  mortgage 
subsidy  and  non- contributory  pension. 


‘Rgliance 

^Mutual 


For  on  application  for  mpieose  write  or  telephone: 
Personnel  Manager  ' 

RELIANCE  MUTUAL  INSURANCE  SOCIETY  LIMITED 
Reliance  House,  Tunbridge  Wells.  Kent 
i Telephone?  Tunbridge  WeUs  22271 


Financial  Times  Thursday  November  3 1983  \ 


Group  Treasurer 


Opportunity  for  further  career  development  woridwid*  fa  4-5  ya*» 


The  Boots  Company  PLC 


VP-MIDDLE  EAST  BANKING 


This  appointment,  based  in  Nottingham,  an 
attractive  part  of  the  East  Midlands,  represents  a 
major  career  opportunity  for  a quaii  fied  and 
experienced  treasury  executive,  already  occupying  a 
senior  position  in  a major  organisation. 

The  Treasurer  will  be  required  to  develop  further 
and  manage  a group  of  key  functions  reporting  to  the 
Finance  Director.  Responsibilities  include 

investment,  funding,  foreign  exchange  and  exposure 
management,  together  with  taxation  and  insurance. 

The  Boots  Company  has  a turnover  exceeding 
£1.7  billion,  and  profirs  before  tax  of  more  than 


£140  million.  It  hason  excellent  record  of profitable 
growth.  The  Group  comprises  a unique  combination 
of  retailing,  with  1,300  stores  in  four  countries,  and 
highly  successful  research-based  international 
pharmaceutical  and  consumer  goods  manufacturing. 


LONDON  BASED 


BASIC  SALARY  FROM  £2fi,000 + CAR 


A LEADING  INTERNATIONAL  BANK 


We  invite  application*  from  mature  banker,  in  their  mid  30’s,  who  musr'have  at  least  10  years' 


Terms  and  conditions  of  employment  will  be 
attractive  co  experienced  professionals  already 
earning  more  than  £20,000  p.  a. 


we  invite  applications  irons  mature  Banner,  m weir  ram  wjs,  wiw  -e. 

the  major  pare  of  which  will  have  been  .pent  s pedafen*  m the  Middle  East. 

the  selected  candidate,  who  will  report  » a Senior  vToe-P  resident.  ^Ilberespon^for  maa^nga  xgm 
banker.,  both  in  London  and  the  Middle  East,  who  are  responsible  for  the 

of  the  position  indude:  planning  and  Implementing  business  development  strategic  acran  a b road  base  f „ Bm 
eovermSent  and  financial  instigation  Jczors:  nrfntenanoe  of  a quality  .portfeTm 


government  and  financial  instigation  sector;  maintenance  of  a quality  portfolio  curing  Wig*- 
awareness  and  interpretation  of  economic  and  political  change  relative  to  banking  Ifrtiio  Middle  East. 

chnuM  h.  .MwtNi  Eranri,!  wdl-develooed  banking  and  credit  skills  plus  leadership  and  motivational  abilities. 


Please  reply  with  brief  details,  in  strict, 
confidence,  to:  The  Finance  Director, 

The  Boots  Company  PLC,  Head  Office, 
Nottingham  NG2  3AA- 


should  be  expected:  Essential  qualities  are  well-developed  banking  and  credit. *ilh  plus 

Initial  base  salaryls  negotiable  from  08000.  phis  bonus  and  company  of,  ttgetfreMVlth  » SSTlS 

Applications  in  'strict  confidence  under  reference  VMSlfiO/fT  wM  be,farwa>ded  unope«^d  to  ^_Cfient.  unless  you  l«t 
companies  to  which  they  should  not  be  sent  in  a covering  letter  marked  fw  the  attention  of  the  security  manager: 


CAMPBQLL-JOHNSTON  RECRUfTMBtr  ADVERTISING  UMITED,  35  NEW  BROAD  STREET,  LONDON,  EC2M  IfffL 


The  Boots  Company  PLC 


Hogget t Bowers 


Executive  Selection  Consultants 

BJRMINGHAM.CARDiFF,  GLASGOW,  LEEDS.  LONDON, MANCHESTER,  NEWCASTLE  and  SHEFFIELD 


Marketing  Manager 


Head  of 

Corporate  Finance 


Managing  Director 

Insurance  Broking 

excellent  sala]y+  benefits + car:  London 


SENIOR  DIRECTOR 
ISSUING  HOUSE 


Commercial  Credit  Services,  cS20,000  + car 


This  is  an  important  appointment  within  an  established  and  highly  successful 
credit  reporting  company.  To  augment  what  is  an  already  highly  effective  sales 
and  marketing  organisation,  we  require  an  established  manager  with  in-depth 
experience  of  the  commercial  credit  market.  A background  in  selling  is  desirable 
but  not  essential;  however,  the  right  person  must  be  extrovert  by  nature,  showing 
considerable  drive  and  enthusiasm  in  the  achievement  of  set  objectives.  A good 
understanding  of  modem  computer  applications  is  essential  and  candidates 
should  also  have  strong  financial  aptitudes.  The  position  is  based  in  an  agreeable 
part  of  the  country  and  relocation  assistance  will  be  provided  if  required.  Fringe 
benefits  are  excellent 


RA  Adderley  Rej:  27297/FT  Male  or  female  candidates  should  telephone  in 
confidence  for  a Personal  History  Form  0532-448661J 
Minerva  House,  East  Ptirade,  LEEDS,  LSI  5flX. 


New  Graduate 

Start  Your  Career  in  Eurobond  Sales 


A Senior  Director  is  sought  for  a British  issuing 
house,  based  in  the  City. The  company  is  well  estab- 
lished and.  through  its  wide  range  of  financial  ser- 
vices which  are  directed  towards  smaller  company 
requirements,  it  has  gained  an  excellent  reputation 
for  professionalism  and  leadership  in  its  field. 

The  position  is  key  to  the  continued  growth  of 
the  company  The  director's  responsibilities  are  to 
lead  the  existing  corporate  finance  team  and  com- 
plete business  transactions  in  cooperation  with 
other  senior  directors  of  the  company.  Development 
of  new  products  and  clients  will  be  vital  in  this  role. 

Ideally  aged  35-45.  the  successful  candidate 
will  combine  appropriate  UK  corporate  finance  and 
issuing  experience  with  proven  management  skills. 
Qualities  of  creativity  and  leadership  wiU  be  comple- 
mented by  the  maturity  and  drive  necessary  to 
expand  the  overall  company's  business.  Scope  for 
further  advancement  in  the  company  is  considerable. 

An  individual  of  the  highest  ability  is  sought  A 
very  attractive  compensation  package  and  the  op- 
portunity to  acquire  equity  in  the  business  is  offered. 

Please  write  in  confidence  with  details  to: 


Hanover  Insurance  Brokers  Ltd.  ira  member  of  an  International  group  whose  diverse 
interests  include  property,  manufacturing,  retailing  and  financial  services.  We  have  recently 
<-Kpf  n4»ri  our  well-established  insurance  business  and  now  wish  to  appoint  a Managing 
Director  who  can  bring  a positive  and  creative  approach  to  the  running  of  our  business. 

Your  brief  will  be  to  review  existing  operations,  make  necessary  changes  to  improve 
performance,  and  to  build  up  sales  and  development  with  particular  emphasis  on  the  fife  and 
pensions  market. 

Candidates,  ideally  aged  -35-45,  shonld  be  brokers  with  extensive  life  and  pensions 
experience  and  a knowledge  of  the  fire  and  accident  business.  Self-motivation,  first  class 
sal**  experience,  the  ability  to  generate  new  business,  and  toe  ambition  arid  experience  to 
arh  it-w  ctgnifirflnr  growth  targets  for  the  company,  are  essential  requirements. 

We  an  excellent  salary,  profit  participation  and  benefits  including  a company  car, 
pww?nn  yfeaw  anti  free  permanent  health  and  BUPA  cover. 


Please  write with  full  details,  which  will  be  treated 
- in  the  strictest  confidence,  to  Mr.  R-  Wunsh, 

HANOVER  INSURANCE  BROKERS  LTD., 

14  Hans  Road,  London  SW3  IRS. 


Top  Executives 


Are  you  fat  your  early  20’s,  a graduate  and. 
interested  in  pursuing  a career  in  sales? 
A yet  rapidly'  expanding  Securities 
House  in  the  City  is  now  seeking  an 
additional  Eurobond  - Salesman  (m/f)  to 
supplement  its  existing  team. 

Ton  will  work  closely  with  existing  staff  and 
be  responsible  for  contacting  established 
and  potential  clients  to  advise  them  an 
investment  opportunities.  Full  cm  the  job 
training  will  be  provided. 

Yon  may  have  up  to  six  months  work 
experience  or  alternatively  are  seeking  your 


first  permanent  position.  You  should  hare  a 
good  telephone  manner  raid  ilw  self-mothra- 
tkm  required  to  succeed  zn  a competitive 
environment  Considerable  * emphasis  is 
placed  an  personal  skills;  particularly 
confidence,  mdjative  and  perseverance. 


Bax  FT/828,  St  James's  House, ^/7  Red  Lira  Court, 
Rest  Street.  LONDON  EC4A3BJ. 


— .........  .J.  epni mgoyer£20fi00a$ear 

Can  you  afiordto  waste  neariy£2.000amoDtfaindda!y?  MnsterExecntivesperiafises  in  solving  the 
career  problems  of  top  executives.  The  Ivfinster  programme,  taflaredtoycnn;  indmdnal  needs  and 
mrapd  lyhimnrm(te]Mrtiw^KywTimttihtiwiretetothnseheta-nf^7jB  of  which 
are  never  advertised:.  / . 

Our  r.fimhs  have  an  impressive  record  of  success;  maity  blue  drip  conipanfcsrefam;oursemces  la 
toe  redeployment  of  their  top  pco^t. 

Telephone  or  write  for  aprefiminaiy  discussion without  obfigation^— orcost. 

MINSTER  EXECUTIVE  LTD” 

28  Belton.  Street,  London  W1Y  8HB.  Teh  01-4931309/1085 


Salary  wiU  be  £L500-£8;000  plus  bonus. 
Interested?  Then  write  enclosing  a CV  and 
quoting  reference  6296  to  Barbara  Lord  at 
Cripps,  Sears  & Associates  Ltd,  (Personnel 
Consultants  X 88/89  High  Holbom,  London 
WC1V  6LH.  Tat  01-404  SM  (24  hours). 


YOUNG 
M.  B.  A. 
AVAILABLE 


.l^Li-rUtcf  .T* 


iCripps,SearSi 


Challenging  Appointment 
Leading  to  Management 
sought 

0106  730  316 


A Recognised  Foreign  Bank  invites 
applications  for  the  post  of 


CHIEF  DEALER 


• ' r 

SE 
ANALYST 


STOCKBROKING 


Business  Development 
Executive 


Internal  Auditors 


Salary  Negotiable 


Banking 


CAMPBELL  NEILL  & CO.  are  a leading  firm  of  Scottish 
Stockbrokers  engaged  in  Private  and  Agency  Client  Services 
and  Institutional  business.  We  are  expanding  our  existing 
London  operations  by  the  appointment  of  an  experienced 
Business  Executive  who  can  develop  and  introduce  a Portfolio 
of  such  clients. 


The  appointee  will  receive  knowledgable  back-up  from  “a  highly 
respected  Research  Team  based  in  Glasgow,  which  has 
developed  exoeitf  *e  In  the  Scottish  scene  in  general  and  the 
Scotch  Whisky,  Breweries  and  Investment  Trust  Sectors  si 
particular. 

The  successful  applicant  will  have  a thorough  working  know- 
ledge and  understanding  of  investment  procedures,  coupled 
with  -the  ability  to  demonstrate  their  likely  performance 
through  his/her  track  record.  Membership  of  the  Stock 
Exchange  would  be  an  advantage. 

■nils  fc  a challenging  position  which  offers  excellent  career 
opportunities  to  the  successful  candidate. 

Applications  in  Strictest  Confidence,  with  full  C-V_,  including 
details  of  present  remuneration,  eta,  should  be  addressed  to: — 
T.  Alan  Smith,  Esq. 

Administration  Partner 
Campbell  Neill  fir  Co. 

Stock  Exchange  House 
69,  SL  George's  Place,  Glasgow  G2  UN 
marking  your  envelope  “ Strictly  Private  fit  Personal." 
Primary  interviews  will  be  held  in  our  London  Office,  which 
is  situated  at: — 

City  Gate  House 

SMS,  Finsbury  Square,  London  EC2A  IPX 
CAMPBELL  NEILL  fir  CO. 

MEMBERS  OF  THE  STOCK  EXCHANGE 


A Third  World  Bask  with  world-wide  operations 
is  seeking  Audit  Semi-Seniors  with  audit  experi- 
ence exceeding  2 years.  Preference  will  be  given 
to  candidates  with  Audit  experience  of  banking 
operations.  Suitable  candidates  aged  not  over  26 
years,  will  be  those  who  are  interested  in  making 
a career  in  the  Internal  Audit  Department  as  part 
of  a branch  and  Head  Office  audit  team.  The  job 
entails  travelling  both  in  UJC  and  abroad. 


Applicants  with  a proven  ability  and 
experience  in  Foreign  Exchange  and  Money 
Market  Instruments  gained  over  6-8  years,  of 
which  at  least  3 years  as  a Chief  Dealer. 

Salary  £20,000  p.a.  negotiable.  Other  benefits. 
Please  write  with  full  personal  and  career 
details  to: 


Doetotoe  continued  expansion  of  our 
Investment  activities,  Scottish  Amicable,  a 
leading  mutual  Life  Assure  nee  Society  based  in 
Glasgow,  has  a vacancy  within  its  Investment 
Team.  •’•••• 


Candidates  must  be  able  to'-express  themselves 
fluently  and  have  a minimum  of  4 years 
practical  experience  in  an  investment  . 
environment  The  jobholder  will  have  to  travel 
extensively  within  the  UK  and  should  be  able  to 
dealconfidentiy  with  senior  personnel  in 
companies  in  which  toe  Society  invests  and 
with  toe  Society's  investment  clients.  They 
should  also  have  a degree  and/or  professional 
qualification  and  be  aged  between  26  and  35. 


Box  A8349,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


The  salary  will  be  negotiable  in  toe  range  of 
£10,500 - £14.000  and  there  are  good  prospect?  • 
for  further  advancement  Generous  fringe  ‘ 
benefits  are  included  in  toe  package. 


Applications  to  be  made  in  writing  to 


Attractive  remuneration  package  includes  contri- 


butory Pension  Scheme,  Season  Ticket  Loans  and 
subsidised  House  Loan  Scheme. 


Leading  UK-based  International  products  group  with  £1bn  turnover 
needs  a creative  corporate  research  executive-  far 


Please  apply  in  confidence  along  with  full  co.  and  a pass- 
port-sized photograph  to: 


The  Staff  Manager 

Scottish  Amicable  Life  Assurance  Society 
150  St  Vincent  Street 
GLASGOW  G25NQ 


Box  A8345,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


INTERNATIONAL 
ACQUISITION  PROJECTS 


Pharmaceutical  Analyst 


As  consultants  advising  the  group,  we  would  like  to  talk  in  strict 
confidence  to  men  and  women  aged  25-3 S with  first  degrees.  WeaKy  ’ 
MBA’s,  and  2-3  years*  relevant  experience.  The  London-based  job 
offers  excellent  career  scope  working  at  the  highest  levels  In  the 
group.  Baric  salary  up  to  QSflOO. 


SCOTTISH 

AMICABLE 

LIFE  ASSURANCE  SOCIETY 


Institutional  Sales 


A firm  of  London  stockbrokers  with  a very  good 
research  reputation  in  pharmaceuticals  and  a 
number  of  other  areas  is  seeking  to  recruit 
another  analyst  in  this  sector.  The  suitable 
candidate  will  probably  be  in  their  mid-twenties,' 
with  two  or  three  years’  experience  of  research 
work  in  pharmaceuticals.  A competitive  salary 
will  be  paid  and  there  are  the  usual  fringe  benefits, 
including  a bonus  scheme. 

Write  Box  AS348,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


Write  to  Box  A 8356,  Financial  Times 
10  Cannon  Street.  London  EC4P  4BY 


We  wish  to  recruit  a Sales  Executive  to  be  involved 
in  the  marketing  of  U.S.  Research  to  our 
well-established  clients. 


DOCUMENTARY  CREDITS  . 

Irving  TYust  Company  London  is  seeking  a.  senior 
fiar  IIS  Documentary  Credits  Department. 

The  ideal  candidate  will  be  aged  2M0  sod  most  have  at  least 
years’  experience  in  documentary  checking  and  payfcj* 
-Familiarity  with  supervisory  duties  wfli  be  an  advantage. 
A competitive  salary  and  benefits  pweirngp  is  -offered. 


CORPORATE  FINANCE 
RESEARCH 


£20-£25,«0 


The  successful  applicant  will  probably  be  in 
the  early-thirties  and  have  extensive  institutional 
experience. 

Remuneration  is  negotiable  and  will  be 
competitive  for  the  right  candidate.  For  U.K. 
personnel  there  will  be  a profit-sharing  bonus 
and  a non-contributory  pension  scheme. 

For  further  details  please  write  or  telephone  to: 


FINANCE  DIRECTOR 
DESIGNATE 


Irving 

Trust 


Please  write  enclosing  full  career  and 
educational  details  to; 

Andrea  WIlHams.  Personnel  M»n»pr 
Irving  Iriist  Company 

36/98  Cornhill,  London  EC3Y  3NT 


L.  F.  Rothschild,  Unterberg,  Towbjfi  international  is  looking 
for  an  Individual  experienced  m corporate  finance  and/ 
or  research  to  work  with  a small  group  in  analyzing  UJK. 
companies  and  to  develop  and  maintain  good  communica- 
tions with  individuals  in  range  of  inaritutions  involved 
directly  or  indirectly  in  the  UJK. .financial  markets: 


R.  Leigh-Wood 
Laing  & Grnickshanh 
Pierey  House.  Cop th all  Averse 
Loudon  EC2R  7BE 
Telephone:  01-588  2800 


FOR  CITY  BASED  COMMODITY  MERCHANTS 

with  a turnover  of  over  £50m 

Responsible  for  the  day-to-day  funding  of  our  operation  and 
management  of  cash  as  well  as  currency  exposure.  Other  activity 
will  involve  negotiating  with  banks  on  facilities  granted,  A 
knowledge  of  shipping  documentation /procedures  and  docu- 
mentary credits  would  be  an  advantage. 

Attractive  benefit  package  — negotiable 

Write  with  full  cv  to: 

The  Chairman.  Box  A 8347,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


SEARCH  CONSULTANT 

Are  you  interested  in:  boosting  your  earnings:  working 
with  a multi-diseipfined  international  team:  reducing  your" 
commuting  yet  having  a Piccadilly  office  when  you  need  it? 

If  you  have  a successful  record  In  executive  search  you 
could  achieve  these  and  other  benefits  by  joining  us. 

Please  ring  or  write  in  strict  confidence  to: 

Peter  Barnett  at  Providence  House,  River  Street 
Windsor,  Berkshire.  SL5  1QT. 

Telr  Windsor  56723. 

BARNETT  CONSULTING  GROUP 


The  candidate  must  .seek  out  and  develop  open  market 
information  on.  potentially  profitable  opportunities  for 
snort -term,  investment  and  make  recommendationa 
accordingly. 


Applicants  should  have  at  least . 5 . years*  successful 
experience  in  toe  financial  markets  and  have  a high 
degree  of  self-motivation- 


Salary  wilTbe  £2O.0OOr  to  f25J<JOO  depending  on  previous 
attainments,  with  an  annual  bonus  based  on  performance. 
Normal  fringe  benefits  will  be  provided. 

Applicants  may  sand  toeir  .*4sumfe  in  striet  confidence 
. ^ . £*■_, F- , Rvttachild,  Ihrterberg,  Towbin  International. 

**t2.(Attn-  daire  Hummed 
. or  call  01-493  8iu  for  an.  appointment 


\1 


■ 

ft**! 


h. 


n Ov  EH 
KULQP' 


Fina 


Adr 


V’  :-.j" .. 


Management 
accounting  with  a 

financial  dimension. 

c.  £24^200pua.  tax-free 

If  you  re  looking  for  a job  that  develops  and  exercise  overall  responsibility  foe  all 


your  interests  in  the  financial  aspects  of 
management  accounting,  and  that  also 
takes  you  into  a completely  different 
environment,  we  think  we  can  interest 
you. 

We  need  a qualified  accountant 
(ACA,  ACMA  or  ACCA)  who  already 
has  ten  years  professional  experience, 
including  three  at  senior  management 
level , to  play  a key  role  in  the  financial 
management  of  one  of  Saudi  Arabia^ 
showcase  hospitals,  the  National  Guard 
King  Khalid  Hospital  in  Jeddah. 

lt&  a hospital  that  cares  for  the 
prestigious  National  Guard  and  their 
families.  It  is  managed  by  International 
Hospitals  Group  (EHG)  in  liaison,  with  the 
British  Government  and  supported  by 
IAL,  and  iris  as  modem  baits  computerised 
accounting  and  management  information, 
systemsas  it  is  in  its  high-technology 
clinical  systems. 

Working  directly  for  the  Finance 
Manager;  your  cask  would  be  to  play  an 
influential  role  in  preparing  short  and 
long-term  financial  plans,  and  evaluating 
and  reporting  on  the  capital  expenditure 
thatls  implicit  in  the  workings  of  a major 
growing  hospital.  You’d  also  develop  and 
review  the  Hospital's  control  procedures. 


stores  accounting.  Another  important 
aspect  of  (he  work  is  the  training  of  your 
department^  staff,  and  defining  the  work 
standards  which  they  will  have  to  main  tain. 

The  salary  of  SR126, 000 p.a.,  which  is 
paid  tax-free  in  Saudi  Riyals  is  only  one  of 
the  material  benefits  cf  working  at  tbs 
hospital  on  this  accompanied  status 
contract-  You  would  live  rent-free  in. 
accommodation  furnished  and  equipped 
down  to  the  last  detail-  You’d  enjoy  an  end 
of  contract  bonus,  49  days  annual  holiday, 
with  free  return  flights  to  the  UK.  You’d 
get  free  medical  care,  and  the  facilities 
you’d  find  almost  a ma  ner  of  yards  from  the 
hospital  include  restaurants,  shops,  a 
theatre,  swimming  pool  and  tennis  courts 
— all  for  the  exclusive  use  cf  the  Hospital's 
staff. 

The  conversion  to  Sterling  has  been 
effected  at  the  rare  of  SR5. 2=  £1. 
Preference  will  be  given  to  suitably 
qualified  Saudi  Arabian  nationals  and 
Arabic  speaking  personnel. 

For  more  information,  talk  to  Elaine 
Wyatt  on  01-571 4960 or  write  to  Herat 
IAL,  Aeradio  House,  Hayes  Road, 
Southall,  Middx.  UB2  5NJ. 

Please  quote  Kef.  M162. 


~-s=sa 


ass rsrrr.c^sm 


MEDICAL  SERVICES 
RECRUITMENT  SERVICES 


I ?"  S 


Accounts  Training  Officer 


Putiw : Required  for  the  Administrative 
Training  Centre  of  Ministry  of  Education 
Training  and  Cultural  Affairs  to  devise  and  run 
finance  and  accounting  courses  at  all  levels 
within  the  Solomon  Islands  Public  Sendee  and 
Statutory  Bodies  and  to  assist  in  the 
development  of  Solomon  Islands  accounts 
training  staff.  The  appointee  wiU  not  be  desk- 
bound and  must  be  prepared  to  travel  to 
provincial  centres. 

QuafificatioRK  Candidates  should  be  British 
Citizens  under  45  years of  age/profesaionaRy 
qualified  (ideaHy  I.P.F.A.).  and  preferably  have 
ministry  or  local  government  accounting 
experience.  . . 

Appointment:  2 years.  Posting  — Honiara. 
Salary  (UK  taxable)  in  accordance  with 
qualifications  and  experience  wiR 
include  an  element  in  lieu  of 
superannuation  provision  unless 
ODA  is  able  to  continue  payments 
into  the  candidate’s  existing 


superannuation  scheme.  In  addition,  a tax-free 
Foreign  Service  Allowance  is  payable  in  range 
£1,525  - £4,090  per  annum,  depending  on 
domestic  circumstances. 

The  post  is  wholly  financed  by  the  British 
Government  under  Britain’s  programme  of  aid 
to  the  developing  countries,  in  addition  to 
bask:  salary  and  overseas  allowances  other 
benefits  normally  include  paid  leave,  free 
family  passages,  children's  education  . 
allowances  and  holiday  visits,  free 
accommodation  and  medical  attention. 

For  full  details  and  application  form  please 
apply  quoting  ref.  AH309/D/GM,  stating  post 
concerned,  and  giving  details  of  age, 
qualifications  and  experience  to: 
Appointments  Officer. 

Overseas  Development  Administration, 
Room  AH3S1, 

Abercrombie  House, 

Eaglesham  Road, 

EAST  KILBRIDE. 

Glasgow  G75  8EA 


OVERSEAS 

DEVELOPMENT 


SMTAIM  HELMNO  NATIONS 
TO  KELP  THEMSELVES 


Finance  & 
Administration 


Shipping 

French  speaking  Africa 


£25-£30,000  + benefits 


Our  cSent,  part  of  a privately  owned  group  with  international  rrterests, 
provides  a wide  range  erf  shipping  agency,  stevedoring  and  related  services 
in  one  of  Africans  French  speaking  republics. 

An  experienced  manager  to  required  to  take  charge  of  the  accounting  and 
administrative  functions  of  three  companies,  reporting  to  the  managing 
director  This  is  a fast  moving  and  competitive  business  demanefing 
controls  and  strict  accounting  disciplines. 

Af^3fe^toshoi^haveaUK,USorec^jivalerTtacc»urtthgquaIficatton,be 


shipping  related  service  industry  is  highly  desfcable  as  is  experience  of 
woriting  in  a developing  overseas  enwronmenL The  remuneration  package 
wffl  include  an  annual  Bonus  and  an  attractive  range  of  benefits. 

Please  address  full  career  and  relevant  personal  detaBs  to  Douglas  G 
Mizon  (Ref:  FT523M ) at- 


PROFESSIONAL 

CONSULTANTS 

American  Based  F-100  Multinational 
Information.  Services  Co.  seeks  bi- 
lingual professionals  (individuals  or 
firms)  to  deliver  sales  training 
courses  to  employees  in  France, 
Italy,  Germany,  or  UK  Instructors 
will  attend  two  month  training 
course  in  USA  starting  January  19S4. 
Candidates  must  have  outstanding 
presentation  skills  and  be  fluent  in 
target  country  language.  Please 
forward  c.v.  to  Mr  Raymond 
Kasbarian,  The  Kappa  Group,  1534 
Route  23,  Wayne,  N.J.  07040,  USA. 


INTERNATIONAL 
APPOINTMENTS 
Appear  Every 
THURSDAY 
Rate  £31.50 
Per  Single  Column 
Centimetre 


Sfcrff  Scientist 

Broadcast 
Science  and 
Technology 

At  CBS,  your  expertise  and  international 
industry  recognition  in  television  technology 
will  be  readily  recognized  and  encouraged* 

CBS  Inc,  a progressive  Fortune  500  company  and  major 
U.5.  television  network  is  headquartered  in  New  York 
City  and  is  seeking  a seasoned  broadcasting 
professional. 

Reporting  directly  to  the  Vice  President,  CBS  Broadcast 
Group,  Engineering  and  Development,  you'll  advise 
Management  as  well  as  the  Engineering  and  Develops 
merit  staff  on  a wide  range  of  industry  technologies. 

With  your  solid  understanding  of  broadcasting  and 
leadership  ability  in  this  state-of-the-art  environment, 
you  will  provide  consultation  and  guidance  on  current 
trends,  identify  and  analyze  potential  opportunities  or 
problem  areas,  and  determine  needs  for  standards  and 
direct  the  implementation  of  their  recommendations.  A 
major  responsibility  will  be  to  report  on  and  recom- 
mend appropriate  response  to  developments,  in- 
telligence information,  study  results  and  relevant 
material.  Naturally,  you  will  have  an  excellent-rapport 
with  research  organizations,  broadcast  authorities,  in- 
dustry groups  and  professional  societies. 

This  unique  position.  Senior  Staff  Scientist,  requires  a BS 
in  Math,  Physics  or  Engineering  (advanced  degree  highly 
desired)  and  10+  years  of  broadcast,  video  or  cable 
engineering,  development  or  related  experience  Wark- 


industry  committee  structure  and  organization  is  essen- 
tial. Familiarity  with  committee  negotiations  and  in- 
dustry standards  and  practices  is  necessary.  Excellent 
technical  writing  and  verbal  presentation  skills  essential. 

CBS  offers  many  career  advantages  including  excellent 
salary,  comprehensive  benefits  plan  and  generous 
relocation  package.  Forward  resume  in  strict  confidence, 
INCLUDING  SALARY  HISTORY  and  REQUIREMENTS, 
to:  Coordinator,  Engineering  Recruiting,  CBS  News,  68 
Knightsbridge,  London  SW1  X711,  England. 


CBS 

Men  and  Women  of  Ail  Races  Desired 


COLUMBIA 

RAILWAY 


CATENARY  SYSTEM 


British  Columbia  Railway,  in  Canada,  has  an 
immediate  opening  for  a Catenary  System 
Engineer,  located  In  Prince  George,  to  super- 
vise a support  group  end.  with  very  limited 
technical  assistance,  be  responsible  for  the 
repair  and  maintenance  of  all  components 
of  an  Overhead  Contact  System—  50  kV 
electrification. 

The  successful  individual  will  have  a Univer- 
sity degree  in  Electrical  Engineering  and  will 
be  eligible  for  registration  as  a Professional 
Engineer  in  the  province  of  British  Columbia. 
Canada.  A minimum  often  (10)  years  work- 
ing on  high  tension  electrical  transmission  Tines, 
with  the  ability  to  develop  and  train  person- 
nel In  safety  and  maintenance  procedures, 
is  required.  Supervisory  experience  working 
on  Overhead  Contact  Systems  Is  preferred. 

B.C.  Railway  offers  an  attractive  benefits  and 
remuneration  package.  Salary  will  be  de- 
termined dependent  upon  experience.  The 
salary  range  for  this  position  is  from  $44,304 
to  $50,076  (Cdn.)  per  year  Interested  indi- 
viduals are  requested  to  reply  in  writing  as 
soon  as  possible  to  the  attention  of  the: 

Supervisor— Employment 
B.C.  Railway  Co. 

P.O.  Box  8770 
Vancouver,  B.C.,  Canada 
V6B4X6 


COPENHAGEN  HANDELSBANK 
INTERNATIONAL  SJL 


WE  ARE  LOOKING  FOR  AN 

EXPERIENCED  FOREIGN  EXCHANGE  DEALER 

Our  activities  are  concentrated  on 
SCANDINAVIAN  FORWARDS  AND  EURODEPOSITS 
Please  send  your  application  to: 

COPENHAGEN  HANDELSBANK  INTERNATIONAL  SA 
12  RUE  GOETHE,  2014  LUXEMBOURG 

For  further  Information  p loose  contact: 

ERLING  VANG  JESPERSEN.  FOREIGN  EXCHANGE  MANAGER 
TELEPHONE:  27601 


THE  UNIVERSITY  OF  NEW  SOUTH  WALES 
Sydney,  Australia 
SCHOOL  OF  ECONOMICS 


LECTURER 


Application!  are  Invited  from  suitably  qualified  candidates  to  teach 
Introductory  and  Iniermedisnr  macroeconomics  and/or  microeconomics. 
Preference  may  be  given  to  candidates  with  an  interest  in  economic 
mMhology  or  the  economics  of  developing  countries  but  those  with  other 
interests  ere  also  invited  to  apply. 

The  position  is  aveilable  from  February  1884  and  appointment  will  be  for 
a fined  term  ol  three  years. 

Further  information  from  Professor  J.  Hewson,  c/o  P Box  1,  Kensington, 
NSW.  Australia.  2033.  - , ... 

Salary:  A522.430  range  AS59.467  (under  review).  Commencing  Salary 
according  to  quelKIceiions  and  experience. 

Applications  close  25  November  1883.  . 

For  further  information  obout  conditions  of  appointment  and  method  ot 
application  write  to  the  Association  of  Commonwealth  Universities  (ApprsJ, 
36  Gordon  Square,  London  WC1H  OPF. 

Equality  Of  employment  opportunity  i$  University  policy. 


EMPLOYMENT  CONDITIONS  ABROAD 
LIMITED 

An  International  Association  of  Employers  providing 
confidential  information  to  its  member  organisations,  not 
individuals;  relating  to  employment  of  expatriates  and 
nationals  worldwide 

01-637  7604 


A ftMJOR 

INVESTMENT  INSTITUTION 

THE  GULF 


A major  investment  institution  requires  a professional  Investment  Manager,  Analyst 
and  Equity  Dealer  with  experience  in  the  major  investment  areas  of  the  Far  East  It  also 
requires  an  Equity  Dealer  with  experience  in  the  major  investment  areas  of 
North  America. 

• Investment  Manager  - ref:  2129 

Candidates  for  the  Investment  Manager  post  should  have  obtained  a professional 
qualification  and  should  have  5 years'  experience  of  managing  a discretionary  portfolio 
of  equities  and  bonds  in  the  Far  EasL 

■ Investment  Analyst  - ref:  2130 

Candidates  for  the  Investment  Analyst  post  should  have  obtained  a professional 
qualification  and  must  have  at  least  three  years'  practical  experience  in  analysing 
equities  in  the  Far  East,  especially  Australian  investments. 

m Equity  Dealer  - ref:  2131 

Candidates  for  the  Equity  Dealer  post  will  assist  in  dealing  with  a large  portfolio. 
Candidates  will  have  at  Feast  3 years'  experience  gained  in  first  class  financial  institutions. 

• Equity  Dealer  - ref:  2132 

There  is  also  a vacancy  for  an  Equity  Dealer,  who  will  assist  in  dealing  with  a targe 
portfolio.  Candidates  will  have  at  least  three  years'  experience  gained  in  first  class 
financial  institutions  in  North  America. 

Candidates  must  be  prepared  to  live  in  the  Gulf.  The  contract  will  be  for  a minimum  of 
three  years,  renewable  thereafter.  Salary  will  be  free  of  tax  in  the  Gulf.  Free 
accommodation,  transport  and  medical  facilities  will  be  provided. 

Please  send  a comprehensive  career  resume  including  salary  history  and  day-time  , 
telephone  number,  quoting  the  particular  reference  number,  toW.  L TaiL  J 


Touche  Ross &Co.,Manog?}neritCorisuttants 


Hill  House,  1 Little  New  Street.  London  EC4A  3TR 
Telephone:  01-353  8011 

A member  Cil  the  Management  Consultants  Association. 


One  of  Australia’s  leading  full  service  stockbroking  firms 
requires  an  ambitious  and  competent  executive  for 
the  following  position  in  its  Sydney  office : 

Manager  — Sydney  Institutional  Equity  Department 

Duties;  To  represent  the  Firm  with  existing  and  new  clients  and  to 
manage  a young  and  competent  team  of  advisers. 

Qualifications:  Successful  applicant  will  be  knowledgeable  in  institutional' 
investment  activities.  Above  all,  we  require  an  innovative  marketing  person 
who  possesses  the  ability  to  develop  with  the  organisation.  Whilst  technical 
skills  are  necessary  to  make  use  of  the  Firm’s  institutional  services,  the 
critical  attributes  are  market  tenacity,  flexibility  and  empathy  with  varied 
investment  objectives.  Market  creditability  and  a personal  flair  would  have 
contributed  to  such  a person’s  success  to  date. 

Conditions:  Due  to  the  seniority  and  importance  of  the  position,  a very 
competitive  salary  will  be  negotiated  for  the  right  person.  Superannuation 
and  other  benefits  available.  There  are  substantial  advancement  prospects 
due  to  the  continued  growth  of  the  Firm.  The  right  person  will  join  a 
successful  and  well-balanced  advising  team  and  will  have  the  back-up  of 
excellent  research  material  plus  the  human  strengths  and  talents  available 
from,  such  a diversified  financial  services  firm. 

Applications:  Strictly  confidential.  Written  applications  should  be 
forwarded  to:  Mr.  George  Varlamos,  Bain  & Company,  303  Collins  Street, 
Melbourne  3000.  If  more  convenient,  phone  (03)  620651  for  a discussion. 

MS'  BAM  & COMPANY 

(Established  2S77) 

Members  of  the  Sydney  Stock  Exchange  Limited 


CHIEF  FINANCIAL 
OFFICER 

NEW  YORK  to  $50,000 

A small,  rapidly  expanding  financial  services  firm,  with  offices  in 
London  and  New  York,  whose  business  includes  investment 
banking  and  U.S.  brokerage  requires  a chief  financial  officer 
based  in  New  York.  The  candidate  should  be  a qualified  U.K. 
or  U.S.  accountant  with  at  least  5 years  experience.  Candidate’s 
function  would  be  to  set  up  budgeting,  financial  control  and 
planning  systems  and  to  be  active  in  treasury  management.  A 
knowledge  of  EDP  and  the  U.S.  securities  industry  will  be  an 
advantage.  A salary  in  the  region  of  $40,000-550,000  is  offered, 
with  profit  sharing  and  normal  benefits. 

Please  write  Box  A.S344,  Financial  Times 
10  Cannon  Street , London  EC4P  4BY 


FI  NANCIAL  TI  MF.S 

EUROPE’S  BUSINESS  NEWSPAPER 

at  the 

ACCOUNTANTS  EXHIBITION 

8th-llth  November  1983 

Hall  B,  Barbican  Exhibition  Centre,  London 
10  a.m.-6.30  p.m. 

Stand  66 

Our  stand  features  a range  of  products,  services  and  information 
available  to  businessmen  and  particularly  accountants.  The  Financial 
Times  executives  on  the  stand  would  welcome  the  opportunity  of 
meeting  both  readers  and  advertisers.  The  Financial  Times  proposes 
to  publish  a survey  on  Accountancy  on  Tuesday  8th  November  and 
complimentary  copies  will  be  available  from  the  stand. 


Financial  [ Times'  Thursday  November  3 1983 


Accountancy  Appointments 


Oil  Tax  Manager 


Our  client  a leading  international  firm  of  chartered  accountants,  is  looking  for  a tax 
specialist  to  join  its  Energy  tax  group  at  manager  level. 

Candidates  will  be  qualified  accountants,  or  have  a relevant  Revenue  background. 
Caged  about  30)  with  at  least  5 years’  oorpoate  tax  experience.  They wfll  be  able  to 
communicate  effectively  at  aU  levels.  Previous  cal  tax  experience  is  preferred,  but  is 
not  essential. 

The  position  offers  an  excellent  opportunity  to  the  successful  candidate  to  acquire 
high  level  experience  in  this  demanding  and  challenging  area  of  taxation. 

The  successful  candidate  will  support  two  principals  in  the  Energy  group  and  will 
assist  in  the  provision  of  tax  advice  relating  to  complex  problems  in  the  oil  industry, 
and  will  also  be  responsible  for  compliance  work  and  negotiations  with  the  Inland 
Revalue  on  behalf  of  the  firm's  oil  industry  clients. 

Salary  win  be  commensurate  with  experience  and  the  responsibility  of  the  position 
offered  and  a car  will  be  provided. 

Please  apply  in  confidence  giving  personal  and  career  details  and  mentioning  any 
company  to  whom  you  do  not  wish  your  application  to  be  forwarded  to:  Sue 
WaDworth. 


m 


LONSDALE  ADVERTISING  SERVICES  LTD 
Hesketh  House.  Portman  Square,  London  W1H  9FG  Tel:  01-436  5877 


Newly-Qualified 
Accountants  (Banking) 


City 


Our  client  is  one  cf  the  largest  and  most 
prestigious  banking  groups  in  die  U.K. 
Continual  expansion  of  its  activities  means 
that  the  finance  function  wishes  to  build  up  its 
accounting  resources  to  fill  positions  that 
arise. 

They  are  willing  to  make  a considerable 
investment  in  several  young  accountants, 
who  wish  to  make  a career  in  the  accounting 
function  in  banking,  by  giving  them 
experience  across  a wide  range  of  the  group’s 
activities. 

Suitable  candidates  wfll  be  graduates,  who 
have  recently  qualified  as  chartered 
accountants  with  one  of  the  international 
firms.  Self-starters  with  a strong  personality, 


£12-£130OO 

enquiring  mind  and  ability  to  work  well 
under  pressure  are  called  for. 

In  addition  to  an  attractive  initial 
remuneration,  other  banking  benefits  will 
become  available  after  a short  qualifying 
period. 

Please  send  a detailed  cv.,  in  confidence, 
quoting  ref.  N12951L,  toM.J.H.  Coney, 
Peat,  Marwick,  Mitchell  & Co.,  Executive 
Selection  Division,  165  Queen  Victoria  Street, 
Black  friars,  London  EC4V  3PD. 


PEAT 

MARWICK 


Financial  Controller 
Hertfordshire 

Our  chant  is  one  offlntHin's most  efficient  manufacturers  of 
speciality  products  for  Industry.  With  sales  of  over  S2SOL,  half 
exported,  thsir  profit  record  and  customer  baa®  wlB  assure 
~ convened  growth.  • 

We  are  seeking  a young,  qualified,  and  tesourceftil  Financial 
Executive  to  be  responsible  to  ifi'e  Financial  Director  for  the 
management  of.  the  accounting  departments.  The  initial  task  will 
be  to  concentrate  on  systems  and  manufacturing  costs.  Success 
will  lead  to  promotion  opportunities  which  can  be  dearly  defined. 

The  compensation  package  envisaged  is  £20,000.  with  car  and 
other  benefits.  ,•  •.  . ‘ 

If  you  are  around  35,  and  believe  you  ha  to  the  drive  and  ability  to 
■contribute  to  the  modem  financial  management  of  an  excellent. 
Company,  reply  in  confidence  to: 

Wendell  S.  Clough 

' ' CLOUGH  ASSOCIATES  LIMITED 

14,  Grosvenor  Place . 

. - ■ LondonSWlXFHH  . 


Financial 

Controller 

Construction  & Property 


South  Hampshire 
c £17,500  + Car 


m 


With  its  strong  assets  base  and  high  reputation  in  the  industry,  this  meefium  sized 
well  established  construction  and  property  group  is  looking  to  the  future  with 
considerable  confidence.  Following  a period  of  rationalisation,  the  young  top 
management  team  is  now  poised  to  take  full  advantage  of  the  impending  upturn 
in  the  market 

Efficient  accounting  and  quick,  reliable  and  pertinent  management  information 
win  be  critical  and  they  have  decided,  therefore,  to  appoint  a top  calibre  Financial 
Controller  to  be  responsible  to  the  Managing  Director  for  all  financial  apsects  of 
the  group's  affairs. 

Applicants  should  be  qualified  accountants,  aged  30-40,  with  several  years' 
industrial  experience  including  ideally  some  in  the  construction  industry.  Indepth 
exposure  to  computer-based  systems  is  an  essential  requirement 

There  is  an  attractive  remuneration  package  and  excellent  prospects  of  a Board 
appointment  in  the  short-term. 

Please  send  concise  derate  including  salary  and  day-time  telephone  number, 
quoting  ret:  H2007A  to  W.  S.  Gilliland,  Executive  Selection  Division. 


Thornton  Baker  Associates  Limited,  Fairfax  House,  Fvtwood  Place,  London  WC1V6DW. 


AnjwmwnmnmfiSM  manufacturing  and  marketing 
subsidiary  ofanimemational  group  wishes  to  appoint  an 
experienced  professionally  qualified  accountant  to  this  key 
role  supporting  the  Chief  Executive. 

Pri^ratTeaprewahafiri^MwnitwpagKfiwanra-a  wiwrnl 


Manchester  RegLon-Qothing 


reporting  of  business  performance  and  general 

flclmin  r*4r^nnn_ 

Applicants  most  be  able  to  demonstrate  a 
breadth  of  financial  experience,  preferably  in  con- 
sumer goods  and  inchidingiiimafacnxriiig  control* 
coupled  with  a distinct  commercial  awareness. 


They  must  be  capable  of  pounding  initiatives  in  the  farther 
development  of  apartiaDy.  computerised  system. 

The  post  is  unfikely  to  interest  anyraiepresortly  earning 
below  £15,000  per  annum  and  die  package  includes  an 
executive  car,  pension  scbemeand  EUPA. 

Write  witfa  fiifl  personal  and  career  details  to  die  address 


. appticatiODW 

a H ■ unless  mark 

icon-  Manager v 

antral,  H noibesa 

s.  -JkA  A'  by  thee 

PA  Advertising 


i application  will  be  forwarded  to  the  client  unopened, 
i nnkssmarked  for  thr  attention  of  our  Security 
A Manager  with  a note  of  companies  to  which  it  should 
M-  not  be  sent  Initial  interviews  will  be  conducted 
Mm  by  the  cheat.  . 


Norwich  Union  House,  73-79  King  Street,  Manchester  M2  2JL. 
Tel:  06123^4531 


ip.  ns 


Opportunity 

Corporate  Audit 

Central  Southern  England  £15,750+Ca  car 


Our  client,  a multi-national  high 
technology  corporation,  is  a world 
leader  in  telecommunication  systems. 

A large  number  of  main  frames  and 
mini  computers  are  used  througiout 
the  business  and  are  fully  accepted  as 
an  important  tool  of  management.  The 
internal  audit  unit  which  is  part  of  the 
corporate  staff,  has  a wide  ranging 
responsibility  to  the  Executive 
Management  Committee  to  repent  on 
the  quality  and  suitability  of  business 
control  systems. 

Candidates  who  will  probably,  but 
not  necessarily,  be  qualified 
accountants,  should  have  « / 
at  least  2 years'  senior  f/xS* 

auditing  experience  in  the  £ 

profession  or  the  internal  JL  IK 


unit  of  a major  corporation.  In 
addition,  candidates  should  be  able 
to  demonstrate  successful  line 
responsibility  for  an  accounting 
department  because  this  position  is 
seen  as  an  assignment  pnor  to  taking 
up  a management  appointment  in  one 
of  the  subsidiary  companies.  Salary 
is  negotiable,  there  is  an  attractive 
re-location  scheme  where  appropriate, 
and  a large  company  benefit 
package. 

In  the  first  instance,  contact 
Bruce  Crammond  on  01-631  4184 
or  write  to: 

U A & A Consultants  (Holding) 

/Vi  Limited,  County  House, 

10  Little  Portland  Street, 
STjL  London  WIN  5DF.  y 


Qualified  Accountants 
for  Banking  Management 

Age  25-27  Up  to  £16,600 

One  of  the  leading  UK  clearing  banks  is  looking  for  six  qualified 
■ accountant  in  the  age  range  25-27  for  careers  in  management. 

These  are  not  specialised  financial  appointments.  The  successful 
candidates  will  be  given  one  year's  intensive  training,  inducting  residential 
courses,  in  the  complete  range  o{  banking  activities  prior  to  selection  for  a 
branch  management  position. 

Applicants  should  be  of  Chartered  status  and  possess  a keen  intellect 
and  marked  leadership  qualities,  together  with  the  personality,  commitment 
and  ambition  necessary  to  achieve  Senior  Management  status. 

Total  initial  remuneration  will  be  up  to  £16,600  (inducting  London 
allowance},  with  other  employment  benefits  comprising  pension,  6 weeks' 
holiday,  B.TJ.PA.,  subsidised  mortgage  facilities  in  certain-circumstances, 
and  ban  schemes. 

Please  write  in  the  first  instance,  with  full  c.v.  and  details  of  current 
remuneration,  to  the  address  below.  (Reference  977  must  be  quoted  on 
your  envelope.  Enclose  separately  a note  of  any  companies  to  which  your 
application  should  not  be  sent) 

7&t>  qpxMmnf  fc  cpna  equef j *3  maa  and  rarnen. 

Peter  Sainty,  Everetth  Recruitment, 

172  Drury  Lane,  London  WC2B  5PT 

EVERETTS  recruitment 


ACCOUNTANCY  APPOINTMENTS  Appear  Every 
Thursday.  Rate  £31.50  per  single  column  centimetre 


H 


execu 

FINANCIAL  ANALYSIS  MANAGER 

BASINGSTOKE  neg.  £15,0(XHE17,000 

Our  client  is  the  UK  subsidiary  of  a $4|  billion  turnover  US. 
manufacturer  of  high  technology  electronic  equipment  The  UK 
company  has  recently  secured  a £20  million  contract  to  provide 
such  equipment  in  a major  British  project  and  is  expanding  its 
manufacturing  facilities  accordingly.  This  has  led  to  an  internal 
reorganisation  creating  a number  of  vacancies  including  a Financial 
Analysis  Manager. 

The  position  will  carry  responsibility  for  financial  planning, 
forecasting  and  budgeting  and  the  provision  of  management 
information  of  an  on-going  nature  to  enable  the  company's 
management  at  board  level  to  maximise  production  efficiency  and 
product  profitability  during  this  period  of  rapid  expansion.  A small, 
highly-qualified  staff  is  available  to  assist  in  these  responsibilities, 
and  there  are  ample  micro-computing  facilities.  Successful  conduct 
of  this  key  role  will  almost  certainly  lead  to  early  advancement 
either  within  the  UK  operation  or  its  European  Head  Office. 
Applicants  should  be  qualified  accountants,  aged  27  to  35,  with  at 
least  three  years’  practical  experience  in  a management  accounting 
function  within  a multi-national  environment.  They  must  be 
familiar  with  computerised  management  information  systems  and 
be  capable  of  directing  and  motivating  a staff  of  part  and  fully 
qualified  individuals.  The  company  will  place  special  emphasis  on 
the  display  of  creative  thought  and  a radical  approach  to  the  solution 
of  business  problems.  - 

For  further  details  of  this  excellent  career  opportunity  please  telephone  or 

«jrite  to:  JIM  CABMAN 

Scope  Executive  (Recruitment  and  Consultancy)  Limited 

10a  London  Mews.  London  Street,  London  W2. 01-402  7162 


Recruitment  & Consultancy 


r r i 

1 Li 

executive* 

i ainr) 


Chartered  Accountant 

The  Morgan  Bank 

London  + Overseas  Travel 
c.  £15,000  + Major Benefits 

Morgan  Qiaranty'flrustCompaity  of  New York  is  one  of  the  worlds  leading 
intematnnalCoiporate  banks.  Tne  development,  review  and  control  of 
operational  and  information  systems  and  procedures  atthe  bank’s 
autonomous  branches  is  of  vital  importance. 

The  Accountant  will  be  a kqy  member  of  a snail  team,  assuming  individual 
responsibffityfbr  prqjects  in  Europe, the  Far  East  and  South  America. 

Based  in  London  and  travelling  up  to  one  quarter  of  the  time  he  or  she wa 
provide  audit  and  consultancy  services  to  branches  and  affiates.  assist  in 
training  and  cany  out  specific  systems  reviews,  gaining  substantial 
exposure  to  both  senior  management  and  computer  systems 
development 

The  benefits  offered  indude  a mortgage  subsidy  scheme  and  an  annual 
profit  sharing  bonus.  Applicants  should  be  graduate  chartered 
accountants  with  systems  or  audit  experience  gained  in  a mapr 
professional  firm.  Pteasetelephone  or write  to  David  Hogg  FCA,  quoting 
reference  1/2186. 

EMA  Management  Personnel  Ltd. 

Hatton  House, 20/23  HoBrom,  London  EC1N  2JD 
Telephone:  01-Z42  7773  (24  hour). 


Senior  Group 
Accountants 


■Our  client  s a weU-^stablisbed-rapidly  growing 
Saudi  Arabian  conglomerate,  With  20  operating 
divisions  covering  tie  food  industry,  large  scale 
■ importation  of  household-'and  electrical  appliances, 
contracting  and  construction,  shipping,  the 
petroleum  industry  and.  general  trading. 


fV  « 

»*».  ••  .Jt  . 
- - . 


> iiV.t.'m,  1 1»  TTii] 


Accountant,  American  CPA  or  equivalent)  to  be 
based  in  Jeddah.  Both  will  report  to  the  Group 
.Finance  J3di$etoir. ..  A.  WJ  ...  ........... 

-The  first  will  have  responsibility  for  finance 
management  aspects  of  several  operating  divi- 
sions and  : experience  should  have  covered 
accounting,  analysis  and  planning,  costing,  audit- 
ing and  budgeting.  Good  written  and  spoken 
^Arabic  is  required.  : ' 

."The  second  "(Arab  or  non  Arab)  is  required  as 
Financial  Co-ordinator  for  ' the  Group’s  oil/petro- 
chemical contracting  business,  involving  responsi- 
bility for  a major  multi-motion  Dollar  refinery 
project  and  several  joint  ventures.  Costing 
experience  essentiaL  ’ 

Attractive  salary,  phis  bonus,  car  and  good  fringe 
benefits,  including  free  furnished  accommodation 
and  expatriate  package.' 

Reply  hi  complete  .confidence,  to  Personnel  Search, 
2/4  King  Street,  St  James’s,  London  SW1Y  6QL. 
Telex:  914860.  Telephone:  01-930  5524. 


FINANCE  DIRECTOR 

(Designate) 

£25,000  + Based  Wiltshire  (Relocation  Allowance) 
y Broad  based  group  - U.K.  and  U.S.A. 
AppBcanls'mUBt  ' 

* Ham  professional  qualifications  - FCAA,  FC1IA. 

+ Ham'at'kwrt  5 years  commercial  experience. 

* Have  fan  agination,  abfflty  to  communicate  at  afl  levels. 

* Have  strong  personality  and  ambition. 

* Have  the  gift  to  relate' figures  to  business  reality  and  to 
maxknise  resources  and  profit®. 

Marketing  orgtinisatton/servfce  industry  background 
preferable. 

Reply  in -confidence  to: 

The  Chairman 

Box  A 8350,  Finondat  Times 
■10  'Cannon  Street,  Condon  EC4t*  4BY 


. Commercially  Bright 

GROUP  COMPANY  SECRETARY : 

TO  £18,000  + CAR.  (MIDLANDS)  ' 

This  UK  quoted  group*  operating  worldwide,  wishes 
to  appoint  a bright: -and  'ambitious  qualified  AC  IS  to 
the  above  post.  The  chosen  candidate  should  be  able 
to  deownstrafe  a progressive  record  of  achievement  in 
industry,  preferably  gained  within,  a large . multi- 
national organisation  and  this  appointment  should  be 
the  next  logiral.scep.  upwards,  in  whatr  is  an -.already 
successful  citfteer. 


. PLEASC  APPLY  IN  CONHDENCETOi  . - 

sedgwick;sedgwick  & goodyer 

: 170  BISHOPSGATE  • 

LONDON  EC2M4LX  01-2833621 

SEMORACCCHJNIANCT &HNANCIAX  MANAGEMENT  SELECTION  . 


Financial  Times  Thursday  November  3 1983 


Accountancy  Appointments 


Senior  Financial  Manager 


US  manufacturing 


to  <£15,000+car 

A 


The  company  is  par}  of  a major  multinational 
manufacturing  group.  Rationalisation, 
combining  a factory  modernisation 
programme  and  changes  in  senior 
management  have  consolidated  the 
company's  position,  It  is  now  ready,  to  fare  the 
challenge  of  The  future  with  renewed 
confidence  and  vigour. 

Demands  from  local  ani  

have  led  to  a need  lor  a more  creative  analysis 
of  business  activity  and  a positive  lead  in 
driving  an  effective  finance  function. 

Reporting  ;o  the  European  Financial 
Controller,  the  initial  tasks  will  include  systems 
development  and  implementation  and  a range 
of  ad  hoc  high  level  projects.  This  role  Is  seen 
partly  as  a proving  ground  for  six  to  twelve 
months,  to  assess  performance  before 
appointment  to  head  of  the  finance  function. 

Candidates  wiH  be  qualified  accountants. 


probably  graduates,  with  at  least  two  years' 
experience  in  a manufacturing  environment 
smce  qualifying.  An  understanding  of  strong 
financial  control  is  as  important  as  detailed 
exposure  to  costinq  procedures.  Well- 
developed  inter-personal  skills,  strong 
personal  presence  and  a committed 
enthusiastic  approach  will  ensure  success  in 


reporting  requirements  and  deadlines  is  also 
required.  Age  indicator  28-34. 

Please  reply  in  confidence  giving  concise 
career  and  personal  details  and  quoting 
Ref.  ER64S/FT  to  i.D.  Tomisson, 

Executive  Selection. 

Arthur  Young  McClelland  Moores  & Col, 
■Management  Consultants, 


Fetter  Lane,  London  EC4A  INK 


Arthur  Young  McClelland  Moores  & Co. 


A MEMBER  OF  AMSA  IN  EUROPE  AND  ARTHUR  YOUNG  INTERNATIONAL 


Management  consultancy 

North  of  England,  to  £20,000  + car 


We  are  looking  for  a small  number  of  outstanding  graduate  accountants 
to  join  our  fast  expanding  team  of  consultants  based  in  LEEDS, 
MANCHESTER  and  NEWCASTLE. 

Coopers  & Lybrartd  Associates  is  one  of  the  largest  and  most  diverse  UK 
firms  of  management  and  economic  consultants.  As  a financial  planning  and 
systems  consultant  you  will  be  exposed  to  a wide  range  of  technical  and 
challenging  business  problems,  working  with  client  management  at  all  levels 
and  with  consultants  from  a variety  of  disciplines  on  projects  such  as:- 

• financial  planning  and  profit  improvement  studies,  working  with 
corporate  strategy,  production  and  other  specialists 

• systems  assignments,  involving  the  development  and  implementation 
of  planning  and  control  systems,  including  management  information, 
costing  and  accounting  systems,  usually  computer-based 

• financial  analysis,  including  investigations,  economic  and  feasibility 
studies,  working  in  conjunction  with  our  economists  and  marketing 
consultants. 

If  you  are  a qualified  accountant  and  a graduate  aged  28  to  34,  have  a 
record  of  academic  and  commercial  success.  Ideally  in  more  than  one 
sector,  and  possess  an  adaptable,  creative  and  enquiring  mind,  we  can 
offer  you  an  outstanding  opportunity  to  develop  the  business  skills  and 
personal  qualities  you  will  need  in  your  long  term  career  -either  in 
consulting  or  in  industry. 

Resumes,  including  a daytime  telephone  number,  to  Victor  Luck,  Executive 
Selection  Division,  quoting  Ref.  L309  indicating  your  preferred  location. 


Coopers  & Lybrand  Associates  Limited 
management  consultants 


&Lybt< 


associates . I SSEas*"*  F*kRow 


CHARTERED 

ACCOUNTANT 


Aged  c.  25-28 


c.  £15,000  + Car 


ITip  achieveixieiltt  uf  this  Ihlbiic  Compurrr  in  terms  .rfgiwth,  pwfltg  and  acquisitions 
diu  mg  the  last  2-3  wire  «muU  l«e  the  vnvjr  nfntmt.  The  CWqmny  fumwar  is  commirted  to 
maintaining  this  development  ind  such  •*2rk»  h Chartered  Acoounumt  in  a new  and 
developing  rule 

Working  ui  win  junction  with  file  Group  Fmaiuanl  Contrc-Her  the  initial  nuindete  will  he  to 
co-ordinate  the  control  and  development  of  financial  A statmmy  reporting  at  Group  level 
whilst  concurrently  assisting  on  projects  jf  an  rnvvstigauim.'acquiwuinn  nature  boihat  home 
arid  overseas. 

Candidates  will  be  Cbarteied  Accountants  of  graduate  back-nound  jmd  ideally  enjoying 
sucres®  ttl  present  within  die  City  or  major  Provincial  Office  of  an  International  Practice  or 
Company. 

In  addition  to  salary  and  benefits  Ihe  company  odors  a lull  wlocstion  package  U>  this 
pleasant  rural  Mfdl  jjaisone-j.  but  mure  importantly,  a well  dellned  career  development  path 


Male  or  female  nmiMuhe  should  apply  wuli  details  »f  career  io  date  and  present  income 
levels  quoting  reference  1016  to- 

QMS  Recruitment 

Quoth  House,  6 Princess  Road  West 
Leicester  LEI  OTP 
Telephone:  0533  5514*1-1 


Deputy  Chief  Accountant 

The  IBA’s  Finance  Division  is  based  in  a modem  office  complex  in  the 
heart  of  the  South  Hampshire  countryside. 

We  are  now  looking  for  an  experienced  accountant  to  fill  this  important 
position  in  a department  which  covers  a very  wide  field  of  activity,  and 
has  a cash  inflow  of  some  £300 million  per  annum. 

Ideally  the  person  we  appoint  will  have  had  broad  experience  in 
management  accounting  and  systems  development;  also  in  staffing 
responsibility  at  a senior  level  and  a wide  use  of  computer  techniques. 


Salary  will  be  on  a range  commencing  £17.500  and  rising  to  over  £20,000 
per  annum.  Re-location  expenses  wifi  be  paid,  where  appropriate. 

The  IB  A is  an  Equal  Opportunities  Employer  and  applications  are 
considered  from  all,  including  suitably  qualified  disabled  persons. 


i 


—I  INDEPENDENT 
A I BROADCASTING 

* I . V "TrtTAn  TTV 


I * * f AUTHORITY 

2Q  A Telephone  Winchester  822270. 


ACCOUNTANCY 

APPOINTMENTS 

Appear 

Every  Thursday 
RATE  £31.50 
Per  single 
Column  Centimetre 


STOP  PRESS 


SENIOR  FINANCIAL  MANAGER 
AYMM  AD  ON  THIS  PAGE 

Salary  level  now: 

To  £18,000  + CAR 


Taxation 
Chartered  or 
Certified  Accountant 

HOLBORN,  LONDON  c £17,000 

British  Gas  is  building  up  its  Taxation  Team  at  headquarters  in 
London  and  now  needs  a person  with  over  5 years' 
experience  in  a tax  department  of  a professional  prodice  or 
similar  commercial  organisation. 

Applicants  will  be  in  their  mid-thirties,  and  should  have  a 
detailed  knowledge  of  all  aspects  of  corporation  tax. 
Experience  of  value  added  tax  would  be  an  advantage, 
although  is  not  essential  However,  the  applicant  will  become 
responsible  for  VAT  compliance  and  will  be  required  to 
acquire  a detailed  knowledge  of  this  tax  and  its  effects  upon 
the  business. 

Although  the  work  is  mainly  of  a compliance  nature,  the 
successful  applicant  must  have  the  ability  to  work  alone  os 
well  as  being  able  to  contribute  as  port  of  □ team  to  the  joint 
solution  of  problems  os  they  arise. 

Please  write  with  full  career  details,  quoting  reference 
number  F/025601,  to:  Senior  Personnel  Officer, 

[HQ  Services],  British  Gas,  59  Bryanston  Street, 

London  WlA  2AZ. 


BRITISH  GAS 


Whitman  Laboratories  Limited, 
the  manufacturing  company  for 
Estee  Lauder  cosmetics,  require  a 

Cost 
Accountant 

Reporting  to  the  Finance  Manager,  he/she  will  be 
responsible  for  the  company’s  financial  performance  in  all 
areas  of  costing,  including  inventory  and  variance 
reporting  and  will  also  be  expected  to  provide  account 
data  for  management. 

The  successful  candidate  will  be  a qualified  Accountant 
(ACMA.  ACA  or  ACCA)  with  at  least  three  years’ 
experience  in  a manufacturing  environment,  ideally  with 
some  general  accounting  experience  and  the  ability 
to  work  with  integrated  E.D.P. 

An  attractive  salary  and  benefits  package  commensurate 
with  the  position  will  be  offered. 

Please  apply  for  an  application  form  to  Helen  King  (Mrs), 
Personnel  Manager,  Whitman  Laboratories  Ltd. 
Winchester  Road.  Petersfleld,  Hants  GU32  3DD 
Tett  Petersfield  46522 


Whitman 

Laboratories 


An  outstanding:  opportunity  to  take  the  senior  financial 
position,  reporting  to  the  Managing  Director,  in  an  expanding 
high-technology  company 

FINANCIAL  CONTROLLER 

Miles  33  PLC  supplies  complete  computer  systems  to  the 
printing  and  publishing  industry  and  the  legal  profession. 
More  than  70  per  cent  of  sales  are  for  export.  Miles  33  is  a 
USM  company  expanding  at  50  per  cent  per  annum. 

The  Financial  Controller  will  be  responsible  for  preparation 
. of  accounts,  control  of  cash,  inventory  and  costs,  plus  all  other 
commercial  aspects  including  assistance  with  new  business 
planning. 

The  successful  applicant  will  be  a qualified  accountant, 
probably  with  a university  degree.  He/sbe  must  be  particu- 
larly intelligent,  well  organised  and  have  a real  business  sense. 
Aged  26-40  years  with  experience  of  a progressive  business 
environment.  Salary  negotiable. 

Please  send  your  CV  or  telephone: 

Roger  Holland.  Managing  Director 

Miles  33 

Cory  House,  Bracknell,  Berkshire 
Telephone:  Office:  0344  56633 
Home:  0990  25633 


Management  Accountant 

Salary  £9.494>£1 1.434  plus  £527  London  Weighting 

A suitably  qualified  and  experienced  person  is  required  to 
develop  and  maintain  the  Financial  Management  Information 
systems  of  the  Health  Authority.  _ The  appointee  will  be 
expected  to  have  a good  appreciation  of  modem  computer 
technology. 

The  Authority  employs  4000  staff  and  has  a revenue  budget 
of  £32m  and  has  a challenging  future  in  developing  the 
Priority  Services.  Bexley  is  situated  on  the  outskirts  of 
London  within  easy  reach  of  the  attractive  countryside  of 
Kent,  the  South  Coast  and  the  facilities  of  Central  London. 
Application  forms  and  job  descriptions  may  be  obtained  from 
District  Treasurer's  Department,  " Broomhills,”  Old  Bexley 
Lane.  Bexley.  Kent  DA5  2BJ. 

Closing  date  17th  November  1983. 


HEALTH 


a 


Group  Finance 
Director 


London 

Our  dient  is  □ major  publi 
and  manufacturing  fields. 


c £35,000  4-  Car  4-  Benefits 

rated  company,  with  interests  in  the  financial 
in  the  U.K.  and  internationally.  The  company 


and  manufacturing  helds,  born  in  the  U.K_  and  internationally.  The  compai 
has  a strong  record  for  profitability  and  acquisition,  a management  teem 
determined  on  further  development,  and  substantial  funds  to  support  this 
policy. 

The  company  is  now  seeking  a new  finance  director.  The  appointee  will 

report  to  the  Chairman  ana  Chief  Executive  of  the  holding  company  and 


planning,  budgetary  control,  cash  management  and  taxation  affairs  of  all 
companies  in  the  Group.  The  financial  reporting  is  computerised  and  the 
appointee  will  be  supported  by  o qualified  staff. 

The  successful  candidate  is  likely  to  be  a qualified  accountant,  aged  35-45, 
with  a record  of  achievement  crt  a senior  level  in  merchant  banking, 
industry,  commerce  or  finance.  He/ she  must  display  considerable  drive  and 
initiative  and  be  capable  of  applying  positive  and  imaginative  thinking  to 
the  management  or  the  Group's  financial  resources.  The  job  holder  will  also 
be  expected  to  make  a significant  contribution  to  the  overall  direction  of  the 
Group,  working  as  part  or  o small,  highly  skilled  and  motivated  team. 
Interpersonal  and  communication  skins  are  important. 

The  salary  reflects  the  importance  of  this  appointment  and  other  benefits 
will  indude  a car,  non-contributory  pension  scheme,  B.U.RA.,  permanent 
health  insurance  cover  and  a profit  sharing  scheme. 

Please  write  giving  career  history  to  date,  full  educational  and  personal 
details  and  indicating  how  your  special  skills  and  experience  meet  these 
requirements  quoting  ref.  1375,  to:- 


Anne  Knell,  Principal  Consultant, 
Binder  Hamlyn  Fry  and  Co., 
Executive  Selection  Division, 

8 St.  Bride  Street,  London  EC4A  4DA 


ACCOUNTANTS 

of  Outstanding  Potential 

London  and  Manchester  to  £20,000  + car 


Because  of  the  continued  expansion  of  our  management  consultancy 
practice,  we  seek  qualified  accountants  of  exceptional  all-round 
ability  who  will  thrive  on  the  challenging  demands  of  our  clients' 
problems.  The  variety  of  our  work  offers  opportunities,  often  at  the 
highest  levels,  to  broaden  your  business  and  technical  skills  and  to 
demonstrate  your  potential  for  future  admission  to  partnership. 

Candidates,  aged  27-33,  will  have  achieved- a successful  and 
responsible  career  to  date.  Our  selection  criteria  will  include: 

• a good  first  degree 

• sound  commercial  awareness 

• effective  oral  and  written  communication  skills 

• an  assured  and  confident  manner. 

If  you  believe  that  you  have  these  attributes,  please  send  a career 
resume,  including  salary  history,  quoting  reference  2135/FT, 
to  Michael  Hurton  in  London  or  Robin  Field  at 
Abbey  House.  74  Mosley  Street,  Manchester  M60  2AT. 


TbudwRoss&CorMxtwgnnentCcnisiillarits 

Hill  House  1 Little  New  Street  London  EC4A  3TR 
Telephone:  01-353  8011 

A member  of  ihe  Management  Coniubanis  Association. 


V' 


AUTHORITY 


The  group  has  an  unbroken  record  of  successful  growth  achieved  by  both 
acquisition  and  development  Jt  is  now  one  of  the  country's  largest  privately  owned 
companies  with  extensive  and  diverse  interests  in  the  United  Kingdom,  United 
States  of  America  and  continental  Europe.  Its  entrepreneurial  style  and  strong 
asset  base  form  a sound  platform  for  ambitious  future  expansion. 

Forming  part  of  a close-knit  senior  financial  team,  the  candidate  will  be 
involved  with  international  tax  arrangements,  strategic  and  detailed  tax  planning 
and  the  taxation  aspects  of  acquisitions  and  specialist  Investment,  The  candidate 
will  work  in  an  environment  of  commercial  creativity  and  fast  decision  making, 
presenting  considerable  challenge.  Success  will  be  measured  by  the  candidate1; 
ability  to  contribute  in  both  ideas  and  action. 

The  ideal  candidate  will  need  to  have  a broad  base  of  technical  tax 
knowledge  and  several  years’  experience  of  taxation  preferably  with  a comparable 
international  organisation.  Intellect,  quickness  of  mind  and  the  ability  to  work  at 
strategic  and  detailed  levels  are  essential  qualities.  S5  to  45  is  the  preferred  age 
range. 

The  post  will  be  London  based  and  the  remuneration  package  envisaged 
will  be  amply  rewarding  for  the  right  candidate. 

Please  irrite  in  the  strictest  confidence  to:  

Harry  Dob  in 

Heron  International  PLC  NERQ^i 

Heron  House,  19  Marylebone  Road.  London  NW1  5JL 


Miiwt1 


A highly  respected  British  group  with 
extensive  interests  overseas  and  itself  a 
major  exporter  seeks  an  experienced 
Taxation  Accountant  to  work  in  a small 
department  alongside  the  Group  Tax 
Manager. 

Age  Is  immaterial,  but  the  successful 
candidate  who  need  not  have  formal 


mmsmmtm 


-li-t--  • ll*  I •! : Hi 


Management 


% ^ -125  iitgh  Holborp  '-f  tondan  WCIJ/'jBQA  ' SeJp c fio n Cons uttantsi  ^ /’•jW  -4£5' 3499 


Financial-  Times  . Thursday  November  3 1983 


TECHNOLOGY 


EDITED.  BY  ALAN  CANE 


FOR  SO  LONG  FLEXIBLE  MANUFACTURING  HAS  BEEN  MORE  TALK  THAN  ACTION— NOW  INTEREST  IS  REAL 


'CAPES'  accwMy  predict* 
MtprtWiipinfaiiMln 


and  coris  talus  tint  idx  of 


FMS— a way  of  thinking 


BY  GEOFFREY  CHARLiSH 

IN  THE  TWO  years  in  which 
flexible  manufacturing  has 
achieved  industrial  awareness, 
several  hundred  implementation 
attempts  have  been  made  world- 
wide. But  a high  proportion 
have  not  turned  out  to  be  a 
financial  success. 

A recent  survey  by  IngersoII 
Engineers  showed  that  of  50 
installations  in  Europe,  the  U.S. 
and  Japan,  only  two  or  three 
appeared  to  provide  anything 

Quick  financial  return 
znay  simply  not  be  a 
consideration  if,  for 
example,  one  is 
consistently  losing 
market  share  by  virtue 
of  untimely  or 
inappropriate  products. 


like  the  actual  financial  per- 
formance predicted  for  them. 

John  Airey  (Cambridge  Con- 
sultants) and  Clifford  Young 
(Arthur  D.  Little)  quoted  a 
case  in  Japan  in  whicb  the 
number  of  machines  in  use  was 
reduced  from  68  to  16.  the 
number  of  employees  from  215 
to  12  and  the  processing  time 
from  35  to  1.5  days.  But  the 
financial  return  over  the  first 
two  years  was  only  36.9m.  on  an. 
investment  of  $l8m. 

“Using  conventional  account- 
ing principles  say  Airey  and 
Young.  “ this  scale  of  return  on 
investment  would  be  difficult, 
if  not  impossible  to  justify.1 " 

The  lesson,  repeated  by 
several  speakers  at  the  London 
meeting,  is  that  the  wrong  yard- 
sticks are  being  used.  Quick 
financial  return  may  simply  not 
be  a major  consideration  if  for 
example,  one  is  consistently 
losing  market  share  by  virtue 
of  untimely  or  inappropriate 
products. 

Many  managers  buying  pro- 
duction equipment  assume  that 
the  impact  of  the  investment  is 
limited  to  the  immediate 
environment  of  the  equipment 
—producing,  say.  a reduction 
of  direct  labour.  With  FMS.  the 
benefit  derives  from  the  linking 
with  other  systems,  producing 
wider  benefits  extending  into 
the  market  place  and  beyond 
manufacture  of  the  product 
itself. 

Furthermore,  the  real  value 
of  the  hardware  involved  does 
not.  as  is  often  conventionally 
assumed,  reduce  with  time. 
There  are  three  reasons:  under- 
standing of  the  possibilities 
increases;  technical  upgrading  is 
more  likely  than  wirh  conven- 
tional production  hardware  to 
give  even  better  results:  and- 


MwfawPwwr  Laver  Osdater 


y/A ^ v i ' ...\'.^:;^aaer  Beam  Conduit' 

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Metal  Fy^^^lBchariiini 
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The  ultimate  Japanese  view  of  flexible  manufacturing  Involves  hot  metal  processes  like  forging,  machining,  inspection  and 
assembly.  Fart  of  this  experimental  complex  will  be  in  action  next  year 


the  system's  intrinsic  flexibility 
allows  it  to  acquire  production 
capacity  incrementally  with 
time. 

The  situation  was  well 
summed  up  by  G.  R.  Staples  of 
Urwick,  Orr  and  Partners:  “ If 
there  ever  was  a case  for 
showing  how  manufacturing 
aims  can  be  supportive  of.  and 
integrated  with,  those  of  the 
business  as  a whole,  then  FMS 
is  that  case.” 

Staples  felt  that  there  were 
several  allies  that  a production 
manager  or  director  might 
cultivate.  The  marketing 
director  for  example,  will  often 
be  one  of  the  first  to  complain 
that  prices  are  too  high,  lead 
times  too  long  or  unreliable 
and  that  too  much  time  is  spent 
getting  new  products  tested  and 
launched. 

In  Urr  Orwick’s  most 
recent  project,  product  cost  fell 
by  16  per  cent,  the  delivery 
lead  time  was  cut  to  two  weeks 
from  six  and  the  resulting  pro- 
ducts were  “consistent  and  al- 
most certainly  faultless  in 
quality  terms  * - 

But  it  is  the  finance  director 
who  should  warm  most  quickly 


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to  FMS.  In  another  recent  pro- 
ject Staples  quoted,  there  was 
a 30  per  cent  reduction  in  the 
holdings  of  the  raw  materials 
store,  a remarkable  cut  of  93 
per  cent  in  work  in  progress  and 
a 65  per  cent  drop  in  finished 
goods  awaiting  shipping.  All 
these  resulted  from  the  fact  that 
FMS  makes  products  as  they 
are  called  for,  when  they  are 
needed. 

The  reductions  funded  40  per 
cent  of  the  total  capital 

FMS  cannot  be  applied 
piecemeal  and  that  is 
the  main  reason  why 
success  has  been 
limited. 

requirement ; after  deducting 
the  normal  replacement  capital 
requirements  and  the  DOI 
grant,  a 2.5  year  payback  was 
achievable. 

Peter  Dempsey  of  Tngersoll 
Engineers  In  a keynote  paper 
on  the  first  day  claimed  that 
what  was  now  hanpening  in 
discrete  item  manufacturing  is 
similar  to  what  happened  in 


the  process  industries  many 
years  ago.  There  of  course, 
the  product  flows  in  pipes  and 
except  on  a small  srole,  pro- 
duction does  not  take  place  on 
a batch  basis. 

That  is  why  process  control 
is  now  the  most  advanced  seg- 
ment of  industry  In  production 
terms.  According  to  Dempsey, 
general  manufacturing  needs 
similar  treatment. 

“Ultimately,"  said  Dempsey, 
" it  will  mean  wresting  manu- 
facture aw»y  from  human 
interference  in  much  the  same 
way  as  has  happened  in  the  oil 
refinery,  sugar  factory  or 
cement  plant. 

“ FMS."  said  Dempsey,  “is  a 
way  of  thinking.  It  is  not  about 
technology."  It  starts  in  his 
view  with  the  fairly  obvious 
fact  that  only  one  set  of 
components  is  needed  to  make 
a product,  which  can  then  be 
sold. 

“ The  shortest-  simplest,  and 
leanest  route  therefore  is  to 
make  one  set  of  components  at 
a time,  assemble  and  sbip'them, 
but  to  make  them  on -facilities 
which  are  also  flexible  enough 
to  manufacture  variants  or, 
indeed,  other  sets  of  similar 


Design  with  the  future  in  mind 


AT  THE  moment.  FMS  is 
seen  by  most  production 
executives  in  terms  of  the 
linking  of  met»l  n>mowi 
machines  In  a rather  “ pure  " 
workshop  environment. 

Increasingly,  however,  there 
is  a tendency  for  “ workshop 
thinking  ” and  44  computing 
thinking  ” to  converge  under 
the  umbrella  of  CIOS  or  com- 
puter Integrated  manufactur- 
ing. 

fhe  Idea  is  exciting.  It 
will  mean,  for  example,  that 
manufacturing  data  generated 
from  a design  data  base  In 
advanced  forms  of  CAD 
(computer  aided  design)  will 
be  used  to  tell  the  FMS  sys- 
tem the  necessary  manufac- 
turing details  about  the  pro- 
duets it  is  handling. 

In  due  course  there  is  abso- 
lutely no  technical  reason 
why  sales  orders,  scheduling 
and  other  data  generated  in 
the  long-used  44  factory  com- 
puter" should  not  also  form 
part  of  the  increasingly 
embracing  store  of  informa- 
tion. Then,  at  some  point  in 
the  future  the  factory  con- 
trolled bv  one  data  b»e  (but 
a considerable  number  of 
computers)  will  be  attained. 

As  Peter  Dempsey  pointed 


out  in  his  overview  paper, 
with  a CAD/CAM  system 
linked  to  the  factory  business/ 
adnin  computer,  a customer 
order  can  be  computer  simu- 
lated even  before  the  order  is 
accepted  and  certainly  before 
It  sees  a piece  of  metaL  So 
profitability  and  pricing  can 
be  determined  in  advance. 

“ The  overriding  problem 
with  this,"  says  Dempsey  "is 
that  since  the  various  com- 
puter systems  are  frequently 
purchased  at  different  times 
from  different  sources,  com- 
natibQity  cannot  occur  unless 
it  is  planned.” 

There  are  not  many  In- 
stances yet  of  large  scale  ah 
initio  planning  simply  because 
of  the  cost  Bat  the  U.S.  Air 
Force  is  known  to  be  apply- 
ing these  ideas  over  multiple 
sites. 

Dempsey  thinks  that  the 
future  may  not  necessarily  be 
one  of  Increasing  complexity. 
44  involving  CNC  tools,  guided 
vehicles,  lasers,  tool  changers; 
robots  and  computers  every- 
where.” 

He  reminded  the  London 
audience  that  many  assembly 
operations  that  are  simple  for 
the  human  hand  are  inor- 


dinately difficult  ■ for  the 
machine  and  that  the  human 
hand  Is  still  a rather  good 
handling  device.  Further- 
more, stockpiles  of  work  in 
progress  do  not  arise  dne  to 
some  lack  of  machinery  — 
only  because  humans  have 
derided  they  shall  exist. 

Dempsey  recalled  an  Instal- 
lation in  1968  in  England  that 
had  only  one  numerically  con- 
trolled machine  tool  (the  rest 
were  operator  controlled), 
a £40,000  conveyor  system, 
and  no  computer  at  alL 

“That  simple  layout"  he 
said,  “ gave  cost  savings  that 
many  companies  would  be 
glad  to  receive  today." 

One  consultancy  company, 
according  to  Dempsey,  con- 
ducted an  analysis  which 
showed  that  on  average.  40 
per  eat  of  the  benefits  pre- 
dicted for  an  FMS  are 
achievable,  or  have  been 
achieved,  even  before  the 
FMS  Is  delivered  (or  within 
six  months). 

It  was  merely  that  the  nlan- 
■tag  process  Itself  high- 
lighted existing  custom  and 
practice  detrimental  to  cost 
and  44  which  could  be  put 
right  without  rriy  mapor  in- 
vestment." 


FMS  takes  off 


THE  CONCEPT  Of  flexible 
manufacturing  systems  (FMS) 
seems  suddenly  to  have  become 
an  industrial  focal  point  after  a 
year  or  two  in  which  much 
talking  took  place  but.  In  the 
West  at  any  rate,  not  much 
action  could  be  observed. 

The  fact  that  400  delegates 
from  24  countries  attended  the 
recent  “ FMS  2 ” conference  at 
the  London  Hilton,  including 
some  from  far  away  places  such 
as  China  and  Australia,  says 
something  about  the  interest 
now  being  taken  in  the  idea. 

Some  delegates  to  FMS  1. 
held  last  year  in  Brighton, 
"might  have  left  as  confused 
as  when  they  arrived  " said  Tom 
Brocks,  managing  director  of 
IFS  Conferences,  the  organisers. 

But  this  year  there  was  some- 
thing for  everyone,  from  be- 
ginner to  buff,  in  what  was  cer- 
tainly the  most  comprehensive 

event  on  FMS  to  date. 


Keith  Bathmill.'  Professor  of 
Robotics  and  Automation  at 
Crafield  chaired  the  conference, 
at  which  an  astonishing  70 
papers  were  presented  in  three ' 
parallel  streams  over  three  days, 
on  subjects  ranging  from  cor- 
porate Implementation  policy  to 
the  use  of  lasers  and  computer 
simulation. 

A universal  definition  of 
FMS  might  never  emerge  and 
its  scope  is  widening  all  the 
rimt*  as  it  meets  parallel  dew-', 
lopments  in  computer  assistance 
either  on  or  near  the  shop  floor 
in  the  so-called  integrated 
manufacturing,  COL 

Basically  however,  the  idea 
is  to  link  production  machinery, 

handling'  devices  and  transport 
systems  using  computer  control 
and  communications  systems  so 
that  different  components  of  the 
same  general  size  and  kind  can 
be  made  in  any  sequence,  with- 
out major  upheavals  each  time 
there  is  a product  change. 


BBBCTMMgwcnmr 

SERVICES  im 

items  Hods*.  GmUfamptonStM 


Than  are  major  implications 
in  terms  of  product  cost  and 
.the  way  in  which  a company 
can  position  itself  with  uew, 
high  quality  products  brought 
to  the  market  both  more 
frequently  and  more  quickly. 

‘.John  Butcher,  Undersecre- 
tary of  State  for  Industry 
opened  the  London  conference 
and  revealed  that  the  Govern- 
ment had  supported  14  installa- 
tion projects  and  had  a further 
42  under  examination  in  the 
UK.  He  emphasised  that  his 
department  was  just  as  anxious 
to  help  smaller  companies  as 
larger  ones  and  could  also  offer 
help  in  upgrading  existing 
manufacturing  units  on  a step- 
by-step  basis. 


Projects  around  the  world 

JAPAN  ITALY 


components  for  other  products." 

Dempsey  put  up  a slide 
which  showed  manufacturing 
operations  in  a block  diagram 
linked  by  large  blobs  marked 
“added  burden."  They  repre- 
sented accumulating  batches  of 
parts,  rejected  or  damaged 
components,  hold-ups  for 
rectification,  and  all  the  other 
things  that  contribute  to  delay 
and  overhead  costs  in  a factory. 

Hie  blobs  Dempsey  reminded 
the  audience,  also  represent 
“ the  droves  of  people  who 
handle  the  paperwork  or  spend 
their  time  putting  things  right 
that  should  never  have  gone 
wrong  in  the  first  place." 

But  FMS  cannot  be  applied 
piecemeal  and  that  is  the  mam 
reason  why  success  has  been 
limited.  The  whole  manufac- 
turing process  .throughout  * 
group  or  company  has  to  be 
brought  under  control. 

He  Haims  that  many  present 
FMS  systems  round  the  world 
are  plannel  for  components  or 
assemblies  which,  suijt  .only.  the 
mechanical . characteristics  of 
the  FMS  rather  than  around  the 
requirements  of  the  product 
for  its  components.  The  result 


JAPAN 

IN  JAPAN  a “flexible 
manufacturing  complex 
FMC.  has  bees  under 
development  since  1977 
The  approach  has  been  to 
start  from  “ square  erne."  and 
develop  new  hot  metal 
forming  processes  that  will 
ensure  that  any  parts  used 
in  the  subsequent  flexible 
i^ai-Mnhng  nipfl  assembly 
systems  w01  be  as  near  to 
the  final  shape  as  possible. 
Metal  removal  Is  reduced  to 
the  minimum. 

The  processes  include;  hot 
isostatic  pressing,  in  which 
complicated  parts  like  gear- 
wheels  can  be  formed  from 
metallic  powder  in  about  an 
hour;  automatic  open  die 
forging  in  which  basic 
cylindrical  - and  prismatic  - 
blanks  might  he  toned  into 
say,  stepped  shafts  or  bushes; 
disc-ring  retting  for  the  pro- 
duction of  grooved  annular 
shapes  for  example;  and  a 
multi-ram  precision  machine 
that  allows  complicated  forg- 
ing under  computer  control.  - 
Under  construction  at 
Tsoknba  Science  City  Is  a 

test  plant  that  win  integrate 
laser  machining,  complex' 
maitiheaded  — fny  wj9- 
temi.  automatic  assembly 
and  automatic  inspection.  , 

BRITAIN 

AT  LOUGHBOROUGH  and 
Nottingham  wiiwiitlti 
among  others  they  are  try- 
ing to  conquer  “ fear  of  start- 
ing" in  FMS  (the  fear  that 
- tbe^  wrong  initial  system 
structure  will  -he  chosen)  by  . 
developing  simulation  tech- 
niques based  on  CAD  (cane 
puter  aided  design).  At 
Strathclyde  University  com- 
puter meddling  techniques 
are  being  developed  and  at 
Cornfield  similar  approaches., 
were  used  to  model  the  600 
Group’s  recently  announced 
SCAMP  system. 


bwasSng  ta  theoB  and 
gas  Industry  through 


Viking 


Ustsd  on  ths  Amster- 
dam Stock  Exchange. 

• *V 

The  quarterly  report  as 
of  30th  September  19B3 
has  been  published  and 
may  be  obtained  from 

Pierson,  Hearing*  Pierson  M.V. 

I terengracht  214,  Amsterdam: 


SINUGHT  RDM  PAffiS 
6RAPWCS  8F 


Monthly  publication 
Yearly  subscription 
- For  d eta  Hi  write: 

ST1 — 71  rue  de  la  Vktoin 


or  Telex  PUPRO  4734MF 


Light  investment  costs  for  food  autonomy 

Roncaglia  OPR  flour  mills 


The  flour  milling  technology  developed  over  the  past  30  yeara  by 
RONCAGLIA  OPR  enables  individual  growers  and  farming  co- 
operatives to  set  up  their  own  independent  flour  mills. 

RATIONALISATION:  WITH  SMCE  AGE 
TECHNOLOGY  RONCAGLIA  OPR 

RONCAGLIA  OPR  flour  mills  have  rationalised  the  processing 
of  grains  (wheal,  maize,  oat.  bailey,  rice,  rye,  sorghum,  millet, 
etc.)  into  flour  and  drastically  cut  initial  investment  costs. 

The  RONCAGLIA  OPR  mill  goes  everywhere,  even  where  public 
facilities  are  almost  absent  even  where  there  is  no  electricity 
thanks  to  its  own  generator. 

Its  modular  design  means  it  can  be  adapted  to  meet  the  demand 
by  means  of  .modular  enlargements. 

LOW  INVESTMENT 

The  Investment  for  the  Installation  of  RONCAGLIA  OPR  flour 
mill  is  the  lowest  posable  today  in  the  field. 

A simple  structure  5 metres  high  is  enough  to  house  RONCA- 
GLIA OPR  plants. 

Installation  time  never  exceeds  30  days. 


TRAINING 

Buyer's  local  staff  is  trained  both  at  RONCAGLIA  OPR  works 
and  mills  thus  to  ensure  complete  knowledge  and  expertise  on 
plants  and  flour  milling. 

On-rite  installation  and  start-up  are  carried  out  by  experienced 
technicians  whose  cooperation  with  the  clients  guarantees 
gradual  smooth  and  easy  plant  commissioning. 

SELF-SUFFICIENCY 

A network  of  autonomous  RONCAGLIA  OPR  mining  plants 
throughout  the  nation  allows  self-sufficient  flour  production  In 
every  centre  of  consumption. 

By  means  of  that,  agricultural  producers,  whether  individuals  or 
cooperatives,  with  the  installation  of  RONCAGLIA  OPR  mills, 
directly  contribute  to  the  socio-economic  development  of  their 
country. 

.INDEPENDENCE 

The  high  returns  of  RONCAGUA  OPR  Internationally  patented 
plants  assure  cut  of  the  lockup  time  for  capital  and  make  for 
rapid  industrial  growth. 

RONCAGLIA  OPR  technology*  valid  because  advanced  and 
simple,  serves  the  need  for  independence  of  every  public  and 
private  concern. 


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THE  ITALIAN  company 
Coman  S-pJ-.  of  Modena,  will, 
be  delivering  to  the  Borg 
Warner  plant  in.  New  York  at 
the  mid  of  this  year  a system 
that  witi  machine,  from  cast- 
ing to  finished  part,  all  toe 
main  components  of  a wide 
range  of  industrial  refrigera- 
tion compressors.  . 

FRANCE 

IN  FRANCE  the  Citroen 
“flexible  manufacturing : »nw 
is  in  the  final  stages  of  com- 
missioning in  the  Meudon 
plant  in  Paris.  It  is.  organised 
around  two  five-ads  martin, 
tag  centres  fed  and  con- 


trolled by  computer.  Cylinder 
heads,  gearbox  casings, 
differential  housings  and 
.similar  components  are 
milled,  drilled,  bored  from 
raw  castings. 

WEST  GERMANY 

IN  GERMANY  Trumpf  and 
Co.  of  Stuttgart  has  deve- 
loped systems  that  deal  with 
sheet  metal  products  and  has 
told  two . to  Brown  Boveri. 
They  are  based  on  the  com- 
pany's latest  - punching/ 
profiting-  machines,  coupled 
with  a new  combined  loading 
and  device,  rail 

mounted  cars,  pallets  and 
an.  automated  materials  store. 


THE 

OUTSTANDING 


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Financial  Times  Thursday  November  3 1983 


STt  vr  -J  <r  m 

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«f.  T \rr>  x J I 

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financial  times  survey 


Thursday  November  3 1983 


Although  it  was  shaken  by  the  public  sector  strikes  earlier  this  year, 
the  Martens  government  has  a firm  hold  on  the  levers  of  power  and  is  pushing 
ahead  with  its  economic  refrains.  Cruise  missiles  and  the  rivalry  between 
the  regions  are  the  main  threats  to  future  success 


Seeking  a new 
modus  vivendi 


BY  PAUL  CHEESERJGHT 

THE  MAJOR  objectives  of  the 
Government  remain  economic 
and  financial,  said  Mr  Wilfried 
Martens,  the  Belgian  Prime 
Minister,  as  last  month,  he 
picked  up  again  the  reins  of 
power  after  a heart  operation. 

Put  baldly,  the . statement 
seemed  simple  and  single- 
minded  enough,  but  on  the 
ground  the  position  was  more 
complex.  What  the  Govern- 
ment has  been  — and  is  — 
trying  to  do  is  not  only  to' 
redress  an  economy  which  had 
been  muddling  through  as  if 
there  had  been  no  oil  crises,  no 
recession,  but  also  to  talk  its 
way  through  to  a new  modus 
vivendi  for  the  country's-  dis- 
putatious Flemish  and  Walloon 
communities-  . 

The  problem  is  that  economic 
reform,  a strain  for  everyone, . 
is  more  painful  in  one  part  of 
the  -country  than  in  another. 
Further,  ideological  opposition 
to  the  broatfiy  centre-right 
policies  followed  by  the  Mar- 
tens Government  is  stronger  in 
the  economically  weaker  reg- 
ion. 

Like  all  Belgian  govern- 
ments, the  present  one  is 
walking  a tightrope  but  its 
tightrope  is  more  hazardous 
than  most  The  more  radical  its 
action,  .the  greater  the  diance,  : 
of  a reaction,  not  so  muehrin  - 
Parliament  but  on  the  streets. 


Xn  September  latent  discon- 
tent in  the  public  sector  burst 
through  into  a series  of  spon- 
taneous strikes  which  shook 
the  union  leaderships  as  much 
as  it  surprised  the  Government 
■The  situation  quietened  only 
when  the  paper  over  union  divi- 
sion ripped  and  the  Govern- 
ment was  able  again  to  divide 
and  rule. 

But  Belgium  is  a country 
where  compromise  reigns  and 
issues  are  fudged.  The  Govern- 
ment for  the  moment  is  in  a 
position  to  ratchet  the  level  of 
compromise  up  ' into  decisions 
which  are  a prelude  to  action. 

Its  parliamentary  standing  is 
comfortable.  In  the  1981  elec- 
tion, the  Christian  Democrats 
of  all  wings  won  61  seats  in  the 
212-seat  House  of  Deputies  and 
formed  a coalition  with  the 
Liberals  as  a minority  partner.. 
They  had  won  52  seats.  In 
opposition,  the  Socialists  had 
won  61  seats  and  smaller  parties 
had  won  38. 

Special  powers 

The  coalition  won  from 
Parliament  the  right  to  use 
special  powers,  to  rule  by 
decree  ‘ in  economic  matters, 
and  received  approval  this  year 
for  the  system  to -continue. 

fa  short  the  ruling  parties 
have  a firm  hold  on'the  levers 


Mr  Wilfried  Martens: 
walking  a tightrope 

of  power.  They  have  a reason- 
able chance  of  being  that  rarity 
in  Belgian  politics — a Govern- 
ment which  sees  out  its  four- 
year  term. 

If  the  hold  loosens  it  will  be 
because  of  divisions  within  the 
coalition.  Broadly  the  Liberals 
have  been  seeking  to  push  the 
Christian  Democrats  into 
actions  which  more  obviously 
favour  the  corporate  sector  and 
the  investing  public.  This 
became  clear  during  the  ■ dis- 
cussions on  the  formation  of 
the  1984  budget 

The  Liberals  pushed  for 
measures  which  would  bring 
out  from  under  Belgian  beds  or 
out  from  foreign  tax  havens 
funds  for  new  investment  with- 
out any  questions  being  asked. 
They  also  wanted  a definite 
ceiling  qd  • the  -tax  -paid  on 
investment  earnings. ' They  won 
the  principle  of  both  but  at  the 


expense  of  what  amounts  to  a 
fee  on  the  first  and  a limit  to 
the  tax  break  on  the  second. 

Further  divisions  may  be  in 
prospect  as  the  coalition  starts 
to  define  In  detail  precisely 
what  it  wants  to  do  about  re- 
dressing the  increasingly  costly 
social  security  system. 

So  far  though  the  Govern- 
ment has  looked  fairly  solid  in 
pursuing  a programme  which  is 
too  much  for  the  unions  and  too 
little  for  the  business  com- 
munity. 

Using  its  special  powers.  It 
has  put  into  force  measures 
which  give  tax  concessions  on 
capita]  raising  exercises,  pro- 
ducing a flood  of  share  issues 
on  the  Brussels  bourse.  Xt  has 
presided  over  a steady  rise  In 
unemployment  against  a back- 
ground of  diminishing  real 
wages.  It  has  sought  to  sugar 
the  pill  of  restraint,  low  indus- 
trial production  and  reduced 
consumer  purchasing  power,  by 
introducing  programmes  which, 
by  EEC  standards,  are  advanced 
models  of  worksharing.  Even 
so,  gradually  it  has  started  to 
pull  in  official  spending  and  cut 
back  sharply  on  overseas  bor- 
rowing. 

In  all  of  this  it  has  been 
immeasurably  helped  by  the 
fragmented  nature  of  the  Bel- 
gian union  movement.  The 
unions  are  split  first  on  political 
lines  - — Christian  Democrat, 
Socialist  and  Liberal — and  then 
again  on  regional  lines. 

Provided  the  Government  can 
keep  the  Christian  Democrat 
unions  in  line,  it  has  localised 
and  hence  partially  neutralised 
union  opposition  to  its  policies. 

Apart  from  a few  days  in  Sep- 
tember, when  the  public  sector 
strikes  gained  momentum,  the 
Government  has  been  broadly 
successful  in  this. 

The  Christian  Democrat 
unions  are  strongest  in  Dutch- 


speaking Flanders,  where  the 
Christian  Democrat  politicians 
are  themselves  strongest.  But 
the  Socialist  unions,  which  have 
been  the  most  vigorous  and 
active  in  opposition  to  the  Mar- 
tens Government,  are  weaker  In 
Flanders  and  stronger  in 
French-speaking  Wallonia,  the 
heartland  of  Belgian  socialism. 
And  for  the  moment,  the  Socia- 
lists are  out. 

There  is  a hint  in  all  this  of 
the  strains  in  the  Belgian  body 
politic — the  strains  which  come 
from  the  rivalry  of  two  com- 
munities for  power  and  funds. 
Since  the  Belgian  state  was 
established  the  balance  of  re- 
gional power  has  tilted  de- 
cisively towards  Flanders, 
giving  rise  to  a more  confident 
Flemish  chauvinism. 

Inefficient 

It  is  the  interplay  of  the  re- 
gional communities  thrust  into 
the  cabinet  room  which  poses  a 
danger  for  any  Belgian  Govern- 
ment and  more  so  for  that  of 
Mr  Martens  than  most.  For  the 
Martens  Government  has  had  to 
deal — and  is  still  dealing — with 
the  steel  question. 

Wallonia’s  wealth  was  based 
on  coal  and  steel.  The  mines 
have  long  since  closed— now, 
somewhat  ironically,  the  mines 
are  in  Flanders  and  heavily  sub- 
sidised to  boot.  But  steel 
remains,  largely  in  the  form  of 
Cockerill  Sambre,  the  hitherto 
ill-starred  merger  of  the  Liege 
and  Charleroi  steel  basins. 

Cockerill  is  too  large  for  the 
market  available,  too  inefficient 
to  survive  in  what  is  left  of  the 
market  Making  it  viable  needs 
cash  which  the  Flemish  com- 
munity was  reluctant  to  see 
coming  from  the  central  govern- 
ment— enough  had  been  spent 
already,  it  was  argued,  without 


any  return. 

But  the  costs  of  closing 
Cockerill  were  calculated  to  be 
much  the  same  as  keeping  it 
open  in  a slimmed  down  form 
which  might  produce  viability. 
Complete  closure  was  never  a 
social  or  political  possibility. 

The  Cockerill  issue,  then, 
posed  not  only  an  economic 
problem  but  a regional  one 
which  could  not  be  solved  in 
isolation.  Funds  for  Wallonia 
had  to  be  matched  with  funds 
for  Flanders.  The  only  way  to 
reach  a solution,  it  appeared  as 
the  Government  wrestled  with 
the  problem  in  the  summer,  was 
to  make  Cockerill  a Walloon 
responsibility. 

The  result  is  that  the  Govern- 
ment is  now  putting  in  train  a 
further  devolution  of  power  to 
the  regions,  so  that  they  manage 
the  five  sectors  of  industry 
presently  under  central  control 
—steel  first  but  also  coal,  tex- 
tiles. shipbuilding  and  glass 
containers.  Funds  will  be  pro- 
vided by  making  over  to  the 
regions  revenues  coming  from 
death  duties. 

This  will  not  in  itself  solve 
the  regional  question.  Studies 
are  being  undertaken  on  con- 
stitutional developments.  And 
the  role  of  Brussels  in  any 
emerging  federal  Belgium  has 
still  to  be  settled. 

But,  optimistically,  the 
greater  the  degree  to  which 


the  regions  can  manage  their 
own  affairs,  the  greater  will  be 
the  chance  of  communal 
harmony.  The  argument  from 
the  other  side  is  that  if  the 
central  government  can  only 
survive  by  giving  up  power, 
the  stronger  are  the  manifesta- 
tions of  a divided  country. 

In  short  the  handling  of  the 
Cockerill  Sambre  affair  has 
profound  implications  for  the 
future  of  Belgium  that  trans- 
cend the  shorter-term  prospects 
of  the  Martens  Government. 

Yet,  while  it  is  true  that  most 
issues  in  Belgian  politics  and 
economics  have  a regional  ele- 
ment in  them  somewhere,  there 
is  an  exception  to  the  general 
rule  which  will  pose  problems 
for  Mr  Martens  at  the  end  of 
this  year  and  the  beginning  of 
next. 

It  is  the  missile  question — 
whether  Belgium  should  receive 
48  cruise  missiles  if  the  Geneva 
control  talks  break  down.  The 
opposition  is  spread  through 
ail  shades  of  political  opinion 
and  all  regional  diversities. 
Christian  Democrats  marched 
with  Socialists  in  October.  The 
Government  says  it  will  honour 
Nato  obligations  but  many  of 
Marten's  followers  are  not  so 
sure  it  should.  Possibly,  foreign 
policy  issues  could  cause  the 
Government  more  trouble  than 
even  Cockerill  Sambre. 


Economy:  lasing  the  basis 
for  an  export-led  recovery  II 

Politics:  reduced  role  for 
Parliament  H 

Regions:  search  for  fair 
division  of  national  cake  EL 

Business:  corporate  results 
better  but  “margins  must 
improve  ” IH 

Motors:  GM  leads  the  fight 
back  ni 

Banks:  Credit  General  joins 
the  pacesetters  m 

Glass  making:  Val  Saint 
Lambert  winning  the  fight 
for  survival  IV 

Settling  in  Belgium:  how  to 
cut  through  the  red  tape  IV 

Editorial  production  of  this 
Survey  by  Mike  Smith. 


We  specialize 

international 


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Domestic  network:  16  main  offices  - more  than  1180 
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Profile  in  figures  (1982): 

USS  33.375  million  consolidated  balance  sheet  totaL 
US$  30,806  million  deposits  and  cash  certificates. 

As  Belgium's  leading  bank  we  have  a vast  experience  of  all 
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Financial  Times  Thursday  November  3 1983 


BELGIUM  II 


r „.jte 
/•  - 


Laying  the  basis  for 
an  export-led  recovery 


> . -i- 

r1 

•*'  i k- 


' Hi 


Economy 


THE  BIG  QUESTION  hanging 
over  the  economy  is  whether 
the  Martens  Government  can 
consolidate  the  advances  made 
over  the  past  IS  months  and 
push  through  to  a sustained 
recovery. 

It  desperately  needs  an  ex- 
pansion in  world  trade  and 
especially  in  EEC  trade  to  take 
advantage  of  the  greater  com- 
petitivity  achieved  through  the 
devaluation  in  spring  1982  of 
the  Belgian  franc  by  8.5  per 
cent  and  a reduction  in  real 
terms  of  wage  levels. 

Although  this  year  the  gross 
national  product  is  expected  to 
grow  in  value  by  3.9  per  cent 
it  will  actually  contract  by  0.7 
per  cent  in  volume,  according 
to  Societe  Gene  rale  de  Banque 
calculations.  Next  year  it  could 
grow  4.2  per  cent  in  value  and 
0.5  per  cent  in  volume. 

The  Government  has  been 
trying  to  keep  a clamp  on  the 
internal  economy,  switching 
resources  away  from  consump- 
tion and  into  the  corporate 
sector,  to  lay  the  basis  for 
export-led  recovery. 

This  has  worked  to  the  extent 
that  the  trade  balance  has 
improved  and  companies  have 
begun  to  claw  back  the  profita- 
bility they  lost  in  the  1970s  and 
early-19805.  The  annua]  inflation 
rate  has  edged  down  to  7.3  per 


cent  The  more  favourable 
climate  for  risk  capital  has 
helped  to  encourage  business 
confidence. 

But  the  markets  have  not  yet 
perked  up  enough,  either  at 
home  or  abroad,  to  translate 
financial  improvement  into 
general  revival.  Industrial 
activity  at  the  end  of  July  was 
3.7  per  cent  down  on  a year 
before,  while  the  value  of  re- 
tail sales  was  static  overall.  At 
the  end  of  the  first  half  capital 
goods  orders  were  15.1  per  cent 
lower  than  at  the  end  of  June 
1982. 

“The  critical  issue  is  the  up- 
turn in  industrial  investment," 
says  a team  from  the  Inter- 
national Monetary  Fund.  Al- 
though the  Belgian  performance 
in  this  regard  has  been  better 
than  many  of  its  competitors, 
such  investment  as  there  has 
been  has  not  shown  up  in  the 
unemployment  statistics.  Despite 
programmes  of  work-sharing, 
the  best  that  can  be  said  is  that 
the  rise  of  unemployment  has 
been  checked-  Certainly  the 
rate  is  one  of  the  highest  in 


INTERNATIONAL  WAGE 
LEVEL  COMPARISON 

1980  1983 

Belgium  100.0  100.0 

West  Germany.  95.9  114.9 

France  7 LI  83.1 

Netherlands  . 94.9  107.7 

UK  54.5  62.1 

Japan  50.6  77.9 


the  EEC 

The  accepted  wisdom  in  busi- 
ness circles  and  among  outside 
analysts  in  places  like  the  IMF 
and  the  EEC  is  that  the  Govern- 
ment must  do  more  to  rein  in 
public  expenditure.  Again  the 
Government  has  managed  to 
slow  the  rise,  but  the  target  of 
it  bringing  it  down  to  7 per 
cent  of  GNP  from  around  16  per 
cent  by  1985  has  been  aban- 
doned. 

Politically,  it  was  probably 
never  possible  to  achieve  such  a 
radical  change,  but,  beyond 
that,  the  role  of  the  pnblic  sec- 
tor in  the  economy  is  so  great 
that  too  great  a cutback  in 
spending  over  a short  period 
carries  with  it  the  risk  of 
deflation. 

The  Government,  using  its 
special  powers,  has  already  cut 
into  the  system  of  wage  indexa- 
tion and  caused  a fall  in  real 
wages.  Just  as  the  business 
community  wants  further  action 
on  the  public  sector  deficit,  so 
It  wants  wage  restraint  to  con- 
tinue. The  present  restraints 
are  due  to  end  after  1984.  If  the 
previous  system  of  indexation 
comes  back  into  play,  there 
could  be  a wages  explosion. 

To  prevent  this  the  Govern- 
ment will  hold  negotiations  with 
both  employers  and  unions.  If 
present  policies  remain  intact, 
the  outlook  is  for  continued 
tightness  in  the  domestic 
economy. 


74.7  128.9 


gif: 


Reduced  role 
for  Parliament 


Politics 


The  shopping1  streets  look  prosperous,  as  traditionally 
they  always  have.  What  they  do  not  reveal  is  that  the 
amount  of  money  available  for  spending  in  the  shops 
has  dropped  and  could  be  lower  next  year  than  it  has 
been  this.  Sodete  Generale  de  Banqne  says  the  dis- 


BRUSSELS 

BOURSE 

INDEX 


posable  income  of  households  is  dropping  3.7  per  cent 
this  year,  after  33  per  cent  in  1982.  In  volume,  private 
consumption  dropped  22  per  cent  last  year  and  2.8 
per  cent  tills  year. 


Kredietbank  A aafoufmaaoRl 


THE  PRESENT  Government 
has  been  in  power  since 
December  1981.  It  has  survived 
longer  than  any  other  since 
1977.  But  it  is.  tiie  32nd  since 
World  War  II  and  like  its  18 
immediate  predecessors  is  a 
coalition. 

Belgian  politics  are  coalition 
politics,  but  the  difficulties  of 
that  are  compounded  by  the 
need  to  have  in  each  formation 
a regional  balance  of  ministers. 

The  political  structure  of 
Belgium  is  still  buffeted  by  the 
establishment  of  a state.  In 
1830,  created  to  satisfy  the 
aims  of  a French-speaking 
bourgeoisie.  , . 

The  apparatus  reflects  .the 
continuing  struggle  of  the 
Flemishspeaking  population  to 
mitigate  the  effects  of'  such  a 
creation.  . The  response  ..  of 


national  political  leaders  has 
been  devolution. 

In  addition,  therefore,  to 
dealing  with  obviously  national 
problems  like  running  the 
economy,  Belgian  governments 
are  engaged  in  a continual 
debate  about  the  structure  of 
the  state.  The  efforts  to  re- 
structure Cockerill  Sambre,  the 
state-owned  but  financially  weak 
-steel,  group  have  shown  that 
linear  present'  conditions  the 
one  cannot  be  achieved  without 
the  other  development. 

Tr>  all  of  this  the  role  of 
Parliament  can  be  diminished. 
The  present  Government  is 
running  the  economy  with 
speciail  powers.  The  key  deci- 
sions are  worked  out  in  the 
Government  and  by  the  party 
leaderships  before  they  are 
ever  presented  for  parliamen- 
tary scrutiny.  If  the  condition 
can  be  kept  intact  then  Parlia- 
ment will  follow  the  decisions 
of  the  smoke-filled  rooms. 


it i*i  f* 

Ml 


P.  C. 


*7  U9  *71  *73  *75  *77  *79  W *8* 


HOW  THE  REGIONS  COMPARE 


Paul  Cheeseright 


FlndHi  Wallonia  Bnmals 

Population  <%)  57.1  32.7  102 

GDP  {%)  56.7  27.6  15.7 

Labour  supply  (%)...  57.4  31.3  112 

Employed  <%)  52:5  27.9  19.6 

Wholly  unemployed  as  % of  those  insured: 


Fttndm  WaHonla  Brussata 

Industrial  output  (%): 

1967-70  +72  +42  +3.4 

1970-76 +3.6  +0 At  -0.2 

1976-82  -0.1  — -2.6 

Investment  In  forming  new  companies 


1970  

2.7 

5.0 

13 

(BFr  bn): 

- 

1975  

3.8 

6.0 

3.0 

1976  

3.8 

4.6  - 

02 

1980  

1U 

14.6 

1L7 

1977  

2.6 

3.3 

e.e 

1982  

16.9 

18.5 

8.4 

1978  .. 

5.6 

4J2 

2.4 

Average  real  growth  (%): 

1979  

8.6 

LI 

L0 

1966-70  

+6.5 

+42 

+3.0 

1980  

22 

L2 

2 A 

1970-76  

+L8 

+32 

+2.0 

1981  

42 

02 

3-5 

1976-79  

+2.7 

+23 

+8.8 

1982* i..f. 

‘•4 Jb 

- ■>- 

2.6 

reckoned  to  be  similar  proportionately  between  the  regions,  t Pronounced  dedtioes  due  in 
large  part  to  slump  in  steel  industry,  $ Provisional.  Source:  Kredietbank  Research  Unit. 


Search  for  fair  division 
of  national  cake 


The  regions 


THE  REGIONAL  structure  of 
Belgium  that  emerged  in  a 
major  constitutional  reform  of 
1980  is  now  being  fleshed  out. 
Months  of  discussion  about 
regional  financing  and  the 
financi°i  restructuring  nf 
Cockerill  Sambre,  the  state 
steel  group,  were  brought  to 
a head  in  July.  Since  then  the 
Government  has  been  putting 
the  practical  details  into  place 
on  top  of  what  was  a political 
bargain. 

There  were  rwo  problems 
which  had  to  be  addressed  — 
first  the  question  of  the  status 
of  the  financial  obligations  al- 
ready undertaken  by  the 
regional  authorities  in  Flanders 
and  Wallonia.  Second  there 
was  the  question  of  bow  the 
financing  of  the  so-called 
national  industrial  sectors 
should  be  handled  in  the 
future. 

This  second  point  was  of  im- 
mediate significance  for  the 
Cockerill  Sambre  problem.  The 
group  needed  funds  quickly  and 
the  Government  had  to  decide 
how  to  work  out  how  to  pay  for 
chance  at  Cockerill.  But  it 
could  not  do  this  without 
reference  to  needs  in  other 
parts  of  the  country. 

The  sums  of  money  are  very 
considerable.  Cockerill  alone 
needed  BFr  27bn  to  pay  for  re- 
structuring. And  it  had  become 
clear  that  the  way  Cockerill 
was  dealt  with  would  be  a pre- 
cedent for  what  would  need  to 
be  done  later  elsewhere,  in,  say, 
the  Flemish  coal  mines. 

The  July  agreement  provided 
for  the  Government  to  take  in 
charge  the  regional  debts  of 
the  past  and  for  it  to  provide 
additional  financial  help  also 
to  cover  new  spending  by  mak- 
ing over  to  the  regions  revenue 
coming  from  death  duties. 

The  Government  calculated 
that  the  funds  from  death  duties 
would  move  to  Flanders  at 
BFr  5.6bn  and  to  Wallonia  at 
BFr  3.5bn.  The  actual  rate  of 
death  duties  would  still  be  de- 
cided at  national  level.  This 
was  the  key  to  the  new  financ- 
ing arrangements. 

But  the  death  duties  revenue 
would  be  split  two  ways.  The 
first  part  would  be  used  to  meet 


the  charges  on  the  regional 
loans  of  the  past  The  second 
part  would  go  to  the  regions 
for  the  development  of  the 
national  industrial  sectors  in 
their  geographical  areas. 

But  the  money  would  not  just 
be  handed  over.  There  is  al- 
ready a special  fund  for  the 
restructuring  of  the  national 
sectors  and  this  fund  is  to  set. 
up  two  subsidiaries — one  for 1 
Wallonia  and  one  for  Flanders. I 
Borrowing  by  these  funds  would 
be  guaranteed  against  the  pro- 
vision of  the  revenue  from  j 
death  duties — a guarantee  , 
which  some  bankers  find  per- ; 
turbing.  - . 

But  the  regionalisation — even 
in  this  complicated  form — is 
not  exactly  a band  over  of  res- 
ponsibilities by  the  central 
government. 


itself  in  Flanders.  The  Flemish 
groups  are  now  claiming  that 
because  Wallonia  has  had  iso 
much  business  in  the  past  from 
offsets,  this  time  all  the  offsets 
should  go  to  Flanders.  " The 
manoeuvrings  are  just  begin- 
ning. 


P.  c 


Dewaay,  Sebilfe  Servais  & Cie 


Soditi  eh  commandite  simple 
Stockbrokers 


."  Partner*  ‘ 

P.Gtdmot  i j.SebOa 

. - J.Laeftape**  . f.  KSenuw  ■ 

. C . -■<  / -I.  Zr.i!  _ ,}«S s'.-.r. 

n :-r:>VT.  ?es*-i  it / r<v;c- 


STOCKBROKERAGE 
INTERNATIONAL  ARBITRAGE 


. Eurobonds;-- 

DOMESTIC  BONDS 


FOREIGN  EXCHANGE 


PORTFOLIO  MANAGEMENT 


Head.  Office 


BoutevaidAnspadi  1 Box  10 
...1000  Brussels 


Teh;  213j07.11 


Telex : 21325  - 21326  - 23067 


Straggle  continues 


Now  there  are 

five  stars  in  the  Brussels  sky. 


What  is  happening  is  that  the 
central  government  is  setting  j 
up.  within  its  own  ambit  two  j 
committees — one  for  Flanders 
and  one  for  Wallonia.  They  will 
be  entrusted  with  The  manage- 
ment of  the  restructuring 
national  sectors.  But  they  will  be 
in  touch  with  the  respective 
regional  executives  and  it  seems 
hardly  likely  that,  for  example, 
Walloons  will  sit  on  the 
Flemish  committee. 

Underlying  these  arrange- 
ments is  the  need  to  ensure  that 
each  region  obtains  a fair  slice 
of  the  national  cake.  But  the 
struggle  to  aehieve  that  will  go 
on.  Recently,  for  example,  the 
Government  set  up  a committee 
to  examine  how  the  contracts  for 
equipment  granted  by  the 
national  telecommunications 
authority  could  be  fairly  dis- 
tributed. 

This  is  an  indication  that  the 
struggles  will  emerge  in  a sec- 
torai  as  well  as  a political  or 
constitutional  form.  The  nest 
struggle  to  watch  will  probably 
come  over  the  helicopter  ques- 
tion. 

The  Belgian  Army  is  plan- 
ning to  buy  new  helicopters.  No 
choice  on  type  has  yet  been 
made  but  the  overseas  supplier 
which  eventually  wins  the  con- 
tract will  have  to  enter  into 
manufacturing  offset  agree- 
ments with  Belgian  companies. 

Traditionally  the  aviation 
equipment  industry  has  been  in 
Wallonia.  More  recently  the 
industry  has  been  establishing 


Regency  Club 


Within  the  Hyatt  Regency  Brussels 
there  is  now  a superlative  world  of  sump- 
tuous luxury.  Tno  Regency  Club. 

Unlike  other  top  ciass  Brussels 
hotels  it  offers  five  star  service  through- 
out. The  Regency  Club  manageress  wiii 
assist  you  with  any  arrangements  during 
your  stay  and  ensure  your  total  comfort 
Drinks,  hors-d'oeuvre  and  night 
cordials  are  naturally  on  us.  So  if  you  are 
only  satisfied  with  the  very  best,  choose 
the  only  five  stars  in  the  Brussels  sky. 


HYATT  REGENCYmBRUSSELS 


250  rue  Royale  1030  Brussels  For  reservations  call  02/219  46  40 


GELLATLY  HANKEY  MARINE  SERVICES  (BELGIUM)  N.V. 


International  Group  of  Marine  Surveyors.  Adjusters, 
Settling  -and  Recovery  Agents  end  Container  Inspectors 


J-  Rubenscenter 

Naiionatestraat 5 (bus  26)  - B-2000  ANTWERPEN 
T«L:  (03)231*8.46  _ .. 

. Tetex:  72338  GELHAN.B  ■_ 


Offices  throughout  tfid  World 


Financial  Times  Thursday  November  3 1983 


19 


BELGIUM 


Corporate  results  better  but  ‘margins  must  improve*' 


The  fall  effect  of  the  care- 
fully negotiated  worksharing 
schemes  initiated  by  the 
Government  will  become 
apparent  daring  the  current 
quarter.  The  scheme  has  been 
to  cat  working  hoars  by  5 per 
cent  and  to  increase  the 
labour  force  by  3 per  cent. 

Bat  companies  have  been, 
concerned  about  the  costs, 
especially  at  a time  of  flat 
demand.  They  have  been 


mollified  to  some  degree  by 
the  suspension  of  the  wage 
indexation  system,  which  has 
been  a signal  factor  in 
increasing  competitiveness. 

Generally  though  corporate 
results  have  been  improving, 
not  least  among  exporting 
companies  which  received  fixe 
boost  of  a devaluation . last 
year.  But  profits  in  most 
sectors  have  still  not  been 
high  enough  to  provide  those 


reserves  of  funds  necessary  to 
improve  debt  ratios. 

Kredietbank  analysis  has 
revealed  that  profitability  in 
the  finflnHai  ami  tertiary 
sectors  has  been  at  reasonable 
levels.  But  the  industrial 
concerns  making  the  best  net 
returns  have  been  public 
utility  companies.  For  the 
most  part  profits  have  not 
been  able  to  provide.yields  to 


match  fixed  rate  interest 
investments. 

If  companies  are  to  survive, 
according  to  Kredietbank, 
then  margins  have  to  be  im- 
proved and  the  net  return  on 
stockholders’  equity  has  to  be 
increased.  This  is  why  the 
improved  corporate  perform- 
ance of  the  last  year  and  a 
half  Is  only  a step  towards 
bringing  the  private  industrial 
sector  back  to  health. 


But  there  seems  general 
agreement  that  there  has  been 
some  revival  of  confidence. 
Partly  this  is  associated  with 
the  Government’s  attempts  to 
make  risk  eapital  investment 
more  attractive,  partly  with 
the  check  to  the  rising  spiral 
of  costs  and  partly  because 
the  Government  itself  is  at 
least  trying  to  arrest  the 
spread  of  economic  malaise 
which  started  a decade  ago. 


Ringing  the  changes  in  China 


THREE  MONTHS  ago,  ITT*s  home  market  in  which  to  build  port  success  is  5 per  cent  in-  throughout  Belgium. 


Bell  Telephone  Manu featuring 
company  (BTM)  in  Antwerp 
announced  the  signing  of  a 
major  $250m  contract  with  the 
People’s  Republic  of  China  for 
its  New  Generation  Digital 
System  12  telephone  switching 
system. 

The  deal  represented  another 
major  commercial  breakthrough 
for  Belgium's  telecommunica- 
tions industry  which,  ever  since 
BTM  was  first  established  in 
Antwerp  a century  ago,  has' had 


up  their  competitive  and  tech- 
nological strength,  Belgium 
offers  00  such  domestic  com- 
fort. 

Stiff  competition 

At  best  Regie  des  Telephones 
et  des  Telegraphes  (RTT) 
accounts  for  just  over  a quar- 
ter of  output.  BTM  is  easily  the 
largest  exporting  company  in 
the  ITT  group  worldwide  with 


to  live  and  prosper  largely  b£  sales  in  1982.  of  BFr  21m.  But 
exporting.  achieving  this  kind  of  result 

While  most  other  telecom-  h**  never  been  easy, 
muni  cations  equipment  manu-  In  the  words  of  Mr  Eugene 
factor ers  can  rely  on  a large  van  Dyke,  BTM's  chairman,  “ ex- 


spiration  and  95  per  cent  per- 
spiration.’' 

The  China  deal  was  won  in 
the  face  of  stiff  - international 
competition.  notably  from 
France.  Some  six  years  of  hard 
negotiation  culminated  in  a visit 
a few  weeks  before  the  signing 
of  tiie  contract  by  Mr  Wen 
Mmsheng,  the  Chinese  telecom- 
munications minister.  He  was 
able  to  see  for  himself  that  un- 
like France's  rival  CIT-Alcatel 
System,  BTM’s  system  12  was 
already  operational  in  the  Bel- 
gian network  and  in  volume 
production  at  the  company’s 
Geel  plant;  one  of  8 BTM  faci- 
lities employing  11,000  people 


GM  leads  motors  fightback 


*I'Hk  BELGIAN  motor  manufac- 
turing industry  is  emerging 
from  the  recession  in  somewhat 
better  shape  than  at  one  time 
seemed  possible.  1 

Two  years  ago,  there  seemed 
a danger  the  Belgian  Industry 
might  pay  an  exceptionally 
heavy  price  for  its  overwhelm- 
ing dependence  upon  contract- 
ing international  markets  and 
its  high  labour  costs. 

More  than  90  per  cent  of  pro- 
duction is  sold  outside  Belgium 
and  motor  vehicles  account  for 
11  per  cent  of  the  country’s  total 
exports  by  volume.  Yet  a senior 
Vice-President  of  GM,  has 
warned  that  Gift's  two  Antwerp 
plants  have  the  highest  costs  in 
the  GM  empire. 

In  the  event,  major  casualties 
were  limited  to  the  closures  of 
Citroen 'a  assembly  plant  at 
Forest  and  BL’s  factory  'at 
Seneffe.  leading  to  a sharp  fall 
in  Belgian  vehicle  production  of 
nearly  250-000  to  less  than 
900-000  in  1981.  Last  year  out- 
put crept  back  np  towards  the 
1m  units  mark  and  this  year  it 
should  exceed  that  figure, 

GM  Continental,  Belgium’s 
largest  vehicle  manufacturer,  is 
leading  the  fightback.  Its 
Antwerp  plants  assemble  the 
Opel,  Kadett,  Ascona  and 
Mamta,  and  some  Vauxhall 
Cavaliers,  and  this  year  produc- 
tion is  set  to  exceed  400,000 
units  compared  with  '355.652 
units  in  19B2.  Together  with 


output-  fro an  Belgium's  four 
other  major  assembly  plants — 
Ford  -.  at  Genk.  Renault  at 
Vilvooxde,  Volkswagen  at 
Forest  aid  Volvo  at  Ghent — 
Belgian  vehicle  production  in 
the  second  quarter  of  this  year 
was  op  by  4.3  per  cent  com- 
pared with  the  first  quarter  of 
last  year,  the  period  of  the  8.5 
per  cent  Belgian  franc  devalua- 
tion. 


GIT&  sharply  improved  per- 
formance reflects  several 
factors.  -The  devaluation  ana 
associated  D-mark  revaluation, 
—was  particularly  important 
for  two  plants  which  export 
some  35  per  cent  of  their  pro- 
duction to  the  German  market; 
though,  conversely,  many  major 
assembly  components  are 
imported  from  other  ports  of 
Europe  and  as  far  afield  as 
Japan,  Brazil  and  Australia. 
Bat  it  has  also  begun  to  reap 
the  first  fruits  of  a BFr  16bn 
plant  modernisation.  pro-' 
gramme  which  began  in  1979 
and  is  dne  to  be  completed  next 
year. 

When  completed  the 


package  will  give  GM  Continen- 
tal as  modern  a motor  assembly 
facility  as  any  in  the  world. 

Finally,  it  has  the  right  pro- 
ducts—a young  model  range 
which  has  been  aggressively 
and  successfully  marketed, 
notably  in  competition  with  its 
U.S.  multinational  rival.  Ford. 

The  net  result  is  that  while 
GM  earlier  this  year  added  a 
further  700  workers  on  short 
term  contract  to  its  12,000  Ant- 
werp workforce,  Ford  last 
month  introduced  a two  week 
pause  in  production  of  the 
Sierra  at  its  Genk  plant. 

Costs  remain  a worry.  While 
the  Government’s  decision  to 
break  automatic  indexation  of 
salaries  bad  provided  significant 
relief,  the  unions  are  pressing 
for  its  restoration  next  year. 
GM.  in  line  with  the  rest  of 
Belgian  industry,  is  under 
notice  to  introduce  a further  re- 
duction of  20  minutes  In  the 
working  week  which  is  already 
down  to  37  hours  40  minutes — 
as  a contribution  towards  eas- 
ing Belgium's  unemployment 
crisis. 

Thanks  to  its  improved  pro- 
ductivity and  current  marketing 
success,  GM  should  have  no 
difficulty  in  meeting  the 
Government’s  demands  on  this 
score.  But  it  guarantees  that 
GM*s  Antwerp  plant  will  con- 
tine  to  walk  a costs  tightrope. 

R.  R. 


SOCIETE 
GENERALE 
DE  BELGIQUE 

SOOETS  ABONYME  - MCHSTEXED  OFHCB:WE  ROYALS  30.  IMG  BRUSSELS 
BRUSSELS  CJL  Ka.  17487- V.A.T.  No.  4«J(B.26* 


APPLICATIONS  MAY  BE  MADE  FROM 

3rd  TO  21st  NOVEMBER  1983 


OFFER 
FOR  SALE 
OF  3,626,204 
AVF  SHARES 
TO  EXISTING 
SHAREHOLDERS 

AT  A PRICE  OF  BF 1-50® 

PER  SHARE 
ON  THE  BASIS  OF  _ 

I NEW  SHARE  FOR  EACH 
3 EXISTING  SHARES 


OPPORTUNITY 
TO  EXCHANGE 
1975-1987 
CONVERTIBLE 
STOCK  FOR 
AFV  SHARES 

ON  THE  BASIS  OF 

2 NEW  SHARES  FOR  EACH  SUCH  STOCK 
UNIT  TOGETHER  WITH  NET  INTEREST 
ACCRUED  THEREON 

(COUPONS  No.  9 AND  OTHERS  ATTACHED) 


THE  NEW  AFV  SHARES  WILL  BE  ELIGIBLE  K»  DIVIDENDS  ACCRUING 
WITH  EFFECT  FROM  1st  JANUARY  1984 

THESE  SHARES  WILL  BENEFIT  FROM  THE  TAX  ADVANTAGES  PRESCRIBED  BY 
ROYAL  DECREE  No.  15  OF  Mi  MARCH  1«2  AS  AMENDED  BY  ROYAL  DECREEMo.  ISO 
OF  30A  DECEMBER  1M2  DESIGNED  TO  ENCOURAGE  THE  SUBSCRIPTION 
Oft  PURCHASE  OF  SHARES  IN  BELGIAN  COMPANIES. 


APPLICATION  MAY  BE  MADE  THROUGH  ANY  OF  THE  FOLLOWING  FROM  WHOM  CORES 
OF  THE  NEW  ISSUE  PROSPECTUS  MAY  BE  OBTAINED  . 


IN  BELGIUM: 

• SOCIETE  GENERALE  DEBANQUE 

• fi  ANQVE  BELGO-ZAIROISE  fBELGOLAISE) 

• BANQUE  BRUXELLES  LAMBERT 

• KREDIETBANK 

• BANQUE  DE  PARIS  ET  DES  PA  YS-BAS 

• BANQUE  NAGELMACKERS 

• BANQUE  DEGROOF 


IN  LUXEMBOURG: 

• BANQUE  GENERALE  DO  LUXEMBOURG 
IN  FRANCE: 

• BANQUE  BELGE  (FRANCE) 

• SOCIETE  GENERALE 
IN  GREAT-BKIT AIN : 

• BANQUE  BELGE  LIMITED 


APfUCATOK  MAY  ALSO  H MADE  TOTHBBAMCS  UCTED 

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wawnaacmwc  shoe  cgnwciowwm.  16  popup 

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KW  YMC  NEW  MAKS  OK  UK  ROCK  EXCHANGES  MMIOMD  ABOVE. 

MtmCE  BEOODtB>  HBBUANT  ID  IMS  COOWWATED  LAWS  ON  ODWOCMl.  CDBVAMES 

at  rat  Mogyr  oft«  wwraas  cohm»ctai  coowonmoctphe  mb 


■tm  SOCMTt  GENERALE  DE  BELGIQUE  — AN  ACENTTOR  ECONOMIC  DEVELOPMENT 

thBIOOBR  DEMEBAU  DC  KLCKX1E  WAS  FOOHDED  Da  MUSSELS  IN  IB  

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The  contract  provides  for  the 
supply  of  100,000  lilies  for  in- 
stallation in  Shanghai  and 
Peking,  starting  next  year.  It 
has  since  emerged  that  a follow 
up  order  for  a farther  70,000 
lines  is  possible,  in  the  mean- 
time, it  also  provides  for  the 
setting  up  of  a joint  venture 
company  with  participation  by 
both  the  Chinese  (60  per  cent) 
and  Belgian  (10  per  cent)  gov- 
ernment. near  Shanghai  to  pro- 
duce nearly  300,000  lines  of 
system  12  annually. 

ITT  has  estimated  that  m its 
first  15  years,  the  joint  venture 
company  will  produce  revenue 
of  about  $lbn. 

BTM's  longstanding  practice 
of  linking  overseas  sales  with 
comprehensive  technological 
transfer  arrangements  has  un- 
doubtedly been  an  important 
ingredient  behind  the  Belgian 
industry's  export  success.  It  has 
always  been  ready  to  train 
people  from  customer  countries 
so  that  they  can  ultimately  pro- 
duce the  exported  exchange 
system  themselves. 

Also  important  has  been  the 
resources  consistently  devoted 
to  research,  development  and 
engineering  Last  year  alone, 
BTM  spent  BFr  3bn  in  this 
direction.  The  company  is  also 
active  in  space  technology  and 
electronics.  Indeed,  a recent 
important  initiative  for  Belgium 
has  been  BTM’s  51  per  cent  par- 
ticipation in  Mletec,  a custom- 
designed  silicon  chip  plant  pro- 


moted by  the  Flemish  Govern- 
ment in  a bid  to  strengthen 
the  region's  high  technology 
base. 

But  the  success  of  System  12 
has  re-emphasised  the  con- 


tinuing  importance  and  com- 
petitiveness of  Belgian  tele- 
communications equipment  in 
world  markets.  Its  attraction  is 
that  it  is  **  future  safe  ” — It  has 
been  designed  to  permit  incor- 
poration of  future  advances  in 
hardware  technology  without 
disrupting  the  basic  software, 
and  to  add  new  subscriber  facili- 
ties, as  needs  and  demands 
arise,  at  minimal  cost. 

Orders,  commitments  and 
plans  for  System  12  now  total 
some  3m  lines  from  12  coun- 
tries, or  900  exchanges.  The 
China  deal  has  bolstered  the 
Far  East  as  BTM's  most  impor- 
tant market 

Overall,  some  70  per  cent  of 
the  company's  business  ir-now 
with  the  Third  World.  But  that 
said,  its  competitiveness  near 
home  is  Illustrated  by  the  fact 
that  the  EEC  still  accounts  for 
some  21  per  cent  of  export 
sales. 

R.  R. 


Credit  General  joins 
banking  pacesetters 


UNDER  50  per  cent  of  Belgian 
money  transfers  involving 
more  than  BFr  100  now  take 
the  form  of  “cash”  transfers. 
It  is  just  one  measure  of  the 
extent  to  which  Belgian  bank- 
ing is  abreast  of  the  drive 
towards  the  “cashless  society.” 

Ever  since  1971,  when  Bel- 
gium's banks  got  together  to 
harmonise  account  numbers, 
the  banking  sector  has  co- 
operated to  ensure  it  is  well 
placed  to  take  immediaet  advan- 
tage of  new  technology  as  it  has 
become  available. 

Today,  quite  apart  from 
having  embraced  automatic 
clearing  systems  for  their 
internal  and  international  deal- 
ings, Belgium’s  banks  are  also 
moving  rapidly  to  take  advan- 
tage of  the  benefits  of  the  tele- 
communications revolution  in 
the  retail  sector. 

Automatic  debit  facilities  are 
now  available  at  more  than  500 
petrol  stations  throughout  the 
country.  Over  the  next  two 
years,  this  electronic  fund 
transfer  system  is  due  to  be 
extended  to  supermarkets  and 
many  other  retail  outlets.  The 
banks  also  have  “home  bank- 
ing facilities " in  their  sights. 
The  main  brake  on  progress  is 
the  telecommunications  infra- 
structure rather  than  the  banks 
themselves. 

Among  the  pacesetters  in 
keeping  Belgium  In  the  van- 
guard of  new  retail  develop- 
ments has  been  a relative  new- 
comer to  the  Belgian  banking 
scene — Credit  General.  Cer- 
tainly, it  has  adopted  a rela- 
tively aggressive  stance  in 
marketing.  Only  25  years  old. 
it  has  a relatively  young  staff 
which  has  been  happy  to 
embrace  innovation. 

Credit  General  was  launched 
in  1958  by  Kredietbank,  Bel- 
gium’s third  largest  banking 
group,  to  serve  French-speaking 
Wallonia.  Kredietbank  itself  is 
Flemish  in  origin. 


Having  started  with  an  initial 
capital  of  BFr  75m,  Credit 
General  has  grown  steadily  to 
become  the  ihird-largest  private 
sector  bonk  in  the  French- 
speaking  regiryi,  behind  Bel- 
gium's big  two— -Societe  Gene- 
ral de  Banque  and  Banque 
Bruxelles  Lambert. 

Today  it  has  some  90 
branches  throughout  ‘Wallonia 
and  in  bilingual  Brussels,  the 
latter  being  the  only  area 
where  it  competes  directly  with 
Kredietbank.  But  equally,  it  is 
a reflection  of  Credit  General's 
modem  approach  that  it  fore- 
sees future  growth  coming 
through  electronic  fund  trans- 
fer facilities  rather  than  further 
branches. 


Credit  General 


Earlier  this  year.  Credit 
General  made  its  eighth  visit 
to  the  Belgian  capital  market 
to  increase  its  share  capital 
from  BFr  lm  to  BFr  1.4m.  In 
order  to  bring  its  equity  base 
into  line  with  a further  growth 
in  its  business. 

Its  profits  have  also  risen 
steadily  over  the  years,  reach- 
ing BFr  128.1m  in  1982.  al- 
though during  the  last  three 
years  of  difficult  economic  con- 
ditions, Credit  General's  net 
dividend  has  been  held  at 
BFr  100  a share. 

The  bank's  expansion  dearly 
owes  much  to  the  continuing 
close  relationship  it  enjoys  with 
Kredietbank.  Although  managed 
entirely  independently,  its 
access  to  Kredietbank’s 
specialist  facilities,  has  enabled 
it  to  offer  customers  a compre- 
hensive banking  service  from 


the  very  outset 

Beyond  the  retail  market 
Credit  General's  relative  youth 
has  meant  that  its  corporate 
customers  tend  on  the  whole  to 
be  young  growing  companies 
rather  than  Wallonla's  older, 
problem-hit  industries — a factor 
which  has  served  it  well  in  the 
current  recession. 

In  the  last  financial  year.  Its 
lending  to  the  private  sector 
rose  from  BF  23.7bn  to 
BF  25.9bn.  of  which  30.6  per 
cent  went  to  manufacturing 
industry.  But  it  sees  corporate 
investment  expanding  signifi- 
cantly again  in  a year  or  two. 
once  companies  have  rebuilt 
their  reserves. 

In  the  meantime.  Credit 
General  has  also  been  playing 
its  part  in  meeting  the  heavy 
financing  demands  of  Belgium’s 
public  sector.  Public  sector 
lending  rose  from  BF  12.4bn 
at  the  end  of  1981  to  BF  17.6bn 
at  the  end  of  19S2. 

Given  the  character  of  the 
Belgian  economy,  its  growth 
has  also  necessarily  involved  a 
great  deal  of  international  busi- 
ness. While  much  is  associated 
with  need  to  finance  its  custo- 
mers' trade — 10  per  cent  of  its 
foreign  business  is  in  France — 
Credit  General  has  not  been 
immune  from  the  international 
debt  crisis.  It  has  some 
exposure  for  example  in  Brazil, 
Venezuela  and  Mexico  and  its 
latest  accounts  show  BF  132.7m 
written  down  for  bad  credit  of 
which  BF  20.4m  covers  foreign 
credits. 

Credit  General  is  not  more 
optimsitic  about  the  inter- 
national outlook  than  it  was  a 
few  months  ago.  But  the  debts 
crisis  has  induced  a more  cau- 
tious attitude,  re-emphasislng 
Belgian  foreign  trade  and 
domestic  investment  as  the 
bank’s  first  business  priorities. 


Robin  Reeves 


UEH 


We  have  worldwide  references  and  our  material  is  used 
in  more  than  50  countries. 

USINES  EMILE  HENRICOT  s.a. 

STEEL  FOUNDRY 


Usines  Emile  Henricot  S.A. 

Our  Company,  established  in  1 847,  has  specialised  in 
the  manufacture  of  steel  castings  for  railway  equipment. 


Our  manufacturing  programme  includes; 

• Elements  or  complete  bogies  for  freight  wagons  and 
industrial  rolling  stock. 

• Bogie  frames  for  coaches  and  locomotives. 

• Automatic  couplers. 

• Draft  gears. 

• Axle-boxes. 

• Buffers. 

• Brake  beams. 

• Shoe  holders. 

• Centre  plates. 

• Gear  boxes  casings. 

• Traction  motor  casings,  etc. 

Our  manufacturing  programme  is  based  on  our  own 


patents  and  other  licences,  however  we  also  work  to 
customer’s  specifications. 

Usines  Emile  Henricot  also  produces: 

different  types  of  steel  castings  in  a wide  variety  of  alloys, 
for  a broad  range  of  industries: 

• nuclear, 

• hydraulic, 

• quarries  and  mines, 

• petroleum, 

• electrical, 

• chemical, 

• military, 

• mechanical,  etc. 

Stainless  Wire  Rods 

U.E.H.  has  specialised  in  the  AISI  range  300  (base  Cr.  Ni.) 
with  a delivery  time  of  only  4 weeks ! for  top  quality. 

For  further  information  contact 
Mr.  M.  Biernaux  - Marketing  Manager. 


USINES  EMILE  HENRICOT  s.a. 


1490  COURT-SAINT-triENNE  - BELGIQUE  - TEL.  (010)  6122.05  - TELEX  59071  U.E.H.  B 


e'XLpz&Tt  ©s*  Iss aport 

Sri'S**®  2 


Contact  our  London 
Representative : 

Marc-Hubert  HENRY 

20,  Copthalf  Avenue, 
London  EC2R  7 JD 
Tel.  (01)  628  59  21 
Telex  : 888  709  KBLDN 


KREDIETBANK 

Head  Office  : Arenbergstraat  7, 
B-1000  Brussels 
Tel:  02/517  41  11 
Telex  KBADM  24.078 


Looking  for 

business  centre 
in  the  heart 
AML.  of  the  €££.? 


BRUSSELS 

is  the  right  pldGe  to  be... 


WHY? 

• an  excellent  location  at  the 
crossroads  ot  EUROPE 

• an  international  meeting 
place 

• large  availability  of  office 
space  and  industrial  parks 


• highly  qualified  and  multi- 
lingual labor  force 

• international  schools 

• generous  lax  incentives  for 
headquarters  and  coordina- 
tion centres 

• attractive  living  conditions 


For  further  information: 

Ministry  of  the  Brussels  Region 

Service  tor  economic  expansion  and  foreign  investments 
.2-4-6.  rue  Royale-  1000  Brussels  - Belgium  - Phone:  02/513.41.10. 


Public 

Credit 

Institution 


Member  of 
Conf§d.  Intern. 
Credit  Fopulaire 


CN.dP. 

N.KJ3.K. 


CAISSE  RATIONALE  DE  CREDIT  PROFESSIONNEL 
BfL  de  Waterloo  16,  B-1000  Brussels 
Tel:  2/513.64.80  Telex:  22026  GNKBRU 

Grants  efficient  help  in  international  trade  to  small 
and  medium-sized  concerns  in  Belgium. 


BELGIUM  IV 


The  enigmatic  independent 


FOR  ALL  Its  oil  industry 
worldliness.  Petrofina  is  a 
quirky,  enigmatic  company. 
Each  winter  it  buys  woolly 
lumpers  for  staff  working  in  its 
nondescript,  almost  anonymous, 
head  office  in  the  Rue  de  la  Loi, 
Brussels. 

The  clothing  is  handed  out 
to  keep  staff  warm  when  the 
heating  is  turned  down  in  the 
interest  of  energy  conservation. 

It  has  the  sort  of  manage- 
ment which  is  not  beyond 
employing  a spuming  disc  with 
an  arrow  pointer  to  assist  in 
decision  - taking.  Petrofina 
boasts  the  ability  to  make  up 
its  mind  quickly.  " In  most 
companies  in  the  world  you 
have  to  follow  rules  and 
established  patterns."  said  M 
Adolphe  D emeu  re  de  LespauL, 
chairman  and  chief  executive 
since  1975. 

As  Belgium's  biggest  com- 
pany and  Europe’s  fourth 
largest  oil  group,  Petrofina  has 
its  own  management  rules  and 
practices,  many  of  them  differ- 
ent from  the  industry  norm.  In 
its  single-mindedness  it  takes 
its  cue  from  M Demeure,  a tall, 
imposing  man  with  a penchant 
for  bow  ties  and  a tendency 
to  resemble  the  actor  Jack 
Lemmon  and  ex-President  Rich- 
ard Nixon  in  varying  light 

He  looks  with  a wry  smile  at 
the  way  some  of  his  competi- 
tors have  been  seeking  greater 
efficiency  by  establishing  profit 
centres.  “We  would  have  been 
bankrupt  If  we  had  done  it  that 
way.  We  cannot  afford  the  ex- 
periment that  the  others  can 
make,"  he  said. 

“ For  example,  we  can  buy  oil 
from  one  part  of  a big  oil  group 
and  sell  it  to  another  part  and 
take  a profit  along  the  way.  It 
looks  silly  but  it  Is  true.  That  is 
wbat  happens  when  each 
affiliate  is  a profit  centre." 

Decentralisation,  also  fashion- 
able in  the  oil  industry,  has  long 
been  a hallmark  of  Petrofina 
management.  The  company  has 
had  little  alternative  but  to 


decentralise,  given  that  its  raw 
materials  and  main  markets  are 
located  abroad.  Only  8.4  per  cent 
of  the  group's  fixed  assets  are 
in  Belgium;  the  rest  are  spread 
through  200  affiliates  in  25  other 
countries.  Only  350  of  the 
groups'  21,000  staff  are 
employed  In  the  Brussels  head 
office. 

Yet  here  too  the  top  manage- 
ment makes  sure  that  sub- 
sidiary companies  are  kept  on  a 
close  rein.  “ We  are  mentally 
decentralised  but  we  are  all  part 
of  the  group.  It  is  flexible  ver- 
tical Integration,"  said  M George 
van  der  Straeten,  general 
manager  in  charge  of  refining 
opera  tions. 

The  buying  and  selling  of 
crude  oil  Is  administered  cen- 
trally; group  activities  are  co- 
ordinated in  Brussels  on  a 
regional  and  sectoral  basis;  each 
morning  the  10  executives  and 
general  managers  meet  in  the 
Rue  de  la  Loi  to  take  day-to-day 
decisions;  and  further  important 
decisions  are  taken  at  group 
management  meetings  held  in 
Brussels. 

According  to  the  manager  of 
a major  competitor,  Petrofina 
has  the  cautious,  somewhat 
colourless  aura  of  a typical 
Belgian  banker.  “ If  Petrofina 
played  roulette  it  would  only 
place  its  money  on  the  odds  or 
evens.  It  would  never  play  the 
numbers  game,"  he  said. 

That  might  help  to  explain 
how  Petrofina  has  been  able  to 
sustain  uninterrupted  growth 
for  well  over  a decade.  Its  turn- 
over last  year  of  BF  510bn 
(£6.4bn)  was  almost  24  per  cent 
up  on  1981  and  5.7  times  what  it 
was  in  197L  Profitability  has 
followed  the  same  relentless 
course,  except  for  a small  dip  in 
1977. 

Last  year’s  net  income  of 
BF  12.1bn  was  15  per  cent  more 
than  in  1981.  For  the  first  half 
1983  the  profit  amounted  to 
BF  6.75bn.  a rise  of  11  per  cent 
over  the  first  half  year’s  profit 
in  1982. 


Mr  Chris  Cartwright,  a mar- 
keting partner  with  stockbrokers 
Wood,  Mackenzie,  believes  that 
Petrofina's  achievements  are 
insufficiently  understood  by 
investors.  “ They  keep  their 
light  hidden  under  a bushel," 


he  said.  “ They  don't  try  to  pro- 
mote their  image  and  that 
makes  investors  cautious.” 

On  the  other  hand,  the 
largest  shareholder  is  the  staff, 
with  9 per  cent  of  the  shares — 
the  result  of  shares  savings 
schemes  going  back  over  25 
years. 

M Demeure  regards  the  staff 
as  his  “number  one  boss,” 
ahead  of  outside  shareholders 
(number  two)  and  the  Belgian 
Government  (number  three). 
“The  personnel  because  they 
devote  their  Life  to  the  com- 
pany, stockholders  because 
they  devote  some  of  their 
money  to  the  company,  and  the 
Government  because  it  doesn't 
give  me  anything.  But  I love 
it  just  the  same.” 

His  doctrine  is  being 
severely  tested  at  the  moment. 
Faced  with  an  unprecedented 
decline  on  demand,  oil  mid 
petrochemical  companies  have 
been  rushing  to  dose  un- 
economic plants.  At  the  same 
time  the  oil  industry  has  been 
pressing  ahead  with  a pro- 
gramme to  adapt  refineries  to 
make  them  more  suitable  for 
processing  high-grade  products 
like  petrol. 

M Demeure  believes  that  In 
both  respects  his  competitors 
may  act  too  late  and  go  too  far, 
causing  a shortage  of  basic 
processing  plant  on  the  one 
band  and  a surfeit  of  upgrading 
facilities  on  the  other. 

As  a result  said  M Demeure, 


Winning  the  fight  for  survival 


THE  Li&ge-based  crystal  glass 
producer  Val  Saint  Lambert 
last  month  signed  a new  five- 
year  agreement  with  Towle 
Manufacturing,  a leader  In  the 
U.S.  gif  tw a re  market.  The  con- 
tract valued  at  more  than 
$15m,  allows  for  a significant 
expansion  in  the  Belgian  con- 
cern's exports  to  the  ILS. 

It  represents  a sharp  shot  in 
the  arm  for  a company  which 
has  been  the  focus  of  heroic 
efforts,  for  well  over  a decade, 
to  keep  alive  one  of  Belgium's 
traditional  industries. 

M Pierre  Simon,  Val  Saint 
Lambert's  young  managing 
director,  agrees  that  sentiment 
as  much  as  anything,  has  been 
the  motivation  for  a series  of 
Belgian  government  rescue 
attempts  for  the  company  since 
1971.  The  art  and  craft  of 
glassmaking  in  Lifege  dates  back 
to  the  Middle  Ages,  and  80 
years  ago  the  industry 
employed  many  thousands. 

Val  Saint  Lambert  now  with 
only  200  employees,  is  the  last 
refuge  in  Liege  of  Walloon 
crystal  glass-making  skills 
which  have  been  handed  down 
for  generations. 

But  M Simon  also  believes 
that  his  company  has  a bright 
and  profitable  future,  provided 
the  major  changes  introduced 
early  last  year  are  now  given 
time  to  bear  fruit  Certainly, 
despite  its  series  of  financial 


crises  its  international  reputa- 
tion as  a producer  of  high' 
quality  crystal  remains  un- 
dimmed. 

The  1982  crisis  was  caused, 
above  all,  by  a doubling  in  two 
years  In  the  cost  of  energy — a 
key  factor.  Otherwise,  sales 
were  increasing  and  other  costs 
falling. 


craftsmanship.  The  company  Is 
now  concentrating  on  making 
fancy  vases,  bowls,  and  case 
crystal  (now  35  per  cent  of 
sales)  and  on  the  giftware  mar- 
ket which  has  grown  rapidly  to 
account  for  some  40  per  cent  of 
sales. 

The  logic  of  this  move  is  that 
giftware  is  now  one  of  the  few 


val-saint-lambert 


But  the  upshot  was  a major 
reorganisation  of  both  the 
managerial  and  financial  struc- 
ture of  the  company,  the  phas- 
ing out  of  a wide  range  of 
loss-making  products,  further 
redundancies,  and  a new  finan- 
cial injection  of  BFr  100m  to 
write-off  previous  losses  and 
allow  some  further  capital 
investment,  notably  in  energy 
saving  measures. 

In  consequence  the  company's 
energy  bills  have  already  been 
cut  by  some  30  per  cent.  Pro- 
duction costs  have  also  been 
reduced  through  new  working 
methods  and  better  deploy- 
ment of  skilled  craftsmen. 

Semi-automated  production  of 
stemware  and  drinking  ware  has 
been  abandoned,  apart  from  bar- 
ware  requiring  especially  skilled 


areas  of  growth  In  an  inter- 
national hand-made  crystal  mar- 
ket which,  overall,  is  believed 
to  be  contracting  by  volume  at 
the  rate  of  some  3 per  cent  a 
year  because  of  the  sales  in- 
roads made  by  automated  pro- 
duction methods. 

But  the  advance  in  this  area 
really  dates  from  the  signing  of 
the  first  U-S.  marketing  agree- 
ment with  Towle  in  1979.  Only 
then  did  Val  Saint  Lambert 
begin  to  acquire  a feel  for  the 
export  market  which  could  then 
be  fed  back  into  the  design  and 
production  of  new  products, 
ranging  from  salad  bowls  and 
candlesticks  to  crystal  glass 
sculptures  of  purely  aesthetic 
appeal.  The  new  UJS.  contract 
is  dear  evidence  that  Val  Saint 
Lambert  has  found  a niche  in 


the  export  market  Indeed.  M 
Simon  is  confident  that  U.S. 
sales  can  be  doubled  over  the 
next  three  years. 

But  the  company  does  not 
intend  to  neglect  the  rest  of  the 
world — particularly  the  Euro- 
pean market,  which  currently 
represents  some  13  per  cent  of 
sales.  New  agents  have  just  been 
appointed  tn  a number  of  coun- 
tries. But  given  the  stiff er  com- 
petition from  other  European 
makers  of  crystal  glass,  expec- 
tations of  growth  in  this  area  are 
less  ambitious. 

At  the  beginning  of  last  year 
Yal  St  Lambert  set  itself  the 
task  of  reaching  break-even 
point  by  1934  and  a profit  of 
BFr  14m  by  1985 — based  on  a 
growth  in  turnover  of  20  per 
cent  over  three  yqars. 

The  outlook  is  promising. 
Quite  apart  from  the  new  LLS. 
contract,  the  current  year’s 
sales  are  ahead  and  costs  are 
down,  on  forecast.  Even  more 
heartening  for  a company  whose 
skilled  workforce  has  shrunk 
from  1,200  a decade  ago  to  200 
today,  and  for  the  whole  future 
of  crystal  glass  making  in  Liege, 
Val  Saint  Lambert  has  been 
able  to  resume  the  recruatment 
of  apprentices. 

Robin  Reeves 


How  to  cut  through  the  red  tape 


Juliet  Bourgouin  offers 
advice  to  businessmen 
about  to  settle  in 
Belgium 

ALTHOUGH  most  large  com- 
panies have  departments  to 
advise  their  staff  posted  to 
Belgium,  smaller  concerns  may 
not  have  these  facilities.  At  a 
first  glance,  for  a man  moving 
over  with  his  family,  the 
bureaucratic  red  tape  appears 
stupefying. 

Housing  In  Brussels,  com- 
pared with  most  other  capital 
cities,  presents  no  problems. 
There  are  houses  and  apart- 
ments in  most  communes  to 
suit  all  pockets. 

There  are,  of  course,  private 
agencies,  but  the  Mai  sons  Com- 
m unales  (Town  Halls),  includ- 
ing that  of  the  ViJle  de  Brux- 
elles. often  have  properties 
which  are  not  only  cheaper 
than  those  let  by  private  land- 
lords but  are  also  refurbished 
old  buildings  acquired  through 
lack  of  heirs  — like  the  Duchy 
of  Lancaster. 

Rents  are  controlled,  with  an 
annual  index  rise  at  the  end 
of  each  year  (for  the  last  five 
years  it  has  been  of  the  order 
of  5-6  per  cent  a year).  A 
walk  round  an  area  which  one 
has  decided  is  convenient  for 
schools,  office  and  so  on,  will 
bring  to  tight  the  large  orange 
notices  in  the  windows  indicat- 
ing " to  let  ” or  “ to  selL" 

Leasing  is  done  on  a 3-6-9- 
year  basis  and  in  order  to  pro- 
tect oneself  against  the  financial 
implications  of  a sudden  trans- 
fer, a " diplomatic  clause " 
should  be  requested.  This 
means  that  if  a transfer  out  of 
Belgium  occurs  during  the  first 
year,  a three-month  indemnity 
is  due,  two  months  in  the 
I second  year  and  one  month  In 


the  third  year. 

At  tbe  end  of  the  third  year 
the  lease  is  automatically 
renewed  until  the  sixth  year, 
unless  one  gives  the  landlords 
a three-months  notice. 

A guarantee  of  three  months’ 
rent  is  generally  requested  and 
should  be  lodged  in  a frozen 
account. 

Upon  departure,  interest  is 
payable  on  this  sum. 

It  is  advisable  to  ask  an 
expert,  on  arrival  and  depar- 
ture, to  do  an  “Etat  des  Lieux” 
to  make  sure  that  one  is  not 
being  charged  for  existing 
deficiencies  upon  departure. 

Having  found  a prospective 
residence,  before  one  can  move 
in  or  connect  the  utilities,  an 
identity  card  is  necessary. 

A word  of  caution  here:  if  the 
head  of  the  family  or  wage- 
earner  is  not  an  EEC  national, 
he  should  check  the  political 
situation  in  the  local  commune 
before  signing  a lease,  for 
several  Brussels  communes  are 
now  refusing  identity  cards  to 
all  non-EEC  nationals. 

Family  allowances 

The  newcomer  should  go  to 
his  local  town  hall  armed  with 
several  photographs  of  all  the 
members  of  the  family,  plus 
passports  and  a letter  from  his 
employer  (several  copies  are 
advisable,  since  they  often 
become  lost  in  tbe  system). 

The  letter  should  state  die 
terms  of  employment,  status, 
and  estimated  length  of  stay. 
The  Town  Hall  will  issue  an 
identity  card  number,  and  the 
cards  will  be  delivered  to  one's 
house  by  the  police  about  19 
days  later.  The  number  will 
then  enable  one  to  connect  the 
gas.  electricity,  telephone,  cable 
television  and  so  on. 

If  one  has  children  of  school 


age  the  Town  Hall  should  issue 
a “ Fiche  Familfale  dEtat 
Civil  ” so  that  family  allow- 
ances can  be  claimed. 

This  is  much  bigger  than  in 
the  UK  For  example,  a family 
with  two  children  of  eight  and 
11  could  expect  around  £80  a 
month,  14  times  a year  (double 
in  June  and  September). 

The  company  will  automatic- 
ally register  the  employee  with 
the  Social  Security  Services  and 
the  relevant  tax  authorities. 
The  Social  Security  office  should 
be  sent  the  UK  form  declaring 
that  you  are  fully  paid  up; 
otherwise  there  are  no  reim- 
bursements on  medical  or 
pharmaceutical  services  for  the 
first  six  months. 

An  employee  seconded  to  Bel- 
gium on  a temporary  basis  la, 
for  tax  purposes,  considered  a 
non-resident  and  is  taxable  only 
on  work  performed  in  Belgium. 
Should  he  travel  for,  say,  100 
days  a year,  the  income  relating 
to  this  activity  is  not  taxable 
In  Belgium. 

Passive  Income  (dividends 
etc)  are  not  taxable  and  in 
addition  the  employer  may  re- 
fund, free  of  Belgian  taxes,  any 
expenses  or  allowances  Incurred 
out  of  tbe  territory. 

Ernst  and  Wbinney  have 
brought  out  a succinct  explana- 
tion of  the  practical  applications 
of  these  new  rules  which  came 
into  force  on  January  1 1983. 

When  leaving  Belgium  inform 
the  landlord  by  registered  letter 
with  “ accusg  de  reception  " at 
least  three  months  in  advance. 

The  tax  authorities  must  issue 
a declaration  that  one  Is  not 
Indebted  to  them.  Without  the 
declaration  your  household 
effects  cannot  leave  Belgium. 
Your  identity  cards  must  be 
surrendered  to  the  Town  Hall 
which  will  issue  a form  for  the 
Customs  and  Excise. 

When  obtaining  the  tax  de- 


claration, the  authorities  must 
be  given  one's  bank  account 
number  as  one  may  be  eligible  . 
for  a tax  rebate  during  the  fol-  ! 
lowing  12  months.  j 

Arrange  the  move  a dear 
working  week  in  advance . to 
allow  for  the  cleaning  and  re- 
painting which  may  be  neces- 
sary. After  which,  the  visit  by 
tbe  landlord  and  the  expert 
should  take  place. 

Wear  and  tear 

All  damage  must  be  made 
good  (deducted  from  the  guar- 
antee) but  this  does  not  in- 
clude “ normal  wear  and  tear.” 
But  some  landlords  do  count 
the  holes  in  the  walls  where 
pictures  have  been  hung ! 

The  expert  Is,  in  principle, 
impartial,  but  If  one  cannot 
agree  on  his  assessment  a coun- 
ter-expert can  be  called. 

Arrange  with  the  bank  to 
have  the  outstanding  electricity 
and  telephone  bills  sent  to  them 
for  payment  after  one’s  depar- 
ture and  Inform  the  utility 
services  of  the  date  of  depar- 
ture at  least  48  hours  in 
advance. 

Get  in  touch  with  the  Social 
Security  department  and  obtain 
a certificate  to  present  to  the 
authorities  in  the  country  of 
the  next  posting. 

Television  and  radio  licence 
authorities  should  be  informed 
or  one  could  be  stuck  In  their 
computer  for  years.  Car  plates 
should  be  returned,  as  they  are 
Issued  to  the  owner — not  to  the 
car.  If  one  is  exporting  one's 
car,  one  should  apply  for  tran- 
sit plates. 

Finally,  Belgian  formalities 
are  not  as  formidable  as  they 
might  appear— as  long  as  they 
are  undertaken  in  the  right 
sequence  with  a good  deal  of 
patience. 


Financial.  Times  Thursday  .November  3 1983 


. fcraoyation  and  tedraokigical  leadership  ingjass 


Petrofina  had  no  intention  of 
installing  new  upgrading 
“ craddng " plants  at  any  of 
the  six  reflneiy  sites  .where  it 
operated,  in  Europe,  when  the 
company  has  a stake  in  four 
refineries,  cracking  .feeffities 
already  represented  about  oner 
quarter  of  the  group's  primary 
(ffstfiUatBon  capacity — among  the 
highest  ratios  in  the  industry. 

By  the  same  token  Petrofina 
has  no  plans  for  dosing  any  of 
■ts  refinery  sites.  If  is  an  atti- 
tude which  may  be  resented  by 
some  major  oil  corporations.  : 

Petrofina  argues  that  because 
-of  Its  size  and  in  view  of  a 
rationalisation  programme  car- 
ried out  years  ago,  the  scope 
for  further  closures  is  limited. 
But  it  is  prepared  to  consider 
deals  involving  the  sharing  of 
refinery  capacity  or  product 
exchanges. 

M Demeure  believes,  how- 
ever, that  the  trend  towards 
“ profit  centres  ” within  the  oil 
industry  is  mairfwg  such  deals 
more  difficult  to  structure. . 

So  Petrofina  continues  to 
plough  its  own  furrow  by  pump- 
ing further  investment  into  its 
profitable  petrochemical  busi- 
ness and  its  refineries.  Last 
year  almost  a quarter  of  the 
group's  BF  26bn  spending 
programme  was  directed  at 
malting  refinery  and  chemical 
plants  more  efficient. 

While  many  other  energy 
corporations  pare  down  their 
investment  programmes,  - Petro- 
fina continues  to  spend  more 
and  more.  This  year  it  expected 
to  invest  BFr  41bn,  50  per  cent 
more  than  the  amount  spent  last 
year. 

Two-thirds  of  the  capital 
budget  is  earmarked  for  explora- 
tion and  production,  in  particu- 
lar in  the  North  Sea,  the  XJJS. 
and  Angola. 

In  recent  years  the  company 
has  spread  its  wings  in  such 
places  as  Australia.  Indonesia, 
Morocco,  Egypt  and  Zaire. 

Ray  Dafter 


The  Gtaverbdgnwp  today  oupkiys 
more  dun  5J50Q  men  and  women  iu  its 
. I3Enropean  factories  and  they  aU  coomb- 
dk  toward*  the  achievement of  a turnover 
which  exceeds  300-000.000$  US.  . 

Its  lane  Rescan*  Outre  to tbe  per* 

-■  fectemlwfiment  of  its  udostimi  ptail' 
osophy:  ; . . 

■ innovation 

* technological  feadosbii) 

Sod)  a pUtoNoty  means  that  die 
group  can  continually  develop  iraqy  pro- 
ducts to  meet  roan’s  needa  throughout  the 
world. 

1 Brussels  . 

Gtaverbd  Head  office 

ZMoustier  . 

■ 2floatgLa*s  furnaces  with  which  sop&tfi- 
catrd  glm  product!  can  aloo  be  nunufao- 

mred. 

3.  Roux 

figured  glass  furrace. 

Afanuce  pardcnUrly  mtendedibr  e^ti^ 


7 LodefirtSart 

Laminated  and  VHR  gfawfartbe  boUbg 
tredfc  Prtdacwu  foes  tor  high  wrfoim- 
anreentf  tradibcnal  insulating 
Tempered  lilGS- 

fiJumet 

Glamerbd  research  centre. 

SHdufe 

MumMbgnc  pfatf. 

iQ.™ 

Kanina  automotive  glass  tempering 

• tiwinw  rang;  fffmwfing  fnfUiw  inrth* 

bukfing  trade  Dowtetfazmg  plant.  Hon. 
tiadtunl  skasa. 

ItOostenvokte 

rywUn^tulHy  pfanf. 

12-Cousolre 

frlfpw  ftmuy  pla«i> 

13.  Barcelona 

Cdo  drawn  sheet  glass  ftmaoe. 

Tempered  gfasn  far  Cm  building  and 

•autometivc  mdwMen.  - 

Soviwe  tt«*dea  prodndioa  ndt  far  swd 
glass  beads. 


f ; t. 


aFleums 

SptSnWx  Automotive  DWfewo. 

New  tempeuw  farnacea  far  (he  xabwno- 
tnt  hduMi*  Production  unit  fcr  both  wild 
and  boUow  glass  beads.  Plant  far  taum- 
and  automotive  glass. 

BZeetxugge  _ 


un  lines  tor  doable 


'SPAIN 


© 


l-4S>  © 

r 


Giaverhel  - Chanas^e  de  La  Holpe  166 - 1170 Brussels  - Belgium 

TeL  02/673.40.40 -IMex  2 L097GVBBR  B 


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21 


Financial  Times  Thursday  November  3 1983 

. " ~~  THE  ARTS 


v. 


■jyim  v^yrcrre^  jj> 

i i n :1 

•:  i ii 

s 1 IV 


Record  Review 

Ronald  Crichton 


Karajan  takes  on  ‘Carmen’ 


Bizet  Carmen.  Baltsa.  Riedar- 
etli,  Carreras,  Van  Dam/ 
Berlin  PO/Paris  Optra 
C h or.  /Kara  j an.  3 records  in 
box.  DG  2741  025 
Dlndy  Symphony  No.  2,  op.  57. 
Toulouse  Capitole  Orch./ 
Plasson.  French  EMI  2C 
069-731000 

Roussel  Concert  pour  petit 
orchestra,  op.  34.  Symphony 
No.  2,  op.  23.  Colonne  Orch./ 
Derveaux.  French  Em  2C 
069-73096 


Carmen  is  the  most  resented 
of  masterpieces.  Between  the 
musicians,  especially  composers, 
who  generally  dote  on  this 
opera  ( though  Spanish  mus- 
icians tend  to  be  suspicious) 
and  the  infinite  public  that  taps 
Its  feet  to  the  times,  there  lies 
a filling  of  semi-musical  upper- 
middle-brow  taste  uncertain 
how  to  take  Carmen,  a heady 
brew  of  full-blooded  vitality, 
direct  statement  and  contra- 
puntal grace,  blazing  sunlight 
and  black  darkness.  Bizet’s 
insolent  way  of  slewing  the 
harmony  in  unexpected  places 
(the  toreador  and  flower  songs, 
for  example)  can  stfll  dis- 
concert. No  wonder  progressive 
theatre  producers  itch  to  get. 
their  bands  on  the  work. 

Five  years  after  their  “ Edin- 
burgh ” version  with  Berganza, 
Domingo,  Abbado  and  the  LSO, 
Deutsche  Grammophon  have 
produced  a successor  with 
Baltsa,  Carreras,  Karajan  and 
the  Berlin  Philharmonic.  Agnes 
Baltsa 's  lustrous  voice  records 
superbly,  yet  once  again  one 
on  disc  misses  something  of  her 
stage  personality.  She  is 
formidable,  enticing,  not  mys- 
terious or  vulnerable.  Jos€ 
Carreras  is  a fine  Jos6  who 
sounds  marked  by  fate  from  the 


beginning,  which  is  a little  too 
soon.  The  tone  is  no  longer 
quite  steady,  but  the  voice  Is 
intelligently,  musically  used. 
Jose  Van  Dam  is  the  best 
Escamilla  one  is  likely  to  hear, 
equally  convincing  in  the 
bravado  of  the  toreador’s 
couplets  and  the  amorous  pur- 
rings  of  the  last  act  Katia 
Ricciarefli  brings  her  gentle 
warmth  to  Mlcaela  but  she,  too, 
is  unsteady  and  her  words  axe 
too  far  back. 

As  one  expects  in  a Karajan 
recording,  the  smaller  parts  are 
carefully  cast  One  notices 
gratefully  the  Morales  of  Mikael 
Maibye,  the  smugglers  of  Heinz 
Zednik  and  Glno  Quilico.  There 
is  a separate  cast  for  the 
spoken  dialogues.  The  match- 
ing to  the  singing  voices  is 
fairly  good,  but  the  genuine 
French  exposes  pronunciation 
faults  in  the  non-Trancophone 
singers  winch  one  might  other- 
wise overlook.  The  edition  of 
Fritz  Oeser  is  used  with  the 
usual  mixed  result — some  of 
the  restorations  are  welcome, 
others  less  so. 

The  Paris  Op£ra  Chorus,  Im- 
ported to  Germany  for  the  occa- 
sion, is  extremely  lively.  The 
Berlin  Philharmonic  strings 
and  woodwind  are  a delight,  the 
heavy  brass  and  fully  frontal 
percussion  rather  less  so. 
Karajan  presides  with  benevo- 
lent uninvolvement  until  the 
last  entr'acte,  when  the  light 
touch  and  feeling  suddenly 
come  and  stay  for  most  of  act  4. 
Up  to . that  point  one  can’t 
imagine  feet  tapping:  some 
pages  are  slightly  plodding, 
others  slightly  brazen,  chords 
that  should  crack  tike  whips 
thud  heavily.  The  Hug  between 
revealing  new  detail  and  un- 
necessarily thickening  inner 
parts  is  thin. 

From  the  Franco-Prussian 


war  up  to  the  early  thirties, 
Vincent  dTndy  was  a dominat- 
ing figure  in  French  music. 
Physically,  with  soldierly  pre- 
sence. bulging  brows  and 
bristling  moustache,  surely  the 
most  dominating  of  alL  Our 
age  has  not  come  to  terms  with 
this  composer,  a country  gentle- 
man from  the  Vrvarals  in 
central  France,  also  an  able 
administrator.  pedagogue, 
musicologist  and  proselytiser — 
not  only  for  bis  teacher  Franck 
but  for  Monteverdi  and 
Rameau.  An  opinionated  mar- 
tinet, a doctrinaire  anti-Semite 
(contrary  in  this  as  in  other 
things  be  remained  on  good 
terms  with  Jewish  musicians  he 
liked,  such  as  Dukas),  dlndy 
dragooned  and  sometimes 
charmed  his  way  through  his 
long  career. 

Much  about  his  music  is 
rewarding  — genuine  serious- 
ness, rhythmic  exuberance  and 
ingenuity,  often  a bracing 
clarity.  French  KMT  have  pub- 
lished two  discs  of  the 
orchestral  music  followed  now 
by  a third,  with  Ibe  big  Second 
Symphony  in  B flat  (1904)  in  a 
decent  performance,  rather 
flatly  recorded,  by  the  Toulouse 
Capitole  Orchestra  under 
Michel  Plasson.  An  impres- 
sively architectural,  attractive 
work  with  a complex  finale  suc- 
cessfully embracing  a noble 
slow  fugue,  an  exhilarating 
section  in  vigorous,  dancing 
five-four  and  a chorale-perora- 
tion which  is  not  pompous. 

Total  capitulation,  however, 
may  not  come.  There  remains 
a wall  of  emotional  stiffness 
and  didacticism.  DTndy  pushes 
Franck’s  cyclical  methods  to 
extreme  limits.  Roussel  is  a 
different  matter.  With  fasti- 
dious talent  and  unassailable 
probity  he  forged  a link 
between  the  worlds  of  d’lndy’s 
Schola  Cantorum  and  modern 


music.  He  was  as  serious  a 
composer  a$  d’Indy  but  better 
integrated.  You  can  judge  his 
flavour  (an  acquired  taste,  but 
one  that  does  not  stale)  from 
the  first  bars  of  the  Concert  for 
small  orchestra  of  1927— like 
biting  into  a bitter  orange.  The 
short  slow  movement,  in  parti- 
cular. shows  Roussel  at  his 
admirable  best 

The  main  business  of  the 
record  is  Roussel's  Second  Sym- 
phony (completed  1921),  like 
dTndy's  in  B flat.  No  3 in  G 
minor  is  usually  considered  the 
pick  of  Roussel’s  bunch  of  four 

— I hear  it  was  warmly  praised 
recently  by  Witold  Lutoslawski. 
No  3 Is  neat  compact  logical. 
By  contrast  No  2 is  a dark  work 
bom  of  spiritual  struggle,  from 
the  period  when  Roussel  was 
passing  from  impressionism  to 
neo-classicism.  The  opera- 
ballet  P admdvati  was  finished 
but  not  yet  performed.  The 
first  audiences  were  thus  un- 
prepared for  the  symphony’s 
acrid  power,  and  it  has  still  not 
taken  its  rightful  place. 

It  would  surely  have  done  so 
if  the  composer  had  been 
Shostakovich,  whose  No  10  is 
brought  to  mind  by  the  quiet 
sad  flute  tune  appearing  half, 
way  through  Roussel’s  first 
movement  and  returning  to 
haunting  effect  at  the  end  of 
the  work.  The  Colonne  Orche- 
stra’s performance  is  sym- 
pathetic. So  is  Pierre  Derveaux’s 
conducting,  though  he  does  not 
have  quite  the  finesse  of  Mar- 
tin on  on  the  old  Erato  issue. 
On  the  other  hand,  the  EMI 
sound  is  clearer.  Warmly 
recommended  to  those  who 
enjoy  the  symphonies  of  Proko- 
fiev. Shostakovich  and  (though 
Roussel  at  his  most  expansive 
is  more  concise)  the  bitterer  ! 
Mahler.  Both  dTndy  and  Ravel 
are  available  through  Conifer 
Records. 


Saleroom 


A large  triptych  by  Sr 
Stanley  Spencer,  “ Swiss 
Souvenir,”  failed  to  sell  and  was 
bought  In  by  Sotheby’s  for 
£65,000  at  yesterday’s  sale  of 
British  Impressionist,  Post 
Impressionist  and  modern 
paintings. 

There  were  other  disap- 
pointments: Mark  Gertler’s 

“ Seated  nude  ” and  “ Portrait 
of  Koteliansky  ” were  bought  in 
for  £4,500  and  £W)00 
respectively. 

But  despite  a total  of  26.5 
per  cent  bought  in,  the  sale 
was  generally  good,  realising 
£494,120.  The  -top  lot  was  a 
view  "of  tiHTFiflazro..<3rvi£lU.iIn' 
Venice  by  John  Singer  Sargent 
which  sold  for  £93^00  to  - a 
private  buyer.  The  price,  a con- 
siderable advance  on  the  esti- 
mate of  £10-000  to  £15,000,  was 
a record  for  the  artist 

A study  of  “ Mr  J.  V.  Rank’s 
Horses " by  Sir  Alfred 
Mannings,  originally  estimated 
at  between  £8,000  and  £12,000, 
was  sold  for  £24,200 

A record  price  was  paid  for 
a painting  by.  woman  artist 
Dod  Proctor;  her  "Lady  on  a 
chaise  longue  ” fetched 
£18,700.  In  the  same  sale,  how- 
ever, another  of  her  paintings. 
“ Sheilah  among  the  ferns, 
failed  to  sell  and  was  bought 
in  for  £2200. 

The  London  Science  Museum 
bought  three  works:  paying 
£17,600  Stanhope  Forbe’s 
“Munition  girls  at  Kilnhurst 
Steelworks.”  £1,210  for  Edith 
Grace  Wheatley's  “ Forging 
wheelrims  for  tanks " and 
£1,320  for  " the  turning  mill  ” 
by  the  same  artist 

A painting-  by  Sir  Winston 
Churchill,  “ Seascape  near  Cap 
Ferret,’'  was  sold  for  £H£50 
to  a private  collector. 

The  Fine  Arts  Society  paid 
£13,200  for  Philip  Wilson 
Steer’s  portrait  of  the  actress 
Jennie  Lee 

ANNALCNA  McAFEE 


Extemporary  Dance/Riverside 


Nothing  if  not  venturesome. 
Extemporary  Dance  Theatre 
offered  the  work  of  five  choreo- 
graphers in  its  Dance  Umbrella 
programme  in  Hammersmith 
on  Tuesday.  The  evening  began 
less  than  ingratiatingly  with  the 
audience  kept  milling  outside 
tiie  studio  like  stranded 
passengers  In  the  airport  at  Hell 
until  curtain  time,  and  con- 
tinned  somewhat  in  the  same 
vein  with  the  first  item,  Michael 
Clark’s_JL..2.  X,  U,.  Xhia.was^  I 
assume,  a study  in  homosexual 
courtship,  with  Lloyd  Newson 
and  Yaakov  Slivkin  circling  each 
other  and  caught  in  rather  staid 
little  dances  while  a nerve- 
wrenching  din  of  punk  rock 
assailed  our  ears.  There  followed 
a solo  by  Emilyn  daid  for 
Annelies  Staff  el  on  which  I have 


Clement  Crisp 

already  reported  with  less  than 
enthusiasm  for  its  fragments  if 
gesture  pinned  on  the  thin  line 
of  the  dance. 

Matters  looked  up,  though, 
with  the  first  London  showing 
of  Jane  Dudley's  Dark  is  the 
Night,  which  uses  a chrono- 
logical succession  of  jazz 
recordings  to  illuminate 
changing  attitudes  in  dance  and 
social  behaviour.  Well  argued  by 
Mh»;  Stoffel  and  Edgar  Newman, 
it  was  blessed  with  a dear, 
strong  choreographic  identity — 
as  one  might  expect  , from,  an 
artist  of  Miss  Dudley's  eminence. 

This  same  creative  procedure 
was  also  the  basis  for  the  other 
novelty  on  the  programme:  Dan 
Wagoner’s  Spiked  Sonata,  first 
given  by  Mr  Wagoner’s  own 
troupe  a couple  of  years  ago, 
and  here  very  well  performed 
by  Extemporary’s  six  dancers. 


The  design  offers  amusing  ver- 
sions of  Thirties  dress  by  James 
Welty,  and  Mr  Wagoner's 
choreography  is  similarly 
stylish  in  dealing  with  a selec- 
tion of  'thirties  tunes.  High 
energy,  and  a general  air  of 
good  fun,  make  this  an  appeal- 
ing dose  to  the  evening. 

The  remaining  piece — Sally 
Owen's  Giraffes  and.  Jellyfish 
and  Things— has  been  in  the 
repertory  for  two  seasons,  and 
is  determinedly  facetious  about 
evolution:  no  small  feat  It  is 
dominated  by  the . performance 
of  Lloyd  Newson,  brilliant  as  a 
crawling  thing  all  too  eager  to 
shed  its  skins,  as  the  most 
simian  of  chimpanzees,  and  as 
a gravel-blind  music-lover  who 
doesn't  know  front  from  back. 
Mr  Newson  is  a highly  indivi- 
dual and  splendid  artist  and  he 
makes  Giraffes  worth  while. 


Aquarius/Elizabeth  Hall 

Andrew  Clements 


With  Nicholas  Cleobuxy  as 
its  artistic  director,  Aquarius  is 
a predominantly  young,  Sin- 
fonietta-sized  band  which  made 
its  South  Bank  debut  last 
month.  It  appears  to  be  still 
searching  far  an  identity, 
though  some  kind  of  quaint, 
faintly  whimsical  character 
seems  to  lurk  behind  its  first 
pair  of  programmes,  the  second 
of  which  was  brought  to  the 
Elizabeth  Hail  on  . Tuesday 
night. 

A commitment  to  new- music 
is  certainly  signalled.  The  first 
London  performance  of  Peter 
Paul  Nash’s  Insomnia  and  the 
premiere  of  the  specially  com- 
missioned Towards  Aquarius  by 
John  Buller  were  the  highlights 
of  the  evening,  but  they  lay 


uneasily  alongside  music  by 
Georges  Enesco  and  an  un- 
ashamedly lightweight  second 
half  of  Tippett  folk-song  set- 
tings, a slender  piece  of  froth 
by  Lord  Berners,  L'Umo  dai 
Baff i,  and  Cleobury's  own 
arrangements  of  songs  by 
Berners  and  Noel  Coward. 

Nash's  tight  little  essay,  seven 
minutes  of  intricate  variations 
with  a lucid,  effective  coda  came 
as  blessed  relief  after  the  inters 
. minable  note  - spinning  of 
Enesco 's  Symphonic  de  chambre 
of  1954.  his  last  completed 
score. 

Bailer’s  new  work  was  more 
substantial,  and  could  be  turned 
into  a virtuoso  exercise  by 
more  assertive  and  accurate 
playing  than  Aquarius  pro- 


duced. It  is  played  against  a 
taped  background  of  continually 
changing  pulses,  which  acceler- 
ate in  the  first  section,  slow 
down  in  the  second  and  keep 
a constant  speed  in  the  third. 
The  players  are  required  to  fit 
their  solos  into  this  grid  and 
the  result,  melodic  and  in- 
gratiating. makes  for  a shapely 
piece. 


Rank  Xerox 
sponsors  youth 

Rank  Xerox  (UK)  is  investing 
£60,090  in  the  British  winter 
tour  of  the  Chamber  Orchestra 
of  Europe,  the  grouping  of 
young  musicians  from  many 
European  countries. 


Tracey  Ullman  with  Alan  Rickman 


The  Grass  Widow/Royal  Court 


Michael 

“What  are  you  looking  for?" 
demands  a listless  Alan  Rick- 
man of  Tracey  Ullman  who 
happens  to  have  her  hand  in 
his  trousers  at  the  time.  They 
are  on  the  verandah  of  a 
wooden  ranch  .overlooking  a 
Californian  dope  farm.  Snakes 
slither  through  the  under- 
growth. Police  helicopters 
swoop  around  for  free  cuttings. 
The  hazy,  lazy  days  of  summer 
are  turning  chilly.  Good  old 
Morty,  for  whom  Dennis  (Mr 
Rickman)  has  managed  the 
farm,  is  a stack  of  boivs  piled 
up  in  a trunk  along  with  the 
voluminous  notes  for  a defini- 
tive tome  on  the  alternative, 
culture. 

Snoo  Wilson's  new  play,  not 
one  of  his  best,  has  a neat 
title.  Morty's  widow  is  using 
Dennis  to  stave  off  the  rapacious 
demands  from  a sleek  little 
creditor,  Andre,  who  arrives  m 
a hired  limo  and  soakeskin 
boots.  His  girlfriend,  Carmen 
(Miss  Ullman),  has  survived  a 
meat  diet  and  all  kinds  <-f  other 
forced  feeding  at  the  hands  of 
Hell's  Angels.  Dennis  wants 
his  share  of  the  estate.  The 
widow,  Lorraine,  wants  her 
share  of  Dennis. 

As  a study  in  the  capitalism 
of  the  drug  world,  the  play 
scores  a variety  of  good  hits. 
Andre  is  a street  hustler  who 
knows  no  quicker  way  of  mak- 
ing money.  Dennis  is  an 
English  drifter  who  has  been 
drawn  into  the  association  of 
growers  in  the  valley  which 
Morty  started.  Carmen  will  try 
anything  twice.  And  Lorraine 
has  spent  her  dead  husband's 
wealth  on  fixing  her  teeth  and 
planning  to  fix  her  tubes.  Leslee 


Coveney 

Udwin  plays  this  latter  role  with 
less  swish  and  panache  than  is 
called  for. 

Max  Stafford-Clark’s  produc- 
tion ambles  along  in  a pleasant 
sort  of  way  but  does  not  strike 
to  the  quick.  This  is  a consider- 
able disappointment,  as  his  pre- 
vious collaboration  with  Snoo 
Wilson  on  this  stage,  in  The 
Glad  Hand,  remains  a highlight 
of  his  regime.  For  once,  the 
playwright's  weird  and  wonder- 
ful obsessions  fail  to  cohere  in 
a theatrical  gelatine.  The 
statutory  “ miracle  ” — in  this 
case  Miss  Ullman  faking  an 
ectoplasmic  demonstration,  bub- 
bly froth  foaming  from  between 
her  legs  as  she  sits  astride  a 
bucket  in  a trance  — is  not  very 
exciting.  Or  funny. 

The  plight  of  middle-aged 
hippies  is  a good  subject,  and  I 
admire  Mr  Wilson's  thorough- 
ness with  the  language,  the 
attitudes,  and  the  debilitating 
onset  of  real  life.  Mr  Rickman, 
discovered  naked  under  the  sun, 
gives  a languid  display  of 
stoned  pragmatism  and  manipu- 
lates the  action  through  several 
intriguing  plot  twists  mostly 
related  to  the  circumstances  of 
Morty’s  death.  And  Ron  Cook, 
snappily  ruthless  as  Andre, 
scores  most  of  the  evening's  few 
laughs. 

On  the  other  hand.  Tracy 
Ullman  is  not  really  firing  on  ail 
comic  cylinders  as  the  wide- 
eyed  receptacle  of  mystical 
nonsense  and  smuggled  dope 
and  was  even  thrown  by  a 
curious  mishap  with  the  light- 
ing plot  Mr  Wilson's  invention, 
as  a result,  is  less  of  a deadly 
concentrate  than  you  would 
expect. 


Ayckbourn  overtakes  Shakespeare 


Alan  Ayckbourn  has  over- 
taken Shakespeare  as  the  most 
popular  playwright  among 
provincial  theatre  audiences. 
The  Arts  Council,  as  part  of  its 
more  open  policy,  is  releasing 
detailed  figures  about  the 
audiences  and  box  office  re- 
ceipts of  the  regional  repertory 
theatre  companies  that  it 
subsidises. 

The  most  popular  and  most 
performed  play  in  1982-83  was 
Cider  with  Rosie,  which  played 
232  times  with  an  audience  of 
92,000.  It  was.  followed  by 
Ayckbourn's  Sisterly  Feelings 
with  217  performances  and  an 
audience  of  80,000.  Among  new 


plays  BZood  Brothers.  Andy 
Capp.  John  Lennon  and 
Restoration  topped  the  list. 

There  were  1,034  perform- 
ances of  plays  by  Ayckbourn, 
with  an  audience  of  327,000, 
and  1,060  for  Shakespeare,  with 
318,000  attending.  Then  there 
was  a big  drop  to  the  170,000 
who  paid  to  see  works  by  Willie 
Russell. 

There  was  a fall  in  the  num- 
ber of  performances  between 
1981  and  the  beginning  of  this 
year,  but  subsequently,  there 
has  been  a reversal  of  the  trend, 
and  box  offices  are  now  taking 
more  in  real  terms  *han  three 
years  ago.  The  cost  of  a theatre 
ticket  has  risen  by  20  per  cent 


since  1980. 

Breaking  down  tbe  statistics 
shows  that  new  plays'  now 
account  for  13  per  cent  of  the 
audience  in  1982-83  as  against 
9 per  cent  in  the  previous  year. 
Musicals  have  also  grown  in 
popularity  at  the  expense  of 
pantomimes.  Even  so,  pantos 
still  attract  the  largest  audi- 
ences, with  an  average  of  450 
as  against  just  over  300  for 
dramas. 

The  Royal  Shakespeare  Com- 
pany, which  this  week 
announced  that  its  Stratford 
audience  rose  from  74  per  cent 
in  1981-S2  to  86  per  cent  last 
season,  with  a similar  high 
audience  for  the  Barbican,  is  to 


receive  £60,000  in  sponsorship 
from  the  Royal  Insurance. 

The  money  will  mainly  go 
towards  the  RSC/Royal  Insur- 
ance Armchair  Proms  for  a 
week  in  March  1984  when  700  of 
the  top  price  stalls  will  be  avail- 
able at  8.30  am  each  day  to  per- 
sonal callers  at  S3  a ticket.  The 
scheme  ties  in  with  the  aims 
of  both  the  RSC  and  the  spon- 
sor to  encourage  young  people 
to  attend  the  theatre.  There  will 
be  three  productions  during  the 
week — Much  Ado  About  Noth- 
ing, Cyrano  de  Bergerac  and 
The  Tempest,  all  starring  Derek 
Jacobi. 

ANTONY  THORN CTO  FT 


Jerusalem  SO/Festival  Hall 

Dominic  Gill 


Mitsuko  Shirai/Wigmore  Hall 

David  Murray 


The  Jerusalem  Symphony 
Orchestra  rank  as  the  second 
orchestra  of  their  home  country; 
but  in  the  marter  of  program- 
ming variety  and  enterprise, 
and  commitment  to  contem- 
porary musilc,  they  probably 
rank  first.  Underlining  that 
commitment,  they  opened  their 
concert  under  their  chief  con- 
ductor. Gary  Bertini,  on  Tues- 
day night  with  a Scherzo 
miditerranten  by  the  Israeli 
composer  Ami  Maayani  — a 
colourful,  scrappy  nine-minute 
score,  entirely  acceptable  as  an 
unpretentious  curtain-raiser. 

There  are  actually  better 
Israeli  orchestral  works,  just  as 
there  are  better  violin  con- 
certos than  the  Bruch.  We  say 
“ the  " Bruch  violin  concerto — 
though  it  is  in  fact  only  the  first 
of  three,  of  which  the  two  re- 
maining have  sunk  into 
obscurity.  I often  wish  the  first 
bad  joined  them:  for  it  is  a 
deeply  tiresome  piece  that  crops 
up  everywhere,  bursting  with 
cliche,  and  predictable  as  cream 
of  tomato  soup.  The  only  con- 
ceivable excuse  for  it  is  as  a 
vehicle  for  exceptionally 
polished  and  juicy  violin  play- 
ing:. and  that,  on  this  occasion, 
the  soloist  Ida  Kaendel  de- 
livered with  splendid  elan. 


From  my  seat  at  the  extreme 
front  left  of  the  stalls,  I was 
able  to  make  close  acquaintance 
with  the  back  desks  of  the 
Jerusalem  Symphony's  violins, 
but  it  was  difficult  to  get  a clear 
view  of  the  orchestral  balance. 
After  running  the  gauntlet  of 
power-crazed  killer-nannies  dis- 
guised as  stewards  who  these 
days  haunt  the  Festival  Hall.  I 
found  a better  vantage  point  for 
Mahler’s  fifth  symphony  after 
the  interval. 

It  was  not  really  a very  dis- 
tinguished account:  though  it 
had  a definitely  original,  and 
not  unlikeable,  flavour.  Bertini 
made  the  first  movement  an  un- 
usually lightweight  confection, 
almost  breezily  lyrical;  the 
second — sturmisch  beicegt — had 
ail  of  its  sharp  edges  softened, 
its  bitterness  mellowed,  its 
dark  shadows  chased  and 
scattered  by  a geniality  wholly 
without  vehemence.  The  sunny 
scherzo  thus  seemed  less  Mah- 
lerian  relief  than  a very  un- 
Mahlerian  continuation;  and 
the  adagietto  no  more  than  a 
shimmer  of  surface  whispers. 
Bertini's  answer  to  the  proble- 
matic finale  was  perhaps  his 
most  successful — bright  and 
very  fast,  sidesrepping  by  sheer 
force  of  impetus  any  hint  of 
vulgarity. 


Miss  Shirai's  triumphant 
Liederabend  on  Tuesday  was 
“presented  by  Dr  Elisabeth 
Schwarzkopf,"  to  whom  it  did 
great  credit.  In  these  circum- 
stances imitation  would  be  no 
flattery  at  all;  the  recital  proved 
that  though  the  younger  sop- 
rano has  assimilated  the 
Schwarzkopf  standards,  there  is 
no  question  of  clever  Japanese 
imitations — Miss  Shirai  is  the 
real  thing,  a distinct  and 
remarkable  artist.  Where 
moments  in  Schubert  and  Wolf 
echoed  a Schwarzkopfian  tu  ro- 
of-phrase, they  still  belonged 
entirely  to  a new  vocal  person- 
ality. There  are  a lot  of  turns- 
of-phrase,  after  all,  about  which 
Dr  Schwarzkopf  has  been 
formidably  right. 

Miss  Sharai's  vital  intelli- 
gence and  her  rapt  dramatic 
style  are  her  own;  and  as  if 
that  were  not  enough  she  has  a 
singularly  beautiful  voice,  not 
especially  large  but  capable  of 
concentrated  power  (thrilling  in 
Wolfs  “Kennst  du  das  Land"). 
After  her  last  appearance  here 
I described  it  as  “evenly  culti- 
vated." but  that  Is  no  longer 
quite  correct  Her  wide  middle 
register  has  developed  astonish- 
ingly, dense,  velvety  and  full  of 
character,  and  yet  brilliantly 
focused;  her  higher  register  re- 


mains reliably  true  and  pretty, 
but  thinner,  and  it  begins  to 
sound  like  an  extension.  That  is 
incidental  to  the  cultivated  in- 
tensity of  her  performances,  as 
potent  in  Webern's  op.  3 songs 
after  Stefan  George  as  in 
Schubert’s  “Der  Einsame” — 
delectable — or  her  quietly  pierc- 
ing “Verlassene  Magdlein"  of 
Wolf. 

In  short,  Miss  Shirai  looks 
like  becoming  an  indispensable 
Liedar  singer.  I leave  readers 
to  fill  up  the  statutory  “We 
shall  be  lucky  if  this  season 
produces  another  such,  etc.” 
for  themselves,  and  spare 
them  tantalising  descriptions  of 
what  they  did  not  hear.  It 
should  be  added,  however,  that 
she  has  the  unfair  advantage 
of  an  accompanist-husband  — 
Hartmut  H811— who  is  himself 
a strong,  imaginative  musician, 
ready  to  give  splendid  weight 
to  piano-parts  in  the  knowledge 
of  just  what  his  singer  is  equal 
to.  He  must  surely  take  credit 
for  her  clear,  open  German  dic- 
tion, too.  As  a matter  of  fact 
her  sung  Italian,  in  the  open- 
ing Haydn  cantata,  was  terrible, 
though  both  performers  made 
an  immediately  striking  musical 
impression:  so  she  is  not  too 
good  to  be  true. 


Berlin  Autumn  Arts  Festival 

Ronald  Holloway 

Basilius,  King  of  Poland,  impris- 


Arts  Guide 


Music/Monday.  Open  and  Batet/Tuesday.  Theabe/Wed- 
nesday.  EiMbMons/Thursday.  A selective  guide  to  alt  the 
Arts  appears  each  Friday. 


Oct  28  - Nov  3 


Exhibitions 

LONDON 

The  National  Gallery,  Manet  al  Work: 
this  year  falls  the  centenary  of  Man- 
et's death,  which  now.  in  the  knowl- 
edge of  the  great  old  age  achieved 
by  his  Impressionist  contempora- 
ries. whom  he  influenced  so  posi- 
tively, seems  so  sadly  premature. 
The  great  retrospective  in  Paris  this 
summer  clarified  the  nature  and  sig- 
nificance of  his  achievement  Here 
the  National  Gallery  does  not  give 
us  anything  so  comprehensive,  but 
takes  eight  major  works  across  the 
range  of  his  career,  and  by  simple 
scholarly  exposition,  shows  us  how 
be  set  about  his  business 

The  Barbican:  Matthew  Smith  - an  il- 
luminating retrospective,  long  over- 
due, of  the  life's  work  of  one  of  ihe 
most  truly  French  of  British  poin- 
ters of  this  century-  And  yet  he  re- 
mained a most  English  expression- 
ist, the  sharp,  bright  Fauve  colour  of 
his  early  years  modifying  in  range 
and  tone  to  darker,  quieter  effect 
Ends  late  Oct 

The  Royal  Academy:  Art  of  the  Avant 
Garde  in  Russia  IS  10-30: a selection 
amounting  to  some  300  works  from 
die  astonishing  collection  formed 
sjace  the  War  by  George  Costakis. 
sometime  official  in  the  Canadian 
Embassy  to  Moscow.  The  Russian 
artists  in  tbe  years  before  and  after 
the  Revolution  were  as  stimulated 
by  tbe  ideas  and  events  of  that  time 
as  their  feliow-intelSectuals  and  con- 
sequently denounced  as  decadent 
when  Stalin  decided  they  were  too 
dangerously  free  and  should  be  sup- 


pressed. One  wonders  how  many 
more  works  are  still  under  lock  and 
key.  Ends  Nov  13 

PARIS 

Mnsee  Mamottan.  2 roe  Louis- BoiUy: 
an  important  collection  of  paintings 
and  drawings  by  Claude  Monet  and 
his  friends,  including  tbe  famous  oO 
‘Impression  - Sunrise,"  which  gave 
the  name  to  the  whole  movement 
Closed  Moo  (2240702) 

Musee  de  Quay,  6 Piece  Paul-Pain- 
ieve:  this  museum,  built  originally 
by  the  Abbots  of  Guny,  now  houses 
medieval  works  of  art,  including 
goldsmiths'  work,  carved  altar 
pieces,  ivories,  fabrics,  and  Limoges 
enamels.  Also  a set  of  the  Lady  and 
tbe  Unicom  mille-fleuis  tapestries  - 
an  allegory  of  the  five  senses. 
Closed  Tuesday,  and  every  lunch- 
time 

Cycladic  Art  from  the  N.  and  D.Goo- 
londris  Collection  - more  than  200 
remarkable  items  dating  from  the 
third  century  B.G  are  bring  shown 
at  the  Grand  Palais  before  return- 
ing - definitely  - to  Athens.  Grand 
Palais  (ends  Jan  9 1984).  Closed  Tue, 
Wed  late  dosing  night  10  pm 
(2615410) 

Turner  (1775-1851)  - the  exhibition 
traces  the  creative  development  of 
the  artist  who.  although  steeped  in 
the  great  landscape-painters'  tradi- 
tion Of  the  18th  century,  becomes  - 
through  his  fascination  with  the  ef- 
fects of  light  - one  of  the  forerun- 
ners of  abstract  art  Grand  Palais 
(Oct  15-Jan  16).  Owed  Tue 
OB15410) 

liege  Modern  Art  Museum  has  lent 
its  collection  of  choice  items  - one  of 


Monet’s  first  paintings  and  one  of 
Gauguin's  last  Also  a surprising. 
Bine-period  Picasso  - to  the  Centre 
de  la  Communaute  Francaise  de 
Belgique.  (Tel:  2712816),  llam-fipm, 
dosed  Mon.  Ends  Jan  8 

Tbe  Land  'at  W»ml  and  Astute.  Ten 
thousand  years  of  Syria's  artistic  de- 
velopment Petit  Palais  (2851273). 
Ends  Jan  8.  10am  to  5.40pm.  Closed 
Mondays 

NEW  YORK 

Metropolitan  Museum  of  Art:  75 
works  from  tbe  20th  century  mil**, 
tfcm  of  Baron  Thyssen-Boroemisza 
will  include  10  of  his  latest  acquisi- 
tions- Featured  in  the  show  will  be 
works  by  Kandinsky,  Picasso,  Gris, 
Dali.  Bacon,  Freud  and  Rothko.  Tbe 

. recent  acquisitions  are  works  by 
Georgia  O'Keeffe,  Qalthus,  Mondri- 
an, Picasso  and  Natalia  Gontcharo* 
va.  Ends  Nov  27 

Pterpont  Morgan  Library:  Drawings  o£ 
fourteenth  to  eighteenth-century 
Italian  masters  include  a large  num- 
ber of  sketches  for  paintings  by  Ca- 
naletto, Piranesi,  Titian  and  Tinto- 
retto. The  drawings  show  off  the 
draughtsmanship  of  the  painters 
and  the  development  of  their  com- 
positions from  these  preliminary 
but  evocative  works.  Ends  Nov  13 

Cantor  Sculpture  Centre:  Set  against  a 
Spectacular  view  of  New  York  atop 
the  World  Trade  Tower,  35  Rodin 
sculptures  are  displayed  in  the  en- 
largements and  reductions  carried 
out  by  Rodin  collaborator  and  re- 
producer Henri  Lebosse.  One  World 
Trade  Center,  105th  storey 


WASHINGTON 

National  GaDet^Arl  of  Aztec  Mexico 
combines  works  confiscated  during 
the  Spanish  conquest  of  1521  with 
the  unearthing  in  1979  of  the  Great 
Temple  of  Tenochtitlan,  capital  of 
the  Aztec  empire,  in  central  Mexico 
City.  Tbe  most  comprehensive  Aztec 
art  exhibit  ever  mounted  in  America 
reflects  the  religion  that  suffused 
the  Aztec  culture,  with  gods  per- 
forming sacrifices  that  had  to  tea  re- 
peated by  man  in  order  to  keep  the 
sun  moving  across  the  sky  and  the 
cosmos  working.  Ends  Jan  8, 1984 

CHICAGO 

Museum  of  Contemporary  ArtiMore 
than  100  works  of  the  provocative,  if 
not  outrageous,  sculptress  Louise 
Bourgeois  comprise  the  first  major 
retrospective  of  her  work,  going 
back  to  the  1940s.  The  sexual  and 
Women's  Lib  themes  of  recent  times 
gained  the  artist  a notoriety,  here 
put  in  perspective.  Ends  Oct  30. 

BRUSSELS 

15th  Century  drawings  from  Belgian 
private  collections  - 100  drawings 
including  Jordaens,  Teniers,  van 
Goyen,  Tiepolo,  Poussin  and  Frago- 
nard. Societe  Generate  de  Banque. 
Ends  Dec  21 

WEST  GERMANY 

DfisseUort,  Tonhaile,  1 EhrenhoE 
‘New  Glass  in  German"  has  260  col- 
ourful decorated  glasses,  vases, 
bowls  and  pictures  by  59  contempo- 
rary artists.  Ends  November  6 


Nuremberg.  Kunsthalle,  32  Lorenzer 
Strafe  32:  a survey  of  the  contem- 
porary arts  scene  in  East  Germany 
documented  by  mare  than  200 
works  by  13  artists.  Ends  Nov  15 

Berlin,  Nationalgalerie,  50  PoLsdaraer 
Strasse:  ISO  figurative  and  abstract 
wooden,  bronze,  wire  and  rolled- 
steel  sculptures  by  Pablo  Picasso. 
Ends  Nov  27 

Hanover,  Wilhelm  Busch  Museum,  1 
Georgengarten:  The  first  venue  of 
Ihe  roving  exhibition  with  178  etch- 
ings and  lithographs  by  George 
Cruikshank.  the  British  cartoonist. 
Brule  -law  { 

Essen,  Museum  Folkwang.  41  Goe- 
thestrasse:  paintings,  drawings,  wa- 
ter colours  and  graphics  chiefly 
from  the  early  periods  of  Erich 
Heckel  (1883  to  1970),  the  German 
expressionist  painter.  Ends  Nov  20 

Munich,  Lenbachhaus.  33  Luisen- 
strasse:  'Aktuell  '83'  offers  a view  of 
a sizeable  part  of  today's  European 
arts  scene  through  165  works  (main- 
ly paintings,  sculptures,  video  and 
films)  by  44  artists  from  Milan,  Mu- 
nich, Vienna  and  Zurich-  Ends 
Nov  20 

ITALY 

Milan:  At  the  Chiesa  delle  Grazie 
there  are  100  pre-Raphaelite  and 
Neogothic  paintings  for  church  win- 
dows. 

Venice:  Palazzo  Ducale,  7000  years  of 
China  exhibition.  Ends  Dec  31. 
Museo  Correr:  Titian's  engravings 
oa  show.  Palazzo  delle  Prig  i on  i:  ex- 
hibition of  works  by  Massimo  Cam- 

pifih 


Far  and  away,  the  top  stage  hon- 
ours at  this  year's  Berlin  Autumn 
Arts  Festival  (Berliner  Festwoch- 
en),  went  to  the  guest  performances 
from  Poland:  Jerzy  Jarocki's  pro- 
duction of  Calderon  de  la  Barca's 
Life  is  a Dream  (La  vida  es  Buena, 
published  in  1638)  at  the  Stary 
Teatr  Krakow,  and  Kar.imlerz 
Braun's  production  of  Albert  Ca- 
mus's adapted  novel  La  Peste  (titled 
Druma  in  Polish)  at  the  Teatr 
Wspolczelny  Wroclaw.  A year  ago, 
at  the  19B2  Berliner  Festwochen, 
Jarocki  was  critically  acclaimed  for 
his  production  of  Slaworair  Mro- 
zek's  On  Foot,  a presentation  of  the 
Teatr  Dramatyczny  Warszawa.  He 
is  surety  one  of  the  finest  directori- 
al talents  in  contemporary  theatre. 

A theatrical  event  has  been 
carved  out  of  Calderon’s  Life  is  a 
Dream,  for  the  play  itself  deals  with 
Poland,  is  set  on  a barren  state- 
landscape,  and  is  imbued  with  the 
Spanish  dramatist's  lofty  spiritual 
thoughts.  References  to  Poland  to- 
day are  clearly  evident,  although 
reading  between  the  lines  belongs 
essentially  to  the  coterie  of  exiled 
Poles  in  the  audience,  each  of 
whom  anticipated  every  spoken  syl- 
lable (in  contrast  to  the  rest  of  us 
fumbling  with  an  earphone  for  a si- 
multaneous translation).  Neverthe- 
less, one  is  fairly  taken  aback  by 
tbe  timely  relevance  of  this  classic 
in  even  the  skeleton  frame  of  the 
plot. 


ons  his  recently  bom  son  due  to  a 
prediction,  read  from  the  stars,  that 
Sigisnmnd,  the  son,  will  one  day 
overthrow  him  in  a rebellion.  When 
the  child  has  grown  up  without 
knowledge  of  bis  royal  blood,  the 
old  king  repents  and  invites  the  son 
to  join  him  on  the  throne  - at  which 
Sigismund  thoughtlessly  falls  back 
on  his  unharnessed,  violent  ways. 

He  is  immediately  imprisoned 
again,  but  told  (after  recovering 
from  a drugging)  that  the  contact 
with  royalty’  was  nothing  more  than 
a dream.  Thereupon  a transforma- 
tion takes  place  in  the  youth,  and 
he  tempers  his  savagery  with  rea- 
son. 

A revolution  then  does  occur,  the 
old  king  is  dethroned,  and  Sigis* 
nmnd  is  offered  the  crown.  He  be- 
comes a good  king  - indeed,  abrim 
with  joy,  he  begins  to  dance  the 
Krakowiak  - for  at  one  stage  the 
old  king  had  threatened  to  strip  Si- 
gismund of  his  rightful  heritage 
and  pass  the  Polish  crown  on  to  his 
nephew  in  Moscow.  "I  had  a 
dream..." 

This  is  a wordy  play,  with  pain- 
fully long  speeches.  Yet  the  stage 
presence  of  Krzysztof  Globisz  as  Si- 
gismund - as  imposing  as  a block  of 
granite,  as  agile  as  a Nureyev  - 
makes  everything  credible.  His 
counterpart  is  the  gifted  Jerzy 
Stuhr  as  the  old  King  Basilius,  an 
actor  known  to  international  audi- 
ences from  his  numerous  roles  in 


films  by  Andrzej  Wajda,  Krzysztof 
Zanussi  and  Krzysztof  Kieslowski. 

Shortly,  if  he'  recovers  in  time 
from  an  illness.  Wajda  will  direct 
Stuhr  in  the  title  role  of  Shake- 
speare's Hamlet,  according  to  one 
report  here.  And,  of  course,  at  the 
Stary-  Teatr  Krakow  (“stary”  means 
"old"  in  Polish)  - arguably,  Poland’s 
leading  theatre  at  the  moment. 

An  earlier  Jerzy  Jarocki  produc- 
tion, a staging  of  T.S.  Eliot's  Mur- 
der in  the  Cathedral  in  a church 
with  top  dramatic  personalities, 
was  transmitted  in  a clip  on  West 
German  television  broadcasts  on 
Poland  after  the  imposition  of  mar- 
tial law.  It  is  noticeable  how  up-to- 
date  and  analytical  Polish  theatre 
can  be  while  maintaining  a distance 
between  real  events  and  metaphori- 
cal nuances.  In  the  case  of  the  sec- 
ond production  invited  to  the  Berlin 
festival,  Karimierz  Braun's  adapta- 
tion of  Camus's  The  Plague  at  the 
Teatr  Wspolczelny  Wroclaw 
(“wspolczesy"  means  “contempor- 
ary" in  Polish),  it  is  the  closing 
scene  that  strikes  a chord. 

Here,  after  the  epidemic  (in  the 
.Algerian  city  of  Oran  in  the  origi- 
nal) has  been  apparently  conquered 
through  the  solidarity  of  the 
townspeople  in  combating  the  com- 
mon danger  without  illusions,  the 
barbed-wire  fence  between  the 
stage  and  the  public  is  symbolically 
surmounted  by  the  gesture  of  a 
woman:  she  hangs  her  washing 
ov  er  the  wire  to  dry. 


) 


Financial  Times  Thursday  November  3 1983 


FINANCIALTTMES 

BRACKEN  HOUSE,  CANNON  STREET,  LONDON  EC4P4BY 
Telegrams  Finantuno,  London  PS4^Telex:  8954871 
Telephone:  01-248 8000 


Thursday  November  3 1983 


Actual  1?1 1 Q H n ENIOE  EXECUTIVES  of 

Ill  £mM  1 ^ BAT  Industries  have  for 

^ ^ ^ years  talked  wistfully  about 

acquiring  a " fourth  leg  ” to 
1 *■  complement  the  group’s  existing 

H ■ £\CS  interests  in  tobacco,  retailing 

B BIBB  dm  I I^n  ^ and  paper.  Speculation  about 

VV11M|#K/VvJ  the  likely  target  has  occupied 

many  a dull  moment  on  the 

THERE  IS  irony  in  comparing  same  area  of  Germany,  could  ®toF*  Exchange.^  , _ 

the  performance  of  the  UK  and  preserve  their  more  modem  , But  yesterday  s agreed  offer 
West  Germany  in  their  attempts  plants,  phase-out  obsolete  ones,  asIeT1  “ which,  at 

to  accommodate  the  cutbacks  in  and  yet  still  preserve  a viable  “'r®01'  be  the  biggest  m 
steel  output  required  by  die  chain  of  production.  The  British  history  if  it  comes  off — 

EEC  Commission.  savings  on  required  capital  still  came  like  a bolt  out  of 

When  a British  conservative  investment  were  put  at  over  tiie  blue.  A large  and  not  very 
government  finally  got  to  grips  DM  lbn  and  the  political  pain  sparkling  general  insurance 
with  a nationalised  monolith  would  have  been  spread  company  had  never  looked  an 


BRITAIN’S  BIGGEST  BID 


BAT  ‘rescues’  the  Eagle 


By  Richard  Lambert  and  Barry  Riley 


INDUSTRIES 


£m3Qm 


Group  Trading 
Profits 


with  a nationalised  monolith  would  have  been  spre 

bequeathed  It  by  a socialist  between  the  two  workforces. 

one,  the  cutbacks  in  output  and 

manpower  were  impressive.  But  Conseauences 

when  a conservative  German  " 

government  tries  to  cajole  a The  Bonn  Government 


: tween  the  two  workforces.  obvious  bedfellow  for  the 

world's  biggest  private  enter- 
onsequences  priw  tobacco  manufacturer. 

* With  premium  income  of 

The  Bonn  Government  is  just  over  f 500m.  from  general 


more  fragmented  private  sector  going  to  find  It  difficult  to  let  insurance  business  in  2982, 
steel  industry  to  adapt  to  the  two  companies  suffer  the  Eagle  Star  ranks  sixth  in  the 
externally  imposed  quotas,  pro-  consequences  of  their  failure  to  list  of  UK  composite  insiaunco 
gross  is  slow,  expensive  and  merge.  So  far,  the  results  of  groups.  But  it  has  a proper- 
only  achieved  with  bitter  argu-  regional  elections  in  Germany  tionately  large  life  insurance 
ments.  Competition  can  become  have  not  been  encouraging  to  business,  and  life  premiums  of 
a liability  when  a market-place  the  Christian  Democrats.  The  £346m  were  exoeeded  only  by 


600— 


! 400 — 


200 — i 


is  not  allowed  to  operate.  party  will  be  apprehensive  Commercial  Union  the 

The  final  breakdown  of  the  about  the  elections  due  in  North-  composites  last  year, 
attempt  to  create  a single  Rhine  Westphalia,  which  en-  According  to  Mr  Patrick 
rationalised  company  out  of  the  compasses  much  of  the  steel  in-  Sheeby.  BAT'S  chairman,  the 
si  eel -making  subsidiaries  of  dustry,  in  1985.  Already  it  has  approach  to  Eagle  Star  was  not 
Thyssen  and  Krupp  is  the  felt  obliged  to  prop  up  Arbed  3USt  ^ opportunistic  response 
result  of  competition  between  Saaistahl  in  the  Saarland.  to  last  month’s  unwelcome  take- 


1973TU  73  78  T7  78  79  -80  -81  B2 


Marlon  Sadgar 


to  last  month’s  unwelcome  take- 


For  more  than  two  years, 
Eagle  Star  says  it  has  laboured 
under  serious  constraints  be- 
cause of  the  Allianz  stake.  It  Jus 
been  inhibited  from  setting  up 
new  overseas  life  insurance 
operations,  which  might  damage 
short-term  earnings.  And  it  has 
also  feared  Allianz’s  reaction  to 
any  move  into  the  German  life 
assurance  market.  “They  would 
have  given  us  very  short  shrift,” 
says  Mr  Tony  Ratcliff,  Eagle 
Star’s  chief  general  manager. 

Eagle  Star  has  also  been  con* 
side  ring  broader  moves  into  fin- 
ancial services,  outside  its  tra- 
ditional fields  of  life  and  gen- 
eral insurance.  “We  have  con- 
sidered the  possibility  of  giving 
' the  man  in  the  street  a package 
which  would  not  necessarily  be 
restricted  to  insurance,0  says 
- Sir  Denis. 

Until  now.  however,  there  has 
been  the  fear  that  expansion 
moves,  especially  those  involv- 
: ing  tsa  issue  of  new  equity,, 
would  be  fiercely  opposed  by 
Allianz — either  because  they 
did  not  fit  with  Allianz’s  own 
plans  for  the  future,  or  simply 
. . because  they  would  involve  dUu* 
MR  PATRICK  SHEKfly  ' ' ttaa  of  ite  equity  stake. 

1 The  most  promising  sector  * Now,  however.  Eagle  Star 
” ■■  ■ sees  BAT  as  adopting  very  sun*- 

For  Eagle  Star,  the  unex-  lar  ambitions  in  the  inter* 


companies  and  the  different  ^ , , ...  , ^ over  bid  tor  the  UK  insurer  Mr  Sheehy  contacted  Sir  Denis  plained  yesterday,  the  group’s  cent  But  Mr  John  Symons,  pected  appearance  of  BAT  on  national  financial  services  field. 

Steelmaking  centres  of  the  Ti*e  result  is  likely  to  be  a SJJJL  Ajlinnz  VerKichenrnpTnf  1101111  tain’  chair-  leading  position  In  so  many  BAT’S  deputy  chairman,  said  the  scene  has  provided  an  •“  BAT  will  open  doors  in  over- 

lower  Rhine  valley  that  lie  venting  of  the  German  Govern-  if?™  Vv™ nv  P*®*  To  the  hard-pressed  major  markets  means  that  acqui-  yesterday  that  his  group’s  cash  acceptable  way  out  of  what  was  seas  territories  for  us,”  Sir 

. . . . ™ . :V  . . mant'c  (niclnliniii  West  benZUUy.  UU  me  cun-  natnni-a  BW\nn  k*  k.na  • 4k.  ...  ^ , n d.!.  u.  v- j.  L t 1 i :_L1L1U>_  1.  , A—  « T*  mm  nnlv 


The  result  is  likely  to  be  a 


behind  them.  Although  both  me°t's  frustrations  abroad  — ha  __sj  .m-to—in,,  «mtr  “"I  aiuvua  wiuuu  me  luiwtxv  sw  now  wouiu  pun  uus  ratio  »at&  uswuuug  a avnvuaijr  Jimiuiuue  rrems  u 

operations  are  generating  losses  a8*inst  EEC  Commission  for  !™2» , Sm  l?oked  hke  the  Seventh  tor  may  well  run  into  anti-trust  into  line  over  the  next  couple  confrontation  with  Allianz,  help  us. 
Thyssen  felt  it  was  tiT  better  reduced  quotas  to  put  over  the  past  two  Cavaliy.  objections.  • of  years.  Setoor  executives  of  Eagle  Star  But  1 

financial  shape  than  Krupp  and  P™"****  ?tt  . German  in-  jjj”  ^app  that  flMnHai  ser-  But  why  is  BAT  so  keen  to  The  urge  to  diversify  into  new  The  key  question,  of  course,  see  the  BAT  offer  as  removing  Eagle  f 
r _ JI1 rrzzi  dustrv.  and  aeainst  other  siihsi-  ^ stage  mat  nnanciai  ser-  th!_  ^Tvo^r, 


insurance  group,  he  must  have  sitlons  within  the  tobacco  sec-  flow  would  pull  this  ratio  bade  becoming  a seriously  inhibiting  Denis  believes.  "It  can  onlv 


Cavalry. 

But  why  is  BAT  so  keen  to 


objections. 

The  urge  to  diversify  into  new 


of  years. 


Seitior  executives  ' of  Eagle  Star  But  it  is  a little  early  for 


The  key  question,  of  course,  see  the  BAT  offer  as  removing  Eagle  Star  to  celebrate  the 


was  therefore  unwilling  to  take  dustry,  and  against  other  subsi-  ^ ^ most  acquire  this  fourth  leg?  After  businesses  had  seemed  to  is  whether  BAT  has  the  ability  the  shadow  of  Allianz  from  departure  of  Allianz  from  the 

on  Krupp  Stahl’s  DM  1.5bn  dlsed  European  producers  that  ^ SrenSScmJ’  f0*  ^ financial  performance  of  moderate  somewhat  in  the  last  to  mould  Eagle  Star  into  a . their  development  plans,  while  scene.  The  German  group  could 

(£381  m)  in  debt  without  sub.  arf  00w  niaWng  such  inroads  reason's  included^  the  ,ts  ejdstinS  busmesses  over  the  few  years,  when  BAT  spent  strong  and  growing  part  of  its  providing  the  resources  for  en  decide  to  come  back,  although 

stan Hal  help  from  the  Govern-  world-wide  swing  from  mami-  ^ been  “uPf®8*  heavily  on  acquisitions  in  the  organisation.  A few  years  ago,  international  expansion  pro-  the  word  SfMJ 

menL  ™d( factoring  to  serrtce  industries,  f1!?'  Areording  to  recent  «dcu-  retail  sector-such  as  Argos  in  such  a bid  would  have  produced  gramme.  They,  see  BAT  as  a would  not  be  making  up  its 

„ talk  on  the  need  for  protection-  ‘ e « afinanc^  Utions  by  stockbrokers  de  Zoete  the  UK  and  Marshall  Field  in  howls  of  despair  in  the  City,  wealthy  and  non-interventionist  mind  this  week. 

Failure  ““  ^ grow  louder.  And  West  Jf  “«°n  8 P^°®“  ® and  Bevan,  its  compound  earn-  the  U.S.— and  paper  mamrfae-  BAT  had  a lot  of  trouble  with  parent,  although  it  is  not  clear  BAT  has  not  paid  a knockout 


, ^ ofi.the  need  for  protection-  oositjon^  a finand^l  Utions  by  stockbroker*  de  Zoete  the  UK  and  Marshall  Field  in  howls  of  despair  in  the  City-  wealthy  and  non-interventionist  mind  this  week. 

tdlttre  18111  ^ grow  louder.  And  West  ”22“^  «L»«Sh  and  Bevan,  its  compound  earn-  the  U.S.— -and  oaoer  manufac-  BAT  had  a lot  of  trouble  with  Parent,  although  it  is  not  clear  BAT  has  not  paid  a knockout 

Th.  ^ th-  Germany  could  very  well  use  its  m toe  decade  Sr^  irito  aSSii  ite  eaSatt^to  to  divmS-  at  this  stage  whether  all  their  price;  indeed  it  is  slightly 

r^.r  11^  T?-..  role  as  the  EEC  paymaster  to  tlcms ba*  worked  out  at  16^  per  cent  SSbeing  acquired  in  1978.  in  partfcularwith  its  mov^tato  optimism  is  justified.  -curious  that  Eagle  Star  has 

STASIS  *»lg  issue  out  of  steel  waTIhat  to?  a year-well  over  twice  the  But  took  over  cmmetics  in  the  late  IMOs  In  dealing  with  Alliam,  accepted  575p  a share  with  such 

*Ummit  111  amage^for  UK  industry.  Ite  ” "Z*  ^Eagle  had  to  £j£5e  alacrity  two  weeks.; after  the 


arjsswss 

sraas  ssturft  js&jLssrpaawst  — : — 

tions  produced  by  a commission  But  the  failure. of  the  Krupp-  big  enough  to  have  an  tome*  a significant  measuroof  growth  The  WOrW  Cl&HTette  maricfit 

last  January.  These  called  tor  Thyssen  merger  is  not  only  a dlate  impact  on  BAT*«  profile.  in  resd  termsT^  TfW41u  wgotww  mainti 

BAT*s  achievement  has  not 


the  five  main  German  steel  German  disappointment 


All  this  might  come  as  a 


makers  to  coalesce  into  two  hangs  yet  another  question  mark  surprise  to  readers  of  Mr  . rf " 4 A , , rT7  m,6?!  bas  , 

competing  groups — the  Rhine  over  the  whole  EEC  policy  of  Sheehys  annual  statement  this  111  ,ts.shar°Prtoe- 

Gro^^d  theRuhr  Group,  trying  to  "restructure"  an  spring.  He  said  then  that  the  3s 

Talks  on  the  Rotor  group  came  industry  while  protecting  it  group’s  acquisition  hunt  was  f P«ce  “fwass  ratio 

to  a standstill  in  March.  Now  £ron>  and  supporting  it  against,  concentrating  on  fast-moving  >s  srtanaing  J-10»  » ™ lowest 

the  Rhine  group  is  stillborn  as  non-European  competition,  consumer  goods  and  services.  P010^.10^  tne  last  zu  years, 

well.  Within  the  cocoon  changes  take  “We  believe  that  our  main  Although  the  group  can  boast  an 


The  world  cigarette  market 
will,  at  best,  show  only 
modest  growth  in  future 


with  fundamental  differences  offer  of  500p  from  Allianz  was 
between  German  and  Anglo-  described  as  “ derisory  ” and 
American'  business  philoso*  “grossly  inadequate."  * There 
phies.  On  the  Continent. . firm  had  been  talk  of  a net  asset 
business  relationships  are  com-  value  of  750p  or  800p. 
rnnniy  reflected  in  interlocking  Cleariy  Eagle  Star  has  been 
shareholdings.  For  example,  pressurised  into  recommending 
the  mutual  25  per  cent  share-  the  BAT  offer  to  shareholders 
holding  held  by  Allianz  and  by  the  fear  that  at  any  time 
Munich  Re,  the  world’s  largest  Allianz  might  swoop  in  the 
reinsurance  company,  have 'led  market  and  pick  up  another 


well.  * ' Within  the  cocoon  changes  take  “We  believe  that  our  main  as  chairman  just  over  a year  through  such  acquisitions  as  of  thTeo^v 

The  upshot  of  both  failures  is  place  too  slowly  because  coodi-  thrust  of  expansion  should  be  in  ago,  put  the  “fourth  leg”  argu-  Smtheric,  YardS  and  Ger- 

that  slimming  down  the  German  tions  are  never  quite  uncomfort-  industries  where  our  skills  and  in  “^high  on  his  list  of  priS-  mal^StanteiLlte  purchase  in  be^®e“  ^ 8TOUPJ- 

steel  industry  is  going  to  take  able  enough  to  force  the  un-  expertise  are  applicable,  he  “^*5*  fi?gF-  S?*®1  ties.  1972  of  International  ^ Star,  the 


Negotiations  have  been  short 


toQger  and  be  more  painful  pleasant  choices  through.  Out-  added.  ,00«  oisuncuy  snaDoy.  ^ ^ ^ ;nrTiwa- 

and  expensive  than  it  would  side  the  EEC.  the  pressures  for  Mr  Sheehy,  who  has  spent  83  An  obvious  explanation  is  Uoa  to  moveinto  a new  field, 

have  been  had  the  mergers  retaliatory  protectionism  grow  of  his  53  years  working  for  that,  for  all  its  diversification,  __d  it  had  the  fire  newer, 

gone  ahead.  The  obvious  because  the  EEC  regime  increas-  BAT,  explained  yesterday  that  tobacco  still  accounts  for  Although  It  is  * matm-n 


gone  ahead.  The  obvious  because 
advantage  of  the  Krupp-  ingly  a] 
Thyssen  merger  plan  was  that  protect 


dlyter  for  years.  Allianz's  stake  (until  recently.  Star  within  BAT  have  been 

■ the  reeord  has  Improved  of  28' per  cent)  was  awathAmn.  hammered  out,  although  both 


OOVIOUS  oecause  me  reguue  IDUartW  UA1,  CA^ldliiCU  JC9LC1U 4ijr  IxUlL  ouax  m*VU HU  IVi  AlHiATioh  I f-  So  m TMfhirA  tfifww V7 j 7 ag.  “ won  luiauioiuo*  , ™ “7  r9  m , T c^‘ 

Krupp-  ingly  appears  a ploy  designed  Ip  the  group  had  already  started  to  nearly  three-quarters  of  the  biSSra?  tobacco  stUl  ^Ses  Ea«le  Star  daims  a ftmdamenr  toJ^  ^PPy  with 

astiSt  prStact  European  producers  focus  on  the  possibility  of  finan-  overall  trading  profit  The  "JESt  mT  fZZS*  *13*&T3Sit  Apptoton.  tal  conflict  between  the  the  assurances  given. 

'in  the  from  unpalatable  reality.  rial  service  acqoisitiiris  in  the  cigarette  market  “worldwide  „ Argos,  and  Marshall  Field  -as  interests  of.Allianrand  of  the  ” For  three  generations  Eagle 


conflict  between  the  assurances  given. 


the  two  companies,  being  in  the  from  unpalatable  reality. 

Banking  charges 
made  simple 


dal  service  acqoisitiiris  in  the  cigarette  market  worldwide  t , ,T.  m Field. -»  interests  of  Alliahs and  of  the  ^For  three  generations  Eagle 

early  part  of  the  year.  But  it  will,  at  best  show  only  modest  vu5en*f?‘£lf  * cf8*1,  **  acquisitions  which  rest  of  Eagle  Star’s  share-  Star  has  been  under  the 

was  ngt  until  the  end  of  the  growth  in  the  years  ahead:  Mr  jTT?L «,  x,  had  started  to  P ay  their  way  holders.  T>»  attitude  has  been  guidance  of  a member  of  the 

summer  that  a small  committee  Sheehy  estimates  animal  “^vlly  committed  to  we  capital  handsomely. In  a relatively  short  that  if  Allianz  wants  control  of  Mountain  family.  Sir  Denis  is 

of  senior  executives— which  he  volume  gains  at  about  1 to  1}  “lt“nsive  °*  Jb®  paper  period  of  time.  Eagle  Star,  ft  must  pay  the  full  the  grandson  of  the  founder, 

chaired— decided  that  compo-  per  cent  business,  it- concentre tei  more  “The  lesson  we  learnt  from  price  for  it  - But  even  in'  its  For  much  of  that  time,  the  coxa- 

site  insurance  was  the  most  Price  competition  has  been  on , ,ue  added  products  tike  the  early  acquisitions  was  the-  latest  bid,  Allianz  has  seemed  pany  has  been  seen  as  solid, 

attractive  sector,  and  that  intensifying  in  a number  of  carbonless  copying  paper  than  need  to  buy  quality  companies  to  be  aiming  at  no  more  than  a cautious  and  unexciting.  It 

Eagle  Star  was  one  of  a number  BAT*s  most  important  markets,  °u. commodity  paper  making.  _ with  good  management,”  he  40  per  cent  stake,  giving  it  habitually  underplayed  its  true 

said.  “And  if  you  haven’t  got  effective  confrol  without  paying  value,  especially  of  its  substan- 


of  potential  acquisitions. 


notably  the  UB.  and  Germany.  A*  * result,  BAT  has  been 


■ flHIlt*  SlfllllBf*  It  was  a big  company-^ne  of  In  the  UB^  BAT’S  subsidiary,  able  to  finance  very  substantial  the  management  there.  - yon  tor  it  . - tial  life  assurance  side;  share- 

AllkWWV  the  half  dozen  largest  insurers  Brown  and  Williamson,  was  slow  upending  on  fixed  assets  and  must  find  out  quickly  where  the  , However,  BAT  Industries,  in  holders  became  impatient  and 

in  the  UK,  and  one  which  had  off  the  mark  in  the  push  Into  low  acquisitions— £832m  in  the  last  gaps  are — and  then  go  out- and  the  Anglo-American  style,  has-  alienated,  leading  the  way  to 
IT  WAS  Natwest's  turn  this  an  incentive  for  customers  to  n°t  pushed  as  fast  as  others  into  tar  cigarettes  and  its  market  two  years  alone— without  turn-  recruit  the  best  made  a straightforward  offer  the  successful  dawn  raid  In 

week  to  lead  off  the  annual  use  new,  efficient  systems.  international  markets.  And  with  share  has  fallen  from  around  ln?  to  Us  shareholders  for  help.  “In  the  past  we  were  per-  for  the  entire  capital  of  Eagle  1981  by  AOianz. 

increase  in  UK  bank  charges  Not  that  anyone— in  the  UK  Allianz  breathing  down  ite  neck,  17  per  cent  to  under  12  per  cent  The  latest  bid,  which  will  give  haps  a little  hands  off  and  al  Star.  “We  feel  there  is  compati-  - 'In  BAT,  Eagle  Star  has  apna- 

and  brave  the  public  outcry  that  or  elsewhere— has  found  a per-  it  might  be  willing  to  talk  terms  since  the  early  1970s.  The  im-  Eagle  Star  shareholders  a choice  little  reluctant  to  do  that”  bility  between  the  managements  rently  found  a potential  parent 

invariably  follows.  But  the  issue  feet  solution.  Any  system  of  with  BAT.  Mr  Sheehy  did  not  oortant  Brazilian  subsidiary  has  between  cash  or  debt  Instrn-  But  Mr  Sheehy  added  of  BAT  and  Eagle  Star,”  says  which,  is  much  more  to  Its  taste, 

at  the  centre  of  this  highly  bank  charges  must  be  flexible  want  to  get  into  a fight  been  hit  by  the  country’s  ments.  could  increase  the  politely:  “We  think  Eagle  Star  Sir  Denis.  “Shareholders  must  But  even  under  BAT’S  owner- 

vexed  question  is  not  whether  enough  to  give  equal  treatment  *•  couple  of  days  after  economic  difficulties.  group’s  debt-equity  ratio  from  Is  well-managed  and  has  a good  be  better  off  with  a deal  for  100  ship,  there  are  likely  to  be 

bank  charges  should  go  up  each  to  people  who  keep  low  balances  Allianz  made  its  takeover  move,  Moreover,  as  Mr  Sheehy  ex-  46  per  cent  to  about  60  per  record.”  per  cent”  substantial  changes. 


vexed  question  is  not  whether  enougn  to  give  equal  treatment 

bank  charges  should  go  up  each  to  people  who  keep  low  balances  Allianz  made  its  takeover  move, 
year  (there  is  a good  case  for  but  write  a lot  of  cheques,  and 
saying  they  should)  so  much  as  those  who  keep  high  balances 
how.  but  write  few  cheques.  But  the 

elements  of  a workable  scheme 
For  as  long  as  anyone  can  seem  clear:  they  are  simplicity 
remember,  British  high  street  and  transparency, 
hanks  have  charged  their  cus- 
tomers well  below  the  true  cost  Two  elements 
of  supplying  services,  and  made  7,  _.. . ^ 
up  the  difference  by  paying  . 11  Ehould  be  possible  to  mtro 
thcon  littln  or  nothin?  on  their  4UCC  a set  Of  tariffs  With  Only _ 


Men  & Matters 


uu.  uic  va  A uAinma  Kan  Ire 

sonal  accounts,  up  from  30  per  br~j~ 
cent  before. 


disposal. 


have  at 
now  have 


tiiem  tittle  or  nothing  on  their  elements-  a flat  rate  tor  10  the  board  two  years  ago.  dS9%  is  “not  going  in  for  a glossy 

deposit  and  current  accounts.  23i  uSSSSoii  Plult  TriSaSe  “>tCherS  base  Philip  Carter,  whom  Pitcher  &mL  soft  sell  of  Britain,  we  are  also  , 

This  cross-subsidisation  of  the  e montST! e baS  Much  of  the  technological  rePlacea*  ^ t**31  pointing  out  possible  problems. 

STStS  ^feng  I- addition,  the  ,cale  or  .cqulrod  ^ head  of  Plossey's  8 rettn  l&M&l  T ^ 

^ aagwis  ^•ssMsasssti  cube  roots 

*?re.,“ns.*d  «;  »™>  «*  wSS^  ' rapt  lUMyl  IV  EtT.0  Rubik,  of  cubic  puzzle 

after  Natwest's  increases,  verediffira^wit^thp^S^h^rf  ^^tnnfro^'  th  Ex-Argos  chief  Tom  McAullffe  WW  fame,  is  ^reading  a little  seed 

charges  will  cover  only  40  per  Ieft  after  fou^  months  of  trying  1 ^ 00111  *°r  f«U°w  Hungarian  in- 

cel*  rf  the  cost  of  running  per-  g™  electronlci  equipment  of  mer^andwtag  t0  get  top-level  approval  to  [fnT]  K ventors  to  feed  on. 

sonal  accounts,  up  from  30  per  h,^  f*1  <*ange  its  stores  operation.  But  } VV  With  7m  forints  (£107.000)— 

cent  before.  SLl  the*r  i1®  major  surgery  began  this  year  t V a small  piece  of  the  cube’s  pro 

STS1  of  modern  *ervioe  indus-  with  the  shedding  of  1,900  jobs.  I n flte-he  has  set  up  the  Rubik 

Cash  machines  ^Clearer  tariffs  would  en-  tries-  . , Others  may  have  to  follow,  4 .*  Innovation  Foundation.  The 

courage  more  price  comparison.  Pitcher  says  specific  plans  for  especially  in  the  pools  operation  -R  . i//,  aim  he  says,  is  to  "cover  the 

But  Natwests  compticated  of  course,  whichmay  partially  hi™  where^ystems  have  fatiS  to  5 caste  of  tteprwffilcSl  reStiS 

new  scheme  is  not  the  way  to  explain  the  banks’  reluctance  to  information  age  will  have  to  keep  technology.  ftl.i.VVTW/mr  of  the  innovative  ideas  of  Hun- 

go  about  it  With  its  intricate  seek  greater  simplicity.  But  wait  until  he  has  his  feet  under  PvLk^sr£?i&.  z oar-inn  citizens.” 

array  of  mintmum  balances,  given  general  dissatisfaction  desk.  And  he  admits  it  is  _ Hungary  already  has  a state- 

waivers  and  special  allowances  with  the  present  system,  there  J^ely  to  be  some  time  before  ^ sponsored  fr^^tiS  fund, 

it  not  only  requires  a pocket  should  be  a marketing  oppor-  Jbe  wonders  of  technology  can  ri  Kuv  “Personally,  I can’s  wait  for  ^tabtished  three  years  agoand 

calculator  to  understand  but  is  turnty  for  a bank  wtiling  to  be  applied  on  a large  scale.  IWI  MU/  HeMlttneto  mbvm  the  onk  raeof  iteWn/ln 

bound  to  reinforce  the  widely  make  a bold  departure  and  But  Littiewoods  has  already  America  has  always  been  a to  Berkshire  for  a spot  of  Soviet  bloc.  But  as  Rubik  knows 

held  notion  that  bank  charges  serve  its  customers  with  what  shown  interest  in  electronic  great  place  for  shopping.  ICI  d£otin£”  oS  to“Sil  HSSC 

are  levied  capriciously.  The  they  obviously  want  The  other  media  and  is  associated  with  a executives  had  promised  that  no  tiveness  faroutr^&SrmS- 

only  sensible-looking  part  is  a clearing  banks  have  the  chance  group  of  companies  which  has  acquisitions  were  going  to  be  has  endorsed  the  venture  by  a keting  skills. 

25  per  cent  reduction  in  charges  to  make  the  break  when  they  beep  considering  bidding  for  a announced  on  their  whirlwind  small,  private  company,  called  Hungary  was  verv  slow  to  « 

for  direct  debits  and  with-  announce  their  new  charges  in  cable  television  franchise  in  UB.  road  show  this  week.  But  Mitaks,  which  in  six  years  has  ploitthe  follow-u®  to  toe oril- 

drawaU  from  cash  machines—  the  next  few  months.  Liverpool.  in  tha  anri  ,Vi»  Vumm.  m,.  i z Cl,  .. 


Cash  machines 


re  a?“SSg  change  its  stores  operation.  But 

re  at  their  home.  Its  nght  in  the  main-  major  surgery  began  this  year 
stream  of  modern  service  indus-  thTsheddingof  1,900  fSi 


Clearer  tariffs  would  en-  b"ies.  Others  may  have  to  foDow. 

courage  more  price  comparison.  Pitcher  says  specific  plans  for  especially^  the  pools  operation 


But  Natwest’s  complicated  of  course,  which  may  partially  propelling  Littiewoods  into  the  where  systems  have  failed  to 
new  scheme  is  not  the  way  to  explain  the  banks’  reluctance  to  information  age  will  have  to  w-  Mce  technology 

go  about  it  With  its  intricate  seek  greater  simplicity.  But  wsut  until  he  has  his  feet  under 

array  of  minimum  balances,  given  general  dissatisfaction  ’l”*  4esk.  And  he  admits  it  is  . 


waivers  and  special  allowances  with  the  present  system,  there  likely  to  be  some  time  before 
it  not  only  requires  a pocket  should  be  a marketing  oppor-  *be  wonders  of  technology  can 
calculator  to  understand  but  is  turnty  for  a bank  willing  to  be  applied  on  a large  scale, 
bound  to  reinforce  the  widely  make  a bold  departure  and  But  Littiewoods  has  already 


e wonders  of  technology  can  If* I l„u 
! applied  on  a large  scale.  ouy 

But  Littiewoods  has  already  America  has  always  been  a 


held  notion  that  bank  charges  serve  its  customers  with  what  shown  interest  in  electronic  great  place  for  shopping.  ICI 
are  levied  capriciously.  The  they  obviously  want  The  other  media  and  is  associated  with  a executives  bad  promised  that  no 


“Personally,  I can’s  wait  for 
Heseltine  to  invite  me  over 
to  Berkshire  for  a spot  of 
shooting” 


drawals  from  cash  machines — the  next  few  months. 

Leaders  must  lead 


TRADE  UNIONS  want  to  be  Everyone  knows  that  agree-  i *“8  director  of  Ley  land  Vehicles  aimuai  sales  of  TSm,  Arbco's 


^Th^^Vh  third  Hmp  th  4R-  **  unpredictable  become  one  of  Europe’s  leading  inal  cube.  Last  year ,tt  prepar^l 

?0hn-  5*™^°“*®  1103  d«dded  Japanesfrlanguage  publishers.  to  mass  prodnceal2-riledpol^ 
year-old  Pitcher  s business  to  pick  up  a souvenir.  Clive  Sn?ith  and  hi«  Tokyo-  mn  nuzzle,  cmfv  to  find  thp  man. 

career  has  taken  him  baric  to  his  At  their  Chicago  presentation  born  wife  Emiko,  started  the  ket  already  flooded  with 
native  LiverpooL  He  first  re-  yesterday.  Id’s  chairman  an-  roninany  named  aftor  th« 

turned  there  when  he  moved  Jounced  that  Artco  Elecmmics  TokyTSbS^iere  tSy  once  versions  from  the.  Far 

^om  U-S-  computer  com-  of  Van  Nuys,  California,  is  now  lived — as  a basic  translation  Production  of  the  nolvem 

Part  of  the  ICI  group,.  With  service.  ™s«aon  of  the  poly^ 


respected,  to  appeal  to  a broader  ments  are  occasionally  broken,  m 1977-  The  city  was  also  his  acquisition  will  perhaps  be  Smith  (no  relation),  they 

.-nrb.n  ..j  ..j  I bas>  whpn  hp  laiiu>d  P kwv  thu  p, — ...»  .«  .X„  mi-  ^ •» esiern  oaiLKera 


SfVm.  a™nor  ,Ian  JS?  S^„utBS 1 


spectrum  of  workers,  and  to  de-  and  that  union  officials  cannot  base  when  be  joined  Plessey  the  funded  out  of  petty  cash? 

fend  Britain's  traditionally  always  prevent  it  happening,  following  year. 

voluntary  system  of  industrial  But  the  suggestion  that  even  A lot  of  people  think  of  . 

relations.  For  leaders,  that  after  agreements  have  been  Liverpool  as  a sort  of  cross  be- 

en tails  not  only  representing  signed,  the  members’  right  to  tween  Hiroshima  and  Gdansk."  Janan  boUVld 

members,  . but  ensuring  that  decide  whether  to  stick  to  them  "®  s*?3-  But  they^re  wrong.  “ 


. ..  .....  ••  — . at  loan-sign- 

rapidly  built  it  into  a compre-  ing  ceremonies  this  year  in  I 

Bnff  Budapest  One,  who  parted  with 

British  companies  interested  in  ?20m  of  his  bank’s  money. 

acidly  dubbed  it  “the  most  ex- 
^ PeISi™  Uy  1 erer  b0uait-” 


agreements  made  on  their  be-  is  paramount,  is  hardly  a recipe  There’s  a lot  going  on  in  that  Whatever  its  other  claims  to  leading  companies  as  well  as 
half  are  adhered  to.  for  stable  industrial  relations,  town.  fame.  Leamington  Spa  seems  most  of  the  regional  develoo- 

Tndush-v  nhservmu  urill  an  unlilulv  ^ ~Z7  **i&*v**“  UB,E‘v»r 


A remark  made  on  Tuesday  No-strike  deals  are  rare  in  be  greatly  surprised  by  his  de-  forge  stronger  commercial  links 
by  a district  official  of  the  British  industry  and  are  likely  cision  to  quit  Plessey.  There  between  Britain  and  Japan. 
Transport  and  General  Workers  to  remain  so,  but  in  circum-  had  been  signs  that  he  was  not  But  it  is  from  the  Warwick- 


Industiy  observers  will  not  an  unlikely  place  from  which  to  meat  boards.  ^ 

! greatly  surprteed  by  hte  de-  forge  stronger  commercial  links  For  some  time,  Mitaka  has  r00a  TnOUgllt 


Union  does  little  to  further  stances  as  serious  as  thwe  that  seeing  eye-toeye  with  the  Qark  shire  town  that  a new  Japanese-  commercial  news SSS1 0 km  ***?  *% 
these  aims.  Explaining  why  ihe  face  the  PLA  it  is  right  that  brothers.  language  magazine  about  buSsSm.  J2SS  !JhUe  V**0*  time 

Port  of  London  Authority’s  re-  such  deals  should  be  considered.  Pitcher  moves  to  a company  British  business  is  to  be  it  claims  to  ho  the  at*  hdtel  n®«^  Heathrow  Air. 

quest  for  a n«trike  deal  over  If  they  are  tc ibe  rejected,  tte  that  has  dramatically  changed  launched.  It  will  have  an  initS 

two  years  would  be  rejected,  Mr  reasons  should  be  a good  deal  its  managerial  style  in  the  past  circulation  of  about  7,500  among  Europe  ^Lith  aroiSd  9 500  5r£S?Fd'a 

Bill  Munday  said:  ” There  is  no  more  compelling  than  those  18  months.  Run  on  a tight  family  Japanese  banks,  companies,  character.?  it  nTtrT™ r 

way  we  could  guarantee  keep-  advanced  by  Mr  Munday.  Union  rein  for  over  50  years  by  Sir  small  business  organisations  the  bS  tSea  S S queried- 

ing  to  it  It’s  our  members  who  leaders  have  to  lead,  not  opt  John  Moores,  the  first  director  and  reference  libraries.  Japanese  reader* 

tell  us  what  to  do,  not  us.”  out  from  outside  was  only  appointed  The  Department  of  Industry  The  manazw  Britain  TnHav  ( 


f?n,Jya^.?,5ur^  An  acquaintance  with  quaintly  |.:.™eto aixaiigean enjoyaDle evening).  • 
Ire  town  that  a new  Japanese-  comme^ial  news^^Britiih  SS£1SSSf.  A'55  I ^ OUT  bUSHCSS  is  Ogianding* 


. . Everyday  of  I I V 

the  week,  every  week  (>  / : 

of  the  yea^  one  of  the  , \ . : “ f 
very  latest  Air-India  747stakes  off  for 
New  York  from  London  Heathrow. 

It  departs  at  l.OOpra  arriving 330phl  . 
NewYorktime* 

• We  think  t^samostdvflisedhour 

to  leave  andan  ideal  time  to  arrive  (lots  of  • 

. timetb  ammgean  enjoyable  evening)* 


mustard,” 


Air  India,  lo  the  USA,  everyd^: 

/Contaetyour  tra^l  agent  OTGaU 
Air-India onOl-4917979, 


from  outside  was  only  appointed  The  Department  of  Industry  The  ™3prinP|  Britain  Today, 


Observer 


4 


nil 


THE  U.S.  THIRD  QUARTER 


V 


•V*  l \ 

■ ••  ,1  s 
* 


• v-.r'vWE 


! « *5 


The  upturn  is  here  to 


SACK  IN  the  first  quarter  of 
this  year,  the  infant  recovery 
in  the  U.S,  was  mainly  visible 
in  a few  companies  whose 
rising:  profits  trend  line  was 
passing  others  still  an  the  way 
down. 

By  the  second  quarter, 
corporate  America  had  been 
convinced  that  the  upturn  was 
here  to  last  and  by  the  recently 
concluded  third  quarter  ft  had 
become  so  entrenched  that 
General  Motors  was  to  be 
found  looking  out  Into 
the  great  blue  yonder,  musing 
on  just  bow  long  it  could  aU 
be  sustained.  With  luck  and 
good  political  judgment,  the 
company  concluded,  *t  could 
Last  for  live  years. 

What  the  third  quarter 
reports  have  shown  is  a- 
recovery  which  is  bounding 
along  at  a tigerish  pace,  albeit 
massing  a step  or  two  from 
to  time. 

Unofficial  estimates  put  the 
year  on  year  upswing  in  profits 
at  around  25  to  30  per  cent: 
Merrill  Lynch,  for  example, 
reckons  that  a pre-tax  level 
they  rose  by  30.6  per  cent; 
reduced  to  2445  per  cent  after 
tax. 

The  figures  are  complicated 
by  the  fact  that  the  revival  has 
come  out  of  a period  of  drastic 
reconstruction,  still  bespattered 
here  and  there  with  huge  write- 
offs and  special  credits.  But 
there  is  no  doubt  that  the 
quality  of  corporate  earnings 
has  improved.  With  inflation, 
well  down,  profits  are  becoming 
real  again,  and  they  are  being 
struck  after  much  higher 
depreciation  charges,  made 
possible  by  the  liberalised 
provisions  of  the  1681  tax 
regulations. 

The  corollary  of  these  extra 
allowances  is  that  cash  flow  has 
increased  to  match,  allowing 
increased  activity  without  an 
enormous  new  demand  for 
outside  finance. 

Figures  produced  by  Salomon 
Brothers  show  that  Internal 
corporate  cash  generation  over 
the  first  nine  months  of  this 
year  rose  by  25  per  cent  after 
being  virtually  static  during  die 
previous  two  years.  Liquid 
assets  are  being  rebuilt-  while 
external  financing  has  dropped 
by  23  per  cent. 

Yet  if  corporate  America 
looks  as  though  it  fs  returning 
to  overall  financial  health, 
there  are  still  plenty  of  disease- 
ridden  pockets  containing  com- 
panies that -are  only  just  be- 
ginning to  emerge  from  critical 
care. 

Indeed,  the  recovery  has  not 
spread  as  broadly  or  as  quickly 


as  was  originally  expected,  and 
it  has  been  very  highly  con- 
centrated on  consumer  areas. 

These  broad  trends  were  sum- 
med up  hi  General  Electric’s 
results,  where  net  profits  from 
the  company’s  very  wide  spread 
of  activities  increased  by  11  per 
cent  to  $499m. 

Mr  John  Welch,  chairman, 
said  that  the  company  was  be- 
ginning to  take  in  increasing 
orders  for  general  purpose  in- 
dustrial equipment  and  factory 
automation  products  to  add  to 
the  buoyant  performance  of  its 
consumer  durables  division. 
But  “markets  that  traditionally 
lag  a recovery,  such  as  heavy 
capital  and  non-residential 
equipment,  remained  soft.”  he 
said. 

Mr  Welch's,  remarks  were 
echoed  by  Westioghouse,  the 
second  of  the  large  electrical 
groups.  “Recovery  in  the  indus- 
trial capital  goods  segments  con- 
tinues to  be  sluggish,”  said 
Chairman  Robert  Kirby.  “We 
look  for  higher  capital  spending 
next.  year.**. 

The  industries  that  have  so 
far  singled  themselves  out  as 
the  locomotives  of  the  recovery 
include  paper  and  packaging 
products,  chemicals,  autos  and 
drugs;  They  have  excelled  for 
two  main  reasons. 

First,  some  companies  have 
just  happened  to  be  the  fortun- 
ate beneficiaries  of  the  excep- 
tionally strong  dose  -of  resurg- 
ent consumer  demand.  Even 
here,  the  pattern  has  not  been 
entirely  consistent.  The  textiles 
sector,  for  example,  has  shown 
little  improvement  despite  its 
direct  links  with  the  consumer. 
But  it  has  been  particularly  evi- 
dent in  durable  goods  and 
housing.  The  motor  industry  has 
been  a good  bell  weather  in  this 
respect,  with  volume  up  by 
about  25  per  cent  on  the  same 
period  a year  ago. 

Secondly,  virtually  all  of  these 
companies  have  trimmed  and 
rationalised  as  part  of  the 
corporate  house  cleaning  that 
has  swept  through  the  UJS.  over 
the  past  two  years.  One  reason 
for  the  unexpectedly  high 
rebound  in  profits  over  the 
three  months  reporting  period 
is  that  the  cuts  went  so  deep 
they  shrunk  the  cost  base  more 
than  in  previous  recessions. 

The  way  in  which  break-even 
points  have  come  down  is  well 
demonstrated " by  General 
Motors.  The  company  came  in 
with  record  third  quarter  profits 
on  volume  of  around  200,000 
units  less  than  in  its  previous 
record  breaking  year  of  1978. 


By  our  New  York  staff 


HOW  THE  RESULTS  COMPAR E 


CONSTITUENTS  OF  DOW  JONES  INDUSTRIAL  INDEX 
Net  Income  in  latest  quarter 


AIRed  Corp.  107.0  81.0 

Aluminium  Co.  of  America  34.63  15.09 

American  Brands  90.1 891 

American  Can 27A 111 

American  Express  180Z  1&3J 

AT  Sc  T 1.45SD  2,811.1 

Bethlehem  Steel (S3J)  (208.9) 

Du  Pont 312fl  195.0 

Eastman  Kodak  169/1  2483 

Exxon 1,2251)  1,017.0 

General  Electric 499.0 451 A 

General  Foods 73-446  66-08* 

General  Motor* 737A  129.4 

Goodyear  Tire 82J  104A 

Inco (56  A)  (106J) 

IBM 1,303.0  1A44A 

International  Harvester (131A)  (136J>) 

International  Paper' 66 S 32A 

Merck  and  Co. 109.022  94.51 

Minnesota  Mining  and  Man.  1T8A  169A 

Owens-Illinois (5.6)  27.9 

Procter  and  Gamble  - ■ 273A  257.0 

Sears  Roebuck 288.8  166J 

standard  Oil  (Calif.) 509A  459A 

Texaco 331A  303A 

Union  Carbide BOA  70J 

UAL  Sted 52.0  (B2.0) 

United  Technologies 121.0  1112 

Wertinghoine 11 SS  113.7 

F.  W.  Woohrartfi  16.0  3A 


Quarter  to  $m 

30.9  +26U3 

2nd  Q +19.54 
2nd  Q -HL9 

2nd  Q +15.3 
30.9  +172 

30.9  -563.1 
30.9  +IZ5-7 

3rdQ  -M17-P 
2nd  Q -78.9 

30.9  +208 A 

3rd  Q +48A 
1.10  +7-36 

3rd  Q +607 A 
30-9  +21A 

3rd  Q +49.9 
30.9  +259A 
31.7  +53 

3rd  Q +34J5 
30.9  +14.512 

3rd  Q +9.0 
3rd  Q -3XS 
30.9  +16A 

3rd  Q +122.1 
30.9  +50 A 

30-9  -f  28-0 
3rd  Q +10.1 
30.9  +134.0 
30.9  +7,8 

30.9  +18 

Q end  July  H-13A 


beginning  to  turn  round.  The  operating  in  Texas,  for  example, 
railways,  one  of  the  most  sen-  The  slump  in  the  oil  services 
sitive  Indicators  of  economic  sector  has  led  to  heavy  losses 
activity  in  the  U.S.,  suddenly  among  several  well  known 
swung  up  in  the  third  quarter,  companies.  Lone  Star  Steel,  the 

On  the  roads.  Consolidated  biggest  supplier  to  the  iudustiy. 
Freightways,  one  of  the  biggest  has  lost  S74m  so  far  this  year, 
trucking  companies,  reversed  compared  with  profits  of  $2a3m 
a four-year  decline  in  the  same  period  last  year. 

Even  the  steel  companies,  NL  Industries,  another  major 
though  still  wallowing  In  losses  supplier,  has  lost  $63.4m  on  its 
for  the  most  part,  are  beginning  petroleum  operations  in  1983, 
to  see  some  rays  of  hope.  After  compared  with  earnings  of, 
the  ruthless  pruning  of  plants  8322m  in  the  first  nine  months 
and  wages,  the  deficit  figures  of  1982. 


The  taxes  that 
hit  iobs  most 


By  Samuel  Brittan 


have  come  down. 


The  slump  in  activity  has  fed 


Against  this  background  of  through  to  the  banks.  Problem 
boom  or  renewed  hope,  the  energy  ioans  now  constitute 
third  quarter  has  also  produced  the  biggest  domestic  headache 
probIems_ and  for  many  U.S.  banks.  Interfixst. 

instplain  disasters.  a high  flying  Texas  group,  lost 

The  computer  industry  has  $194m  in  ^ lhlrd  quarter  and 

CUl ^ !!  several  smaller  banks  have 
shakeout,  which  began  with  the  either  failed  or  come  close  to 
video  game  makers  and  home  it  The  problems  of  the  enprgy 
computer  companies— such  as  sector  are  proving  to  be  more 
Atari,  which  has  rtalked  up  a dee  pleated  than  many  people 
$500m  plus  loss  so  far  this  year  at  first  thought 


— has  spread. 


Texas  Instruments  decided  f 

enough  was  enough.  While  £?!_*?,.  - ALUS! 

announcing  another  huge  loss  °*?.t  to,  be  ***?.* r troij5I®d 

on  itshmSs  conmuter  business  international  credits.  While 
the  company  said  it  was  quitting  accountlPg  . changes  masked 
the  fiehLByway  'of*  contrast,  “i  ***  **}e™Zati?n  ft 
Apple  and  Digital  Equipment  ?» ?,ty’  h^if  j1?6  ,op.-19 
which  both  reported  declines  In  l0™£ 

third  quarter  earnings  of  70  per  the  first  100  *maior 

cent  or  more,  said  they  plan  to  J™  J““0  }°® 

battle  it  out  in  the  mid-priced  ITCXSL*  91  Cent 


personal  computer  market 
In  the  midst  of  this,  IBM's  25 


earnings  decline. 

The  top  10  U.S.  majors  now 


What  goes  for  GM  also  goes  for 
the  rest  of  the  UjS.  motor 
industry,  which  is  now  emerg- 
ing from  a period  of  enormous 
cut  backs:  In  1977,  the  four 
leading  U.S.  vehicle  companies 
established  their  highest  ever 
third  quarter  aggregate  earn- 
ings of  g706m  on  a U.S.  car  pro- 
duction level  of  9.3m  units.  This 
year  they  have  turned  in  earn- 
ings of  $i.6bn,  and  will  probably 
make  around  7m  cars. 

Similarly,  the  strong  recovery 
in  the  chemicals  sector  is  based 
on  a combination  of  higher 
volume  and  lower  costs.  At  Du 
Pont,  where  third-  quarter 
profits  rose  by  60  per  cent,  unit 
sales  were  up  by  11  per  cent  and 
capacity  utilisation  from  67  per 
cent  to  72  per  cent. 

Alongside  these  companies 
which  have  broken  out  of  the 
recessionary  strait-jacket,  there 
are  as  many  again  that  are  only 


just  beginning  to  see  the  im- 
pact of  increased  demand. 

The  big  aircraft  manufac- 
turers, though  helped  during 
the  downturn  by  their  military 
activities,  are  a case  in  point. 
In  the  third  quarter,  both 
Boeing  and  McDonnell  Douglas 
reported  significant  increases  in 
commercial  jet  sales  for  the  first 
time  since  the  recession  began. 
Boeing  added  that  Its  commer- 
cial aircraft  order  book  had 
shot  up  from  only  24  per  cent 
of  the  total  a year  ago  to  a 
staggering  74  per  cent. 

In  the  truck  industry,  sales 
began  to  show  the  first  signs 
of  an  upturn  In  late  summer, 
leading  to  an  announcement 
this  week  by  International  Har- 
vester — which  ran  up  losses 
of  more  than  8400m  in  its  first 
nine  months  — that  it  is  step- 
ping up  output  by  20  per  cent. 

The  transport  sector  is  also 


per  cent  earnings  gain'  to  ?1.3bn  ha^f  m°re  than  $15bn  of  non 
stood  out  like  a rock  in  shifting  performing  loans  Including  a 
sands.  growing  chunk  of  Latin 

A further  set  of  problems  American  loans,  set  to  ^ow  still 
continues  to  confront  the  air-  blSSer  by  the  end  of  tiie ^ 
lines,  where  deregulation  has  The  combination  of  nigner 
plunged  companies  into  a very  non  performing  loans.  larger 
different  environment  With  all  loss  provisions,  thin  fPreaaf 
the  old  rules  on  route  alloca-  and  weak  business  loan  “81®aiia 
tion  and  pricing  abandoned,  the  has  halted  the  recovery  in  bank 
companies  have,  for  the  last  IS  earnings  which  was 
months,  been  exposed  to  w tim  first  two  quarters  of  this 
heightened  competition  which  year. 

has  sharply  differentiated  What  is  more,  _ the  dynamo 
efficient  operators  from  the  also-  that  drove  the  initial  recovery 
rans.  — falling  interest  rates — has 

Thus,  American  Airlines*  also  come  to  a halt.  A fall  in 
earnings  jumped  from  S17m  to  interest  rates  would,  of  course. 
8100m  as  it  reaped  the  benefits  help  the  banks  with  both  their 
of  productivity  improvements  domestic  and  third  world 
and  additional  traffic.  But  problems — just  as  it  would  help 
Eastern’s  losses,  by  contrast,  U.S.  industry, 
remained  virtually  constant  at  Indeed  the  market  Is  now 
834.4m  as  its  costs  escalated,  beginning  to  worry  that  the  still 
wiping  out  any  volume  gains.  historically  high  level  of  U.S. 

The  one  area  of  U.S.  industry  interest  rates  could  begin  to 
which  has  seen  the  biggest  choke  the  recovery  some 
shakeout  is  the  oil  services  time  next  year, 
sector.  The  drop  In  world  oil  That  quite  apart  from  the 
prices  in  1982  punctured  an  presidential  elections  nest  year, 
unprecedented  boom  in  U.S.  is  one  reason  why  some 
drilling  activity  and  left  forecasters  and  corporate 
tremendous  surplus  capacity,  treasurers  areue  that  easier 
Only  one  in  two  drilling  rigs  are  credit  may  well  be  on  the  way. 


WHAT  ARE  the  taxes  that  hit 
jobs  most?  There  is  no  need 
to  make  the  case  for  giving  top 
priority  to  reductions  in  such 
levies  when  unemployment  is  at 
its  present  level.  Indeed,  the 
October  London  Business  School 
Outlook  argued  that  if  public 
spending  could  not  be  curbed 
enough  to  make  way  for  cuts  in 
business  taxation,  other  taxes, 
such  as  VAT,  should  be  raised 
to  find  the  revenue. 

It  will  be  difficult  to  persuade 
any  Chancellor  to  take  that  par* 
ticular  route  after  the  exper- 
iences of  1979,  when  VAT  was 
raised  from  8 to  15  per  cent 
amid  general  uproar;  but  It  will 
at  least  be  helpful  to  establish 
an  order  of  priorities  for  when- 
ever any  tax  reliefs  should  be 
available. 

The  first  choice  is  between 
relieving  taxes  on  business  in 
the  hope  of  increasing  the 
demand  for  labour  and  raising 
tay  thresholds  in  the  hope  of 
increasing  the  effective  supply, 
ie  the  eagerness  of  those  regis- 
tered as  unemployed  to  take 
work  of  a less  immediately 
attractive  kind.  But  one  does 
not  need  to  belittle  the  import- 
ance of  supply  incentives  to  lay 
more  stress  on  employers 
demand  in  the  present  phase. 
A case  for  acting  on  the  demand 
side — not  by  “reflation”  but  by 
adjusting  the  fiscal  structure — 
Is  all  the  greater  when  raising 
tax  thresholds  is  of  dubious 
effectiveness  as  a means  of 
alleviating  the  poverty  and  un- 
employment traps. 

The  question  then  arises: 
which  business  taxes  are  worst 
for  jobs?  In  a study  of  The 
Comparative  Durden  of  Busi- 
ness Taxation,  J.  Kay  and  J.  Sen 


of  the  Institute  of  Fiscal 
Studies,  identify  taxes  on  capital 
with  taxes  such  as  the  UK 
corporation  tax  (exclusive  of 
ACT!  and  non-domestic  rates. 
Taxes  on  labour  are  all 

payroll  - related  contributions, 
whether  for  national  insurance 
or  for  private  occupational 
pension  schemes. 

■Hiere  have  been  heavy 
Increases  in  payroll  taxes  vt 
both  the  05.  and  i)e  UK.  Tne 
proportion  of  British  tax 
revenue  raised  from  payrolls  has 
doubled  since  1965.  On  the  other 
hand,  by  international  stan- 
dards, British  labour  taxes  are 
still  fairly  modest:  174  per  cent* 
compared  with  40  per  cent  in 
France.  The  crucial  issue  ® 
whether  payroll  taxes  are 
absorbed  by  wages  being  lower 
than  they  otherwise  would  be, 
or  whether  they  are  an  addi- 
tional cost  in  hiring  workers^ 

In  countries  such  as  France 
or  Italy,  where  payroll  taxes 
have  long  been  very  high,  it  is 
probable  that  labour  markets 
have  already  adjusted  and  wages 
are  correspondingly  lower,  in 
Britain,  where  payroll  taxes  have 
recently  increased  sharply  and 
where  wages  are  notoriously 
rigid  in  the  face  of  economic 
pressures,  payroll  taxes  have 
almost  certainly  acted  as  a levy 
on  employment  A substantial 
fall  in  sterling  would  do  more 
than  any  direct  fiscal  measure 
to  offset  this  and  reduce  British 
labour  costs  in  international 
markets,  although  at  some  infla- 
tionary price.  But  unless  that 
happens  the  abolition  of  the 
National  Insurance  surcharge 
and  similar  taxes  should  be  a 
top  priority  in  future  British 
Budgets. 


Letters  to  the  Editor 


Spirit  of  enterprise? 


Retailing  vs  manufacturing 


From  Mr  Peter  Fairley 

Sir,— Whatever  happened  to 
the  spirit  of  enterprise  and 
adventure?  As  far  as  this 
Government  is  concerned,  play- 
ing safe  seems  to  be  the 
•Watchword.  Your  article  on  the 
proposed  Airbus  Industries 
A-320  illustrates  what  I mean. 
Here  we  have  a civil  aircraft  for 
which,  it  is  admitted  on  all 
sides,  there  is  a market  from 
1988  onwards  to  replace  the 
fuel- thirsty  aircraft  now  in 
service.  We  know  that  the 
French,  who  are  no  slouches 
when  it  comes  to  putting  the 
National  interest  .first,  have 
given  the -go-ahead  by  placing 
42  orders  and  38  option  orders- 
for  this  so  called  unproven  air- 
craft. And  — and  this  ought 
to  be  an  important  consideration 
— the  Chairman  of  British 
Aerospace  says  "If  we  don’t 
get  launching  aid  the  Company 
will  slide  out  of  the  large  scale 
civil  aviation  business 

I believe  that  that  is  just 
what  is  planned.  I do  not 
believe  that  this  Government 
wants  to  remain  in  the  civil 
airliner  industry  any  longer.  All 
the  signs  are  there. 

Firstly,  the  procrastination, 
about  the  supply  of  launch  aid. 
Government  would  give  the 
impression  that  British  Aero- 
space is  asking  for  £400m  in 
one  go.  It  isn't.  The  launch  aid 
will  be  spread  over  the  rest  of 
the  decade.  Secondly,  the  delay 
because  it  was  alleged  that 
there  was  no  suitable  engine. 
Now  the  French  and  Americans 
have  produced  the  CFM  564. 
That  docs  not  suit  the  Govexn- 
racnL  It  would  prefer  the 
Rolls-Royce  and  Pratt  & Whit- 
ney IAE  2500,  which  wiH  be 
ready  "soon". 

By  using  the  IAE  2500, 
Government  can  support  Rolls- 
Royce,  which  would  then  have 
access  to  the  American  civil  air- 
liner market  No  doubt  Boeing 
would  then  go  ahead  with  its 
rival  to  the  A-320,  the  seven 
dash  seven,  fitted  with  Rolls- 
Royce  engines. 

Where  does  that  leave  British 
Aerospace?  Out  of  the  Civil 
airliner  market,  but  with 
capacity  to  develop  the  military 
aircraft  side  of  the  aircraft 
business.  That  is  a much  safer 
bet  than  employing  capital  on 
the  more  speculative  civil  side. 

The  lead  given  by  British 
Caledonian  in  ordering  a num- 
ber of  A-320s  has  caused  em- 
barrassment British  Airways 
has  shown  no  inclination  to 
order  the  new  European  air- 
craft. Instead,  it  will  un- 
doubtedly await  the  arrival  of 
the  new  Boeing,  with  its  LAE' 
engines,  a°d  the  home  carrier 


market  win  be  lost  forever  for 
British  Aerospace. 

Fine  for  the  shareholders  is 
the  newly  privatised  British. 
Airways.  Fine  for  the  Govern- 
ment, which  can  get  on  with  the 
military  side  of  the  aircraft 
business.  But  not  so  good  for 
the  employees  in  British  Aero- 
space civil  aircraft  factories,  or 
for  the  thousands  engaged  in 
supplying  subcontracted  work. 
Peter  Fairley. 

Gen.  Secretary  Aerospace 
Association  Engineers’  and 
Managers’  Association 
Station  House, 

Fox  Lane  North, 

Chertsey,  Storey 

Ethics  of  BP 
share  issue 
From  Mr  John  Cartmel 

Sir. — Like  Mr  Hoseason- 
Brown  (November  1),  I am  a 
small  investor  who  found  the 
attitude  of  the  Bank  of  England 
both  infuriating  and  unaccept- 
able. Far  from  having  the  grace 
to  apologise  for,  at  best,  an 
elementary  error  of  judgment, 
the  Bank  appears  to  have 
modelled  itself  either  on  Sergei 
in  Arms  and  the  Man  (“I  never 
apologise  **)  or  on  the  attitude 
of  the  Russians  when- they  idiot 
down  . the  Korean  airliner,  or 
both. 

Offers  for  sale  by  tender  can 
perhaps  be  justified  for  specu- 
lative issues  where  it  is  almost 
impossible  to  determine  a fair 
price,  but  this  hardly  applies 
to  BP.  L and  I hope  many  more 
investors,  will  join  Mr  Hoseason- 
Brown  in  giving  a wide  berth 
to  any  such  future  offerings. 
Judged  bjrthe  subsequent  price 
of  the  BP  shares,  it  is  by  no 
means  certain  that-the- investors 
will  be  the  losers. 

John  CartmeL 
44a,  Victoria  Food, 

Penarth,  South  Glamorgan. 

Happy  with  BP 
in  the  long  term 

From  Mr  Angus  Dalgleish 

Sir, — I have  rarely  read  such 
a miserable,  whingeing  letter 
as  that  from  Mr  Hoseason- 
Erown  (November  1).  When  he 
made  his  application  for  BP 
shares  he  must  have  known 
exactly  what  the  risks  were. 
Asa"  stag  " he  no  doubt  hoped 
for  a quick  In  and  out  profit 
which  has  properly  been  denied 
him.  Those  of  use  who  are 
genuine  long  term  investors  are 
happy  with  our  striking  price 
allocations. 

Angus  Dalgleish. 

Shouson  Hill, 

Kuxbury  Road, 

Chertsey. 


From  Mr  David  Powell 

Sir,— It  was  instructive  to 
juxtapose  the  letter  from  your 
correspondent,  Mr  Robert  Fair- 
weather  ("  Investment  in  the 
retail  industries,”  October  26). 
with  your  subsequent  report  of 
the  Regional  Studies  Associa- 
tion’s review  of  regional  and 
urban  aid  programmes 
(**  Changes  needed  in  regional 
policy,"  October  27).  While  the 
former  dismisses  the  value  of 
subsidies  to  allow  retailers  " to 
open  up  yet  more  superstores 
where  Te turns  on  investment 
would  otherwise  be  unsatisfac- 
torythe  latter  argues  forc- 
ibly that  Government  aid  for 
service  industries  should  be 
increased  u substantially  ” to 
eliminate  imbalances  in  the 
regional,  economy. 

If  Mr  Fairweather  allows 
that  retailing  (currently  em- 
ploying some  2.6m  men  and 
women)  is  an  archetypal  ele- 
ment within  the  service  sector, 
then  his  views  are  at  odds  both 
with  the  RSA  and  the  Govern- 
ment In  recent  years  succes- 
sive administrations  have 
stressed  the  importance  of  ser- 
vices to  the  future  of  the  UK 
economy:  not  least,  in  recogni- 
tion of  the  fact  that  the  sector 
has  done  much  to  absorb  the 
job  Ingres  incurred  by  manufac- 
turing throughout  the  post-war 
years. 

Indeed,  services  now  employ 
59  per  cent  of  the  UK  work- 
force, compared  with  47  per 
cent  in  1959,  as  against  figures 
nf  29  per  cent  and  38  per  cent 
for  the  . manufacturing  sector. 

Superficially,  it  may  seem  that 
such  figures  balance  out.  In 
fact,  they  do  not;  the  shift 
favouring  the  south  and  south 
east  at  the  expense  of  Britain’s 
traditional  manufacturing 
centres. 

This  is  not  to  question  the 
importance  of  manufacturing. 
On  the  contrary,  it  must  remain 
a priority  of  government. 
Nonetheless,  the  current  dis- 
crimination against  services 
(which  only  received  0.9  per 
cent  of  regional  aid  in  1932-83) 
in  favour  of  manufacturing 
directly  contradicts  the  struc- 
tural shift  that  is  taking  place 
in  the  UK  economy  and,  conse- 
quently, further  penalises 
Britain's  traditional,  heavy 
manufacturing  regions  which 
must  receive  a higher  propor- 
tion of  service  investment  if 
their  present  decline  is  to  be 
reversed. 

And  in  this  context  the 
distributive  sector  has  an  im- 
portant part  to  play  by  channel- 
ling funds  and,  thus,  generating 
new  employment  opportunities 
in  such  regions — a point  which 
Mr  Fairweather  scorns.  In  dis- 
missing the  distributive  in- 
dustry's pursuit  of  efficiency 


(and  by  implication,  the 
accepted  role  it  has  played  in 
combating  inflation)  via  the 
development  of  large  stores,  he 
perpetuates  the  myth  that  the 
sector  has  made  a “ substantial 
contribution  to  unemployment” 
The  reverse,  in  fact  is  the  case. 

In  the  seven  years  to  June 
1978  (the  take-off  period  for  the 
development  of  superstores) 
manufacturing  employment  fell 
by  9.67  per  cent  and  employ- 
ment in  the  distributive  trades 
increased  by  6.3  per  cent; 
while  a major  study  for  the 
Scottish  Development  Office 
into  the  employment  impact  of 
large  stores  concluded: 

“We  have  been  unable  to 
find  any  evidence  of  significant 
adverse  effects  of  superstores, 
several  years  after  their  open- 
ing, on  the  levels  of  employ- 
ment or  the  structure  of  em- 
ployment in  the  study  areas. . . . 
All  the  evidence  examined 
during  the  course  of  this  study 
points  to  the  development  of 
superstores  giving  rise  to  a net 
increase  in  total  retail  employ- 
ment locally.”  (“Retail  Em- 
ployment Change  in  Scotland 
The  Scottish  Office,  December 
1982.) 

David  PowelL 
S,  Albion  Street. 

Lewes,  Sussex. 


Stockbroker 

bashing 

From  Mr  John  Gordon 

Sir. — Once  again  I notice  that 
the  Lex  Column,  lurking  behind 
its  usual  anonymity,  is  indulg- 
ing in  its  favourite  sport  of 
“ broker  bashing  ” on  the 
grounds  that  the  profits  of  the. 
industry  are  excessively  high. 
Perhaps  he,  or  is  it  she,  does 
not  realise  that  the  conditions 
of  the  last  18  months  have  been 
quite  exceptional.  Taking 
average  earnings  over  a much 
longer  period  one  could 
probably  apply  the  “ Mars  Bar  " 
test — if  the  price  of  the  FT  is 
usually  twice  the  price  of  a 
Mars  Bar  then  probably  the 
average  earnings  of  a partner 
in  a stockbroking  firm  are  twice 
the  earnings  of  an  FT  com- 
positor! 

Incidentally,  it  was  dis- 
appointing to  see  loyal  readers 
of  the  FT  being  rewarded  after 
the  long  strike  by  an  increase 
In  the  price  of  the  paper  from 
30p  to  35p.  Maybe  we  should 
be  allowed  to  negotiate  the 
price  of  your  paper  with  the 
stationer.  Possibly  it  might  be 
issued  at  a deep  discount  to 
bulk  buyers  such  as  stock- 
brokers? 

John  Gordon, 

The  Old  Molting*. 

Newport. 

Essex. 


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Position 


Company 

Business  Phone  No. 
Address 


Ryder  Truck  Rental 


Bostwick  .. 

Industrial  Doors  i 

Bastwick.  Ooors  (UKt  Ltd..  ' . 

Mersey  Industrial  Estate.  Stockport^/V^ 
Cheshire  SK4  3ED  England-  , * ' ‘ 
_Tel  061442  7227  Telex  No.  667724 


FINANCIAL  TIMES 


Thursday  November  3, 1983 


Concord  Watch  Company  g a. 
63.  rue  Centrale 
CH-2502  Bienne,  Suisse. 


SMALL  BANKS  HOLD  BACK  FROM  SUBSCRIBING  TO  VITAL  $6.5BN  CREDIT 

Slow  response  to  Brazil’s  loan 


BY  PETER  MONTAGNON,  EUROMARKETS  CORRESPONDENT,  IN  LONDON 

SMALLER  CREDITOR  banks  are  pared  with  the  two  taken  by  Brazil  encourage  the  laggard  smaller 
waiting  until  the.  last  moment  be-  to  organise  a smaller  S4.4bn  loan  bpnits 
ec  to  Brazil's  request  lor  earlier  this  year.  All  creditor  banks.  The  advisory  committee  has  this 

a S6.5bn  loan  to  help  to  cover  its  baJ-  including  those  with  the  largest  week  sent  a telex  to  smaller  credi- 
payments  between  now  and  commitments,  need  time  to  obtain  tors  reminding  them  of  the  need  for 
approvals  for  the  credit  which  must  a speedy  decision.  But  it  is  under- 
Subscriptions  to  the  loan  are  still  normally  be  granted  at  board  leveL  stood  that  they  have  not  yet 
running  at  a trickle,  although  all  Since  the  tern  was  launched.  Bra-  wheeled  in  their  central  banks  to 


running  at  a trickle,  although  all  Since  the  ban  was  launched.  Bra-  wheeled  in  their  central  banks  to 
the  country's  830  creditor  banks  sil  has  twice  altered  its  wages  poli-  exert  particular  pressure  on  indi- 
have  been  asked  to  make  their  com-  cy.  Wage  restraint  is  a key  plank  of  viduai  institutions  which  fail  to  re- 
mitraents  by  November  10.  its  economic  adjustment  pro-  spond. 

• The  loan  is  a crucial  part  of  the  gramme  with  the  IMF.  Many  banks  4 Inflation,  accelerating  out  of 
511  bn  rescue  package  being  assem-  are  waiting  to  see  whether  the  the  control  of  the  Government,  is 
Wed  by  Western  banks  and  gov-  changes  are  acceptable  to  the  IMF  threatening  to  demolish  Brazil's  lat- 
gmments  to  stave  off  a default  on  before  committing  any  money.  est  IMF  adjustment  programme 


government  officials  privately  ad- 
mit, as  is  the  1984  projection  of  an 
average  of  90  per  cent 
A technical-level  mission  from 
the  IMF  is  due  back  in  Brazil  later 
this  month,  before  the  board  meets 
on  November  18  to  consider  the 
Brasilian  programme.  It  is  likely  to 
And  itself  embroiled  once  again  to 


Reagan 
orders 
cuts  in 
budget 
plans 

By  Stewart  Fleming 
In  Washington 


THE  LEX  COLUMN 

Smoking  out 
the  Eagle 


In  the  eyes  of  Eagle  Star's  belea- 
guered management,  BAT  Indus- 
tries most  look  a grey  knight  on  a 
dappled  charger.  Yesterday’s  bid 
bad  duly  carved  itself  to  to  the  re- 
cord books,  but  will  appear  no  more 


sent  back  to  his  Cabinet  officers 


Brazil  s S90bn  foreign  debt.  It  is  an  Yesterday  Sr  Affonso  Pasture,  even  before  it  is  formally  approved 
essential  precondition  fora  resump-  Brazil's  central  bank  governor,  was  bv  the  IMF  board,  writes  Andrew 
won  of  badly  needed  International  meeting  with  the  leading  creditors  Whitley  in  Bio  de  Janeiro. 


est  IMF  adjustment  programme  that  in  October  the  price  index  was 


to  New  York  before  travelling  to  The  latest  monthly  statistics  from  15  per  cent  during  the  mouth  and  | interpreted  as  reflecting  Mr  Rea- 


Monetary  Fond  (IMF)  lending  to  to  New  York  before  travelling  to  The  latest  monthly  statistics  from 
cash-starved  BraziL  Washington  for  further  talks  with  the  officially  backed  Getulio  Vargas 

The  slow  response  to  the  loan  is  the  IMF.  The  talks  could  result  to  a Foundation  show  that  in  the  past 
beguiling  to  generate  twinges  of  new  impetus  for  the  loan  in  the  year  the  general  price  index  has 


last  minute  recalculations  of  domes-  PRESIDENT  Ronald  Reagan  has  generous  to  Eagle  Star  for  that  In 
tic  targets.  sent  back  to  his  Cabinet  officers  the  absence  of  BAT,  a defence docu- 

Figures  from  the  Getulio  Vargas  their  initial  spending  plans  for  the  meet  would  surely  have  been. 
Foundation,  leaked  yesterday  in  1985  budget,  ordering  diem  to  trim  wheeled  out  this  week  boasting  an 

asset  value  roughly  40  per  cent 
above  the 'offer  which  the  Eagle 
Star  board  bac  ju$t  rGeonmeodfid. 

By  insisting  on  a board  recom- 
mendation as  a condition  of  its  bid. 
BAT  neatly  put  the  insurance  com- 


Figures  from  the  Getulio  Vargas  their  initial  spending  plans  for  the 
Foundation,  leaked  yesterday  in  1985  budget,  ordering  them  to  trim 
advance  of  their  publication,  reveal  their  proposals,  which  otherwise 


have  burst  through  the 


up  by  13.3  per  cent,  matching  the  spending  limits  the  Administration 
record  monthly  figure  recorded  in  projected  earlier  this  year. 

July.  Wholesale  prices  were  up  by  The  President's  decision  has  been 


are  running  at  an  annual  rate  of  250  ( gan's  genuine  dismay  that  his  offi- 1 pany  on  the 


per  cent. 


rials  have  begun  to  erode  the  bud- 


unease  among  leading  creditor  closing  week  of  syndication,  bank-  leapt  by  nearly  300  per  cent  ami  the 


banks,  whose  deep  involvement  ers  say. 


underlying  trend  is  still  strongly  up- 


urith  Brazil  forces  them  to  count  on  Meanwhile,  the  13-hanks  on  the  wards. 

its  eventual  success.  But  senior  advisory  committee  of  leading  ere-  In  September,  Brazil  and  an  IMF 
bankers  point  out  that  there  are  a ditars,  chaired  by  Citibank,  are  ex-  field  team  agreed  to  use  an  average 
number  of  reasons  why  smaller  pected  to  make  their  commitments  rate  of  inflation  in  1983  of  152  per 
banks  have  chosen  to  opt  for  a to  the  loan  this  week  to  an  effort  to  cent  as  the  basis  for  calculating  the 
photo-finish.  set  the  ball  rolling.  They  will  be  fol-  all-important  public  sector  deficit 

The  time  allowed  for  syndication  lowed  by  about  40  other  large  credi-  and  money  supply  growth  targets, 
is  very  snort  - only  one  month  com-  tor  banks  in  the  hope  that  this  will  This  is  now  hopelessly  outdated. 


larly  rapid  growth,  the  welcome 
■ : WW  which  consumers  have  given  to 

ICTlflWIaBlSI  Marks-style  convenience  foods 

‘IMIIIIiJbCHhISh  seems,  at  least  in  part  to  be  tins 
I ' ini..  ||  • ■"  ii  | i country's  response  to  similar  eco- 

■ J.  H Domic  and  social  pressures.  Indeed, 

aw*™  Marics's  convenience  foods  axe  now 

Sbafriwkfart  Rots 

even  befog  served  in  restaurants. 
IJ  H II  H | ” . With  a cold  distribution  system  far 

H n Q II  I superior  to  that  of  any  of  its  rivals, 

H H 1 H U Marks  is  tikely  to  be  unchall&nge- 

n H fR  I - able  in  this  field  for  some  time. 

»j  I*— ■ ■“!  . Overall,  the  company  has  edged 

. 1 gross  margins  higher,  and  with 

m ~ ■ -1J  wage  costs  up  in  this  period  by 

__  •-«  about  14  per  cent,  net  margins  have 

wcMOp  €»  go  >t  8*  83  improved  further.  Pre-tax  profits,  of 

. • -£105^in,  are  up  fay  10.3  per  coot 

, . , . • stripping  out  centenary  celebration 

x return  on  - shareholders  arid. capital  gains,  an^  the  full 

of -27.3  percent,  white  - merit-  outcome  should  be  in  the  re- 


w* : “fef 

mcbWI  *79  In  'St  ’82*83 


pany  on  the  spot  The  strong  re-  w J improved  further.  Pre-tax  profits,  of 

sponse  to  the  Allianz  dawn  raid  last  . . £105.6m,  are  up  fay  10.3  per  cart 

The  severity  of  the  problem  for  get  savings  sought  by  the  Adminis-  month  suggested  that  the  German  • stripping  out  centenary  celebration 

the  Figueiredo  Government,  deeply  tration.  ' company  might  achieve  its  aim  of  'pre-tax  return  on  - shareholders  costs  and. capital  gains, anr*  the  full 

concerned  over  social  unrest,  is  un-  - However,  the  White  House  is  effective,  but.  not  full,  control,  funds  o£27-3  per  cent,  while — mark-  year  outcome  should  be  to  the  re- 

deriined  by  the  fact  that  food  prices,  anxious  to  pohsh  its  image  of  fiscal  through  one  more  market  incursion  ing  shareholders'  investments  -op  to  gion  of  1280m.  against  E239.3m.  The 

which  represent  nearly  two  thirds  conservatism  at  a time  when  not  at  a price  not  too  far  distant  from  market  values- the  comparable  fig-  shares  slipped  5p  yesterday  to  206p, 

of  the  family  budget  of  the  poorest  only  the  Congress,  but  also  the  gen-  the  present  5O0p  per  share  Allianz  ure  for  Eagle- Star  is  15.8  per  cent,  w(iere  the  prospective  p/e  is  about 

classes  to  Brazil,  have  shot  up  by  eral  public,  are  becoming  increas-  offer.  And  that,  from  Eagle  Star's'  BAT  is  now  preparing  to  pay  a sub-  n,  on  a 44  per  cent  tax  charge. 

240  per  cent  over  the  past  year.  Av-  ingly  concerned  about  the  threat  of  point  of  view,  would  have  been  the  stantial  premiumto those  sharehot 

erage  wages  for  those  in  full-time  soaring  budget  deficits  to  the  econo-  worst  of  aU  possible  worlds.  decs’ funds  for  a business  to  which 

employment  have  increased  by  only  my.  Yet,  while- BAT  may  have  been  it  has  precious  little  expertise.  . If  man,  ^Hhl  /Thvcgow 

half  that  amount  Privately,  officials  concede  that 


stantial  premium  to  those  sharehol- 
ders’ funds  for  a business  in  which 


Pnvrte*.  affine  coaceie  U»t  c^inifit^ithKyrttopr*  tat  Krupp  Stahl Al  hyssen 

the  President  may  not  have  real-  vide  a satisfactory  strategic  expkt-  night  at  585p,  only  2p  above  the  ' The  collapse  of  the  Thyssen/ 
ised  the  potential  problems  which  nation  for  the  move.  The  group  has.  BAT  offer  alter  making  allowance  Krvpp  Stahl  merger  plan  caused 
could  now  arise  In  order  to  trim 
their  projected  spending,  some  de- 


■w— i j m _ _ ised  the  potential  problems  which 

French  Gulf  chairman  launches  attack 

partments  may  have  to  take  a dos- 

get  10 /o  on  Mesa  reshuffle  proposals 

CtulfO  1V1  * * In  health  and  social  security,  for 

Ijlilliv  Ifl  BY  WILLIAM  HALL  IN  NEW  YORK  example,  the  President’s  call  for 

cuts  would  imply  a reduction  in 

• GULF  OIL,  the  UE.  oil  giant  which  biggest  proxy  battles  to  US.  corpo-  ing  campaign  to  rally  institutional  spending  to  bdow  the  levels  he  has 

I IB  I VP  111  is  under  attack  from  a group  of  dis-  rate  history  by  taking  out  full-page  support  for  Gulf,  whose  perfor-  just  approved  to  signing  the  fiscal 

Y sident  shareholders  led  by  Mesa  advertisements  to  Ui-L  newspapers  mance  in  recent  years  has  been  1984  Appropriations  Bill 

„ , Petroleum,  says  that  Mesa's  plans  to  explain  why  it  opposed  Gull  Oil’s  dulL  It  ^conceded,  too,  that  to  order 

Continued  from  PRge  1 to  reorganise  the  company  would  plans.  . The  Tuesday  meeting  was  dosed  to  cut  the  1985  budget  plans,  effi- 

_ . ..  . . be  operationally  devastating’  “In  our  opinion,  this  move  has  to  the  press,  and  Mr  Lee’s  remarks  dab  will  have  to  resubmit  spending 

veto,  both  stressed  tiie  importance  Mr  James  E.  Lee.  Gulfs  chair-  serious  consequences  for  all  Gulf  were  reported  by  Gulf  public  rela-  cuts  which  Congress  has  alreadyre 

ttf  the  armrrifnr  mint  Fnirmonn  ml-  r itc  iT.  , 1 . 1 mm  — nwuj  ir 


nation  for  the  move.  The  group  has.  BAT  offer  after  making  allowance  Krvpp  Stahl  merger  plan  caused 
made  little  secret  of  a desire  to  re-  for  the  interim  dividend.  The  price  little  surprise  yesterday  in  the  Ger- 
duce  its  tobacco  component  to  about  is  reflecting  the  balance  of  tears  man  markets.  Most  bankers  in 


esnuiiie  proposals 

In  health  and  social  security,  for 

r example,  the  President’s  call  for 

,,  , ltM  „ cuts  would  imply  a reduction  in 

biggest  proxy  battles  m U-S.  corpo-  tog  campaign  to  rally  institutional  spending  to  below  the  levels  he  has 
rate  history  by  taking  out  full-page  support  for  Gulf,  whose  perfor-  just  approved  in  signing  the  fiscal 
advertisements  to  U.S.  newspapers  mance  in  recent  years  has  been  1954  Appropriations  Bill 
to  explain  why  it  opposed  Gull  Oil’s  dulL  u i<  mnnvM  that  in  mu* 


partments  may  have  to  take  a dos-  60  per  cent  of  trading  profits  and  40  that  the  bids  will  be  referred  and  Frankfurt  were  either  involved  with 
er  look  ai  outlays  for  programmes  per  cent  of  total  assets.  Last  year  hopes  that  someone  will  pay  more,  the  consortium  put  together  by  the 


the  comparable  figures  were  73  and  Although  this:offerr  looks,  to  be  in  Bundesbank  to  rescue  Schroder 
48  per  cent,  so  Eagle  Star  would  put  virtually  no  one's  interests,  andeer-  Munchmeyer  Hengst  or 'else  were 
them  on  target  almost  at.a  stroke.  . tainly  not  the  publics,’  there  are  no  busy  speculating  about  the  seance 
There  is,  however,  stiH  plenty  of.  competitive  grounds  for  referring  of  that  bank's  problems.  Those  who 
scope  for  BAT  to  expand  its  exist-  either  bid.  din  note  Thyssen’s  final  rejection  of 


them  on  target  almost  at.a  stroke. 

There  is,  however,  still  plenty  of 
scope  for  BAT  to  expand  its  exist- 
ing non-tobacco  interests,  which  a 
has  recently  proved  much  more 
adept  at  managing  The  fear  of 


to  reorganise  the  company  would 
be  “operationally  devastating.” 


The  Tuesday  meeting  was  dosed 
to  the  press,  and  Mr  Lee’s  remarks 


It  is  conceded,  too,  that  to  order  shareholders  must  be  that,  to  seek- 
to  cut  the  1985  budget  plans,  offi-  tog  out  a new  area.  BAT  will  repeat 
riiih  will  have  to  resubmit  spending  tbs  errors  of  its  earlier  ways.  ■ 


itherbid.  ; did  note  Thyssen’s  final  rejection  of 

• < the  latest  steel  merger  terms  were 
- left  to  wonder  what,  if  any,  todoce- 
Marks  and  Spencer  ' ment  from  the  Federal  government 
Hie  onset  of  a consumer  boom  ^t^ve  been  enough  In  died. 


of  the  accord  for  joint  European  col-  man,  told  a closed  mppting  of  U-S.  shareholders.  Should  the  proposa 
laboration  in  electronics.  investment  analysts  in  New  York  be  approved,  certain  existing  shore 

M Pebereau  olaced  the  iotot  tv  on  Tuesday  that  his  company  would  holders’  rights  will  be  eliminated. 


tions  officials  present  at  the  meet-  jected. 


The  White  House  .believes  this 


the  errors  of  its  earlier  ways.  ^ the.  past,  tended  to  erode  . . n 

In  finanrini  terms,  the  cost,  to  Marks  and  Spencer’s  share  in  the  Thyssen  actnaiy  made  d small 
BAT  is  not  punitive.  Gross  debt,  es-  total  retail  market  The  extra  mar-  P11™*  on  its  steel  opera&ins  last 
timated  st  6Q  per  cent  of  net  worth  : gtoal  ejqjenditjzre  bar  tended  to  be  has  tong  shown  interest  in 

on  a oro-forma  basis  should  be  directed  towards  the  more  volatile  “PPPS  speoshst  steels  diyiamL 


M Pebereau  placed  the  joint  ty-  on  Tuesday  that  bis  company  would  holders’  rights  will  be  eliminated,"  j.  . ...  ™ will  serve  to  underline  in  an  elec-  a pro-forma  basis  should  be  directed  towards  the  more  volatile  weeis 

pewriter  venture  to  the  wider  con-  OPP086  ‘anyone  who  would  toy  to  says  the  Mesa  investment  group,  we  are  in  a fight  We  dSnotaokfor  Aon  year  the  President’s  commit-  back  50  per  cent  within  two  Affable  and  electronic  goods  m 

^ ninnihaliv  *hi«  mmnnitinn  - nhirh  h»  W nparlv  KAIKIm  on  w*  are  m ■ ngm.  we OMI UK «lt  MP  fh.nb.  in  tK*  which  Marks’s  mmosnre  Css.  hv  rmli-  m toto  Was  apparently  TUSt.  not 


text  of  the  growing  convergence  be-  cannibalae  this  corporation.1 
tween  telecommunications  and  of-  ^ “esa  \^°leun^  headed 
floe  equipment  technologies.  The  T.  Boone  Pickens,  is  opposing 
venture  will  be  owned  51  per  cent  ^ to  reorganise  itself  mb 
by  Alcatel  and  49  per  cent  by  Olivet-  faware  holding  company  a 

stead  is  propostog  that  Gulf 


cannihali«»  this  corporation.”  which  has  spent  nearly  $800m  on 
Mesa  Petroleum,  headed  by  Mr  purchasing  a 10.8  per  cent  stake  to 
T.  Boone  Pickens,  is  opposing  Gulfs  the  company  that  makes  it  the  big- 
plans  to  reorganise  itself  toto  a De-  gest  individual  shareholder  group. 


it  but  we  do  not  intend  to  lose  it" 

Mesa's  Mr  T.  Boone  Pickens  has 
built  a reputation  as  a shrewd  in- 


The  prospective  plant,  expected 
to  produce  100.000  machines  per 
year  and  provide  several  hundred 
jobs,  was  welcomed  by  the  French 
Industry  Ministry  yesterday  as 
helping  to  balance  France’s  unfa- 
vourable trade  account  in  office 
equipment 

M Pebereau  put  the  investment 
cost  to  his  company  of  the  new  com-  § T1 

merrial  network  at  about  FFr  400m 
over  five  years.  It  will  help  to  fill  a 
gap  in  CIT-Alcatel's  office  automa-  rhO  n If 
tion  activities.  Its  UJS.  and  UK  sub-  Mttillk 
sidiaries,  Friden  and  Roneo,  have 
been  losing  money,  partly  because  rAgplIP 
of  a lack  of  suitable  products  to  Jl  vSvUv 
commercialise. 

The  implications  of  the  M for  Continued  from  Page  1 
European  electronics  collaboration  was  also  covered  by  the  rescue  op- 
were  yesterday  partly  oversha-  era  tion. 

dowed  by  speculation  about  bow  The  need  to  shore  up  the  bank 
the  agreement  fits  in  with  the  two  has  come  as  a shock  to  the  West 
groups’  longer-term  strategies  for  German  business  community  - it 
additional  international  links  to  te-  was  long  regarded  as  among  the  el- 
leconnmmi cations.  ite  of  small  credit  institutions.  It 

Olivetti  has  been  to  contact  with  to  JY  a merger  of 

several  international  groups  - to-  banks  datmg  back  Mon 

SSLwA^rT^toSoS1  ™ assets  of  DM  2-bn.  the 

hankhas  operated  as  a limited  pwt- 

kTt. In ^ feast  10  banks  were  involved  in  the 

nporariJy  rescue_  inclllding  Deutsche  Bank 
with  financial  institutions.  .1 


plans  to  reorganise  itself  into  a De-  gest  individual  shareholder  group,  built  a reputation  as  a shrewd  m-  According  to  Administration  offi-  per  cent  of  the  company  so  cheaply, 
laware  holding  company  and  in-  Mesa  is  expected  to  send  out  vestor  in  undervalued  ofl  stocks,  d ^ proposals  Allianz  could  well  gamble  that  little 

stead  is  propostog  that  Gulf  share-  more  detailed  explanation  of  its  op-  and  his  stock  market  activities  ^ve  President  Reagan  hasreiec£  will  be  lost  by  a bid  at,  say,  610p. 

holders  would  get  better  value  for  position  to  Gulf  Oil’s  reorganisation  petted  his  company  dose  to  S10Om  ^ ^ outlays  That  would  put  the  Eagle  Star 

their  shares  if  Gulf  agreed  to  spin  plans  within  the  next  few  days.  to  profits  at  a time  when  his  basic  gMaH-  annnared  with  oroiections  boani  0X1  the  spot  and  might  well 


holders  would  get  better  value  for  position  to  Gulf  Oil’s  reorganise 
their  shares  if  Gulf  agreed  to  spin  plans  within  the  next  few  days, 
off  control  of  some  of  its  pil-produ-  Mesa  is  a fraction  of  the  siz 
ctog  properties  toto  royalty  trusts.  Gulf  Oil,  one  of  the  pillars  of 
where  the  benefit  flows  directly  to  U.S.  business  establishment, 
the  individual  shareholder.  Mr  Lee's  remarks  to  industry  i 

Yesterday.  Mesa  fired  its  first  sal-  lysts  on  Tuesday  are  the  start  o: 
vo  to  what  promises  to  be  one  of  the  intensive  behind-the-scenes  lol 


posiuon  wyuu  uu  s reorganisation  ^ ju  ed  would  have  Called  for  outlays  of  Eagle  Star 

plans  within  the  next  few  days.  m at.a  h“  b^slC  S948bn,  compared  with  projections  h08”*  <»  the  spot  and  might  well 

Mesa  is  a fraction  of  the  sire  of  od  busings  has  not  been  particular-  leased  in  July  this  vear  of  S918bn.  wring  a fractionally  : higher  offer 
Gulf  Oil.  one  of  the  pillars  of  the  Jy  profitable.  •*  *•  i- r*.‘  -77  - • fro*  BAT.  those  tarenmstances, 

U-S.  business  establishment,  and  His  basic  argument  is  that  Gulf  1 J - Allianz  would  net  just  about  enough 

Mr  lee's  remarks  to  industry  ana-  shares  are  worth  more  than  twice  “•  profit  in  sterling  terms  to  tafa>  over 

lysts  on  Tuesday  are  the  start  of  an  their  current  market  vahie  if  the  ® a smaller  UK  composite  insurance 


^toreducedSTvriiSt^  years  thanks  to  the  cash  flow  from  which  Marks’s  exposure  is,  by  poli-  “ 

ETto °SSt SSSSl^te ^ &.  But  BAT  may  have  to  pay  qy.  low the  earmtt  spending. 

deficits  to  Congress.  up  to  succeed.  Having  acquired  30  boom  shows  no  signs  of  denting  the  balance  .sheet  of  Krupp  s DM  2.7Tm 

According  to  Administration  offi-  per  cent  of  the  company  so  cheaply,  company's  gains  in  market  share.  °* 

dais,  the  initial  1985  proposals  Allianz  could  well  gamble  fiiat  little  with  UK  sales  in  the  half  year  to  product  losses  fook^too  dminimg 

which  President  Reagan  has  reject-  w®  be  lost  by  a bid  at,  say,  61  Op.  October  up  by  143  per  cent  against  ***  own 

Ttat  would  put  the  Eaje,  Sto  A national. trend  of  about  9%  per  trading posittonthis year. 

S948bn,  compared  with  projections  boani  0X1  tbe  and  might  well  cent  In  its  main  merchandise  Ether  way,  though,  14  months 


intensive  behind-the-scenes  lobby-  company  is  to  be  split  up. 

American  Brands  buys  I “I  sense  a very  strong  concern 

v about  the  deficit  coming  out  of  the 

l*r_  debate  on  the  debt  ceiling."  he  said. 

lii  6 insurance  group 

O Ml  higher  for  the  rest  of  the  decade  - 

that  is  unthinkable”. 

BY  PAUL  TAYLOR  IN  NEW  YORK  He  stressed  that  his  prpfpiwir* 

AMERICAN  BRANDS,  the  fourth  est  U5.  life  insurance  group,  from  ***  to  be  taken  sooner, 

largest  UE.  cigarette  manufacturer.  Southland  Financial,  the  diversified  n~e*j  than  later.  Already,  he  sug- 
said  yesterday  that  it  had  agreed  to  financial  services  group.  jested,  the  deficits  were  a factor  in 


^uc  A^  ^id  te  stS  a^fler  UK  composite  insurance 

Moreover.  Eagle  Star  does  not  fit 
apuficant  steps  could  be  taken  tins  comfortably  into  the'  BAT  portfolio 


board  on  the  spot  and  might  well  cent  In  its  main  merchandise  Ether  way,  though,  14  months 
wring  a fractionally  : higher  offer  areas,  clothing  and  feeds,  tte  com-  have  been  spent  on  the  aborted 
froat  BAT.  to-  those  tdream stances,  pany  continues  te-nm  rampant  over  meigee^talks-and  this  must  have 
Allianz  would  net  just  about  enough  its  rivals,  with  volume  gains  of  11  put  paid  to  Krupp’s  otter  idea,  for- 
profit  in  sterling  terms  to  take  over  per  cent  and  15  per  cent  respective-  mally  mooted  early  in  1982,  of  a 


of  high  added-vahie  consumer  prod- 
ucts. Over  the  past  - three  years, 
BAT  has  an  average  produced  a 


ty.-  merger  with  Hoesch.  Any  sugges- 

In  food  over  the  last  couple  of  tion  that  that  might  have  been 
years,  Marks  has  successfully  Thyssen's  intention  all  along.prob1- 
opened.up  what  is  virtualty  a new  ahty  overestimates  the  subtiety^qf 
market  - up-market  - convenience  tiie  German  steel  companies’  strate- 
foods.  Whereas  in  the  U^S.  fast  food  gic  thinking  to  thar  present_stmi- 
restaurant  servicer  has  seen  particu-  en  circumstances. 


said  yesterday  that  it  ted  agreed  to  financial  services  group, 
acquire  Southland  Life  Insurance,  a The  deal,  which  is  subject  to  reg- 
major  life  insurer  to  the  Sun  Belt  ulatoiy  and  shareholder  approval, 
for  $352m.  shmilr!  be  mmnlptpd  fnllnumip 


nanpjni  services  group.  gested,  the  deficits  were  a factor  in 

Tho  Honi  Te  enhwu*  ^ soaring  UjS.  trade  deficit 

rniCrj  more  crowding-out  on  the  domestic 


The  acquisition,  the  second  major  Southland  Financial's  shareholder 

life  insurance  company  purchase  by  meeting  next  month.  __  . . . 

American  Brands,  marks  a further  Southland  Life  Insurance,  based  to  Sy  to^STS? 

!^;1^,thltO^f0UPSrapid  ^ “ Dal,as’  has  S8-7bn  01  insurance  1986  deficit  reductenprogrammes 
versification  strategy.  policies  to  force,  mainly  to  the  around  the  S90bn  level,  which  are 

American  Brands  already  owns  southern  half  of  the  U-S.  It  has  par-  now  being  considered.  Such  cuts 
Franklin  Life  Insurance,  which  it  ticular  expertise  to  the  writing  of  "would  tend  to  depress  the  level  of 
acquired  in  1979.  Since  then,  its  di-  group  policies,  unlike  Franklin,  economic  activity  then." 
versification  strategy  has  also  led  to  which  has  51 8bn  of  policies  in  force.  Separately  yesterday,  the  US. 

the  acquisition  of  Ofrex.  the  UK-  but  which  has  specialised  individo-  Treasury  annonmyd  that  it  was 


should  be  completed  following 

Southland  FmanriaTs  shareholder  ^ 

?n  now-  A v™**  ««>t  te  “prudent- 


IM  ALL  OUR 208 YEARS 
EXPERIEUGE  THE  TIMIHQ  HASMEVER 
LOOKED  MORE  RIPE. 


based  stapler  producer,  and  most  al  policies. 


' rescue,  induding  Deutsche  Bank 
with  financial  institutions.  ^ Dresdner  There  were  al- 

At  the  same  time,  CIT-Alcatel  is  so  a number  of  small  co-operative 
searching  for  foreign  alliances  in  banks.  The  Commerzbank  is  not  in- 
public digital  switching  networks,  volved  and  said  that  it  had  not  had 
This  follows  its  agreement  with  the  credit  dealings  with  the  bank  for 
Thomson  group  to  take  overall  com-  some  time. 

Tnand  of  France's  telecommunica-  9 Ian  Rodgers  adds  from  London; 


postponing  the  rest  of  its  $16bn 


tions  efforts. 


Rumours  that  IBH  was  to  financial 
difficulty  were  thought  to  be  behind 


recentiy  to  Uie  acquisition  e^lier  Toe  acquis^  * therefore  re-  <R«rteriy  refunding  programme  - 
tfais  yearofPmkertons.tteUS.de-  gardcd  ^ American  Brands  as  a the  first  tranche  of  which  had  been 
tective  agency  for  5160m.  natural  extension  of  its  financial  P111  Tuesday,  because  of  the 

Mr  Edward  Whittemore,  chair-  services  operations.  American  Senate’s  failure  on  Monday  night  to 
man  and  chief  executive  of  Ameri-  Brands  said  yesterday  that  follow-  raise  the  limit  on  the  volume  of  gov- 
can  Brands,  said  yesterday  that  the  ing  completion  of  the  deal,  South-  eminent  debt  which  can  be  out- 
company  had  agreed  to  buy  South-  land  Life  would  continue  to  be  run  standing, 
land  Life  Insurance,  the  46th  larg-  as  a separate  company.  Third-quarter  upturn,  Page  23 


Both  chairmen  emphasised  yes-  Jr  rJ-  .u  ^ 

the  sharp  declines  m the  share 
terd  y that  the  eal  leaves  each  -^ggs  in  London  of  Babcock  Inter- 
company  free  to  follow  independent  Jational  ^ Duffiym 

Shares  of  Babcock,  wtoch  has  a 

final  part  - for  msUnce.  mlh  AT  13  “nt  m ™H  valu«i  “ 


UULMU  kAU.1  1U1  UI9UUJLC.  WtMl  rtl  i— I rl  S I An  , 

& T - prejudicial  to  the  Froort,  *° 


group’s  interest 

Both  Olivetti  and  CIT-  Alcatel  are 
continuing  to  seek  further  interna- 
tional links  to  telecomm  uni cations- 


225p  before  recovering  to  236p. 

Mr  B.  J.  Knightley,  finance  direc- 
tor of  Babcock,  said  the  company 
would  not  take  up  any  new  IBH  eq- 
uity. 


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BAT  launches 
£796m  bid 
for  Eagle  Star 

Continued  from  Page  1 

Sir  Denis  Mountain,  who  is  the 
grandson  of  the  founder  of  the 
group,  said  yesterday  that  Allianz's 
large  minority  shareholding  had  an 
inhibiting  effect  on  Eagle  Star's  op- 
erations and  that  the  BAT  bid 
would  get  rid  of  this  large  sharehol- 
der. 

He  said  that  the  managements  of 
Eagle  Star  and  BAT  were  compati- 
ble and  the  insurer’s  plans  to  devel- 
op in  to  the  financial  service  fields 
were  similar  to  the  objectives  of 
BAT. 

Once  the  bid  goes  through,  Sir 
Denis  and  Mr  David  Jesse!  of  Eagle 
Star  will  join  the  board  of  BAT 
while  Mr  Sheehy  and  Mr  Brian 
Garraway  of  BAT  will  join  the  in- 
surer’s board. 

Under  the  terms  of  the  bid,  wind) 
is  15  per  cent  higher  than  Allianz’s 
offer,  BAT  will  offer  shareholders 
an  alternative  to  the  cash  offer 
“comprising  quoted  debt  instru- 
ments. subject  to  the  aggregate 
nominal  amount  of  such  debt  not 
exceeding  EBOOm.” 

BAT  is  advised  by  Lazard  Broth- 


We  believe  that  continued  growth  prospects  in  Equities  are  now 
limited.  However,  at  present  levels  the  commodity  currency  and  financial 
futures  markets  offer  significant  opportunities  for  investment- 
performance: 

We  also  believe  you  should  cortsiderhaving  10%  of  your  investment  port- 
folio in  commodities- but  it  must  be  professionally  managed  with  buSt-in 
safeguards.  So  how  can  investors  withoutprievious  experience  berome  involved 


.Fund  can  provide  the  ideal  answer.  . . • ~ . 

Experience  - .portfolio  will  be  limited  so  that  the  v' 


[«inn;piV, 


BAT  INDUSTRIES'  PRINCIPAL  AOOUIMTIONS 


1905  UnMwk 
1900  Monty 


1967  Yardhqr 

1908  Qwntain*  Montea 

1970  WggteTtfiM 

1971  Norton  {Minority  Holding) 
Papotories  do  Hontevrsln 

1972  Kohls 
International  Storm 

1973  Oimb«ls/Safc*  Fifth  Aooouo 

1974  Cyctax 

1977  Juvena 
LoriBand 

(Overseas  business) 

1978  AppJoton  Paporo 
Fegulon 

1979  Argw 
MacMarket 
Manfon  Packaging 
International 
HOppo 

1982  MarsbaBFMdACo 
Canon 

1983  QrftS 


cigars 

cotmeBca 

cosmetics 

paper 

department  stores 
paper 

supermarkets 
supermarkets 
department  stores 
cosmetics 


hotna  ImprovemoiUa 

reMDng 

saprnnaikets 

poefcagtog 

horno  improvements 
department  stores 
cosmetics 
cosmetics 


U-S. 

UA 

W.  Germany 

UK 

UK 

UK 

W.  Germany 
U-S. 

France 

France 


The  investment  advisers  to  the 
Fund  are  Lewis  a Peat  Clarke  Ltd.  a 
subsidiary  of  the  Lewis  a Peat  Group 
(founded  in  1775):  one  of  the  largest 
commodity  merchants  in  the  world. 
Teddy  Clarke,  the  chairman  of  Lewis 
a Peat  Clarke  was  one  of  the 
pioneers  of  the  Commodity 
investment  management  industry  in 
the  United  Kingdom. 

[iWESTMEriT  POLICY  ~~ 

Investors  in  The  Lewis  a Peat 
Clarke  Commodity  Fund  Ltd.  wall 
participate  in  a diversified  portfolio  of 
physical  metals,  and  commodity, 
currency  and  financial  futures 
contracts.  The  futures  element  of  the 


• portfolio  will  be  Limited  so  that  the  ^ 
gearing  of  the  Fund,  as  a whole.  wiU  . 
be  reduced  to  a maximum  of  3:1. 

ImferMEPfT  PROTECnOfT' 

The^ diversification  of  the ' 
portfoiio  ensures  restricted  exposure  ■: ; 

• to  any  one  market  Moreover,  ail  '•  r 

futures  marketpositions  are 

. protected  by^ stop-loss  orders,  thus  . - : 
limiting  risk_  Rea  Brothers  (Guernsey) 
Ltd.  act  as  Custodians  toThe  Lewis& 
Feat.  Clarke  Commodity  Fund  Ltd. 
Minimum  investment  is  £5.000.  - 
- : Applications  for  investment  in 
The  Lewis  & PeatQarke  (fommodity 
Fund  Ltd  may  only  be  made  on  the 
basis  of  the  Prospectus  obtainable  by 
sending  the  coupon. 


BRITAIN'S  BIGGEST  BSD5 


Year 

BMdm- 

Target 

company 

Cash  eaten  adjusted  for 
£ MlatlonC 

1983 

SIR 

T.  Tiffing 

660m 

671  An 

1980 

BP 

SotecHon  Trust 

39039m* 

5024m 

1973 

Grand  Mot 

Wataey  Maim 

3785710* 

147bn 

1982 

Paternoster  Stores 

F.W.  Woofwortti 

’ 310An* 

329m 

1983 

Hanson  Trust 

UD5 

260m 

265Jm 

1973 

Imperial  Graop 

Courage 

2S7.7m* 

9357m 

1960 

Harsh  A HcLannan 

C.T.  Doteriug 

18&5oi* 

240m 

1980 

Thorn 

EW 

14&2m* 

1904m 

} To:  Lewis  8 Feat.  Clarke  ,'Guernwyi  Ltd..  PO.  Box  M7  Commerce  House.  Les  Bariques.  St  Peter  Port  I 
. Guernsey  Channel  Islands.  Please  seno  me:  ^ si.  recer  rorx.  | 

j AProspectiBofThe  Lew»s.a  Peat  Clarke  Commodity  Fund  Ltd.  -Q  - • I 

I ALewsft.PeatCtok^bnxtpjre  Q " . 'I 

I Name  — . , — ‘ • . I 

j Zrt>1nnc<  - , j 

j pt  refepnone/tewx  Brendan  Ktely  or  Graham  Murphy  m London  ort623 311 L Ext  Z68a.Tetae  am^11 

1 LewisSF^aarte(Guernsey)Limited  j 


LtTs-'SfV'Sl ils  bW  for  ^ 


^ m gjssssasMs;  xv.  s. 


TkA 


IMI 

for  building  products,  heat  exchange, 
drinks  dispense,  fluid  power, 
special-purpose  vahes.generai  ' 
engineering,  refined  and  wrought  metals; 
Ml  ptc.BirmmghanvEntfand 


SECTION  II  - INTERNATIONAL  COMPANIES 

FINANCIAL  TIMES 

Thursday  November  3 1983 


Occidental 
drops  plan 
to  sell 
Permian 

By  Our  New.  York  Staff 

OCCIDENTAL  ■ Petroleum  has 
dropped  plans  to  sell  its  Permian- ofl 
ttansportabon  business  to.  the  Car 
radian  First  City  Financial  Corpor- 
ation, controlled  by  the  Belzbtig 

family 

In  a brief  statement.  Occidental 
and  First  City  Financial  Carp  joint- 
ly announced  late  on  Tuesday  the 
termination  by  mutual  consent,  of 
their  previous  agreement  in  princi- 
ple for  the  purchase  of  substantially 
all  of  the  assets  of  Permian. 

In  mid -September,  First  City  Fi- 
nancial bad  agreed  to  pay  more 
than  $400m  for  Permian  which  op- 
erates 5 ,200  rules  of  crude  oil  pipe- 
lines, a fleet  of  600  tanker  trucks 
and  has  storage  facilities  for  &3m 
barrels  of  mL 

The  planned  acquisition  of  Perm- 
ian by  First  City  Financial  had 
caused  some  surprise  when  first  an- 
nounced since  the  group  is  primari- 
ly an  integrated  financial  services 
group  and  is  hot  wen  known  in  the 
oil  world. 

Neither  Occidental  nor  Krst  City 
Financial  would  elaborate  on  the 
reason  for  the  break-down  of  the 
takeover  talks. 


Rohr  in  talks 
on  aero-engine 
parts  project 

By  Michael  Donne  la  London 

ROHR  INDUSTRIES,  the  Califor- 
iiia-based  aerospace  manufacturing 
concern,  has  opened  discussions 
with  UK  and  other  European  com- 
panies on  tbe  oration  of  an  inter- 
national  consortium  to  make  the. 
components  for  the  new  V-2500 
aero-engine,  plans  for  which  were 
announced  on  Monday. 

This  was  disclosed  by  Mr  Harry 
Todd,  file  chief  , executive  of  Rohrs, 
last  night,  os  the  eve  of  its  taking  a 
listing  an  the  tawfan  Stock  Ex- 
change. 

The  V-2500  is  destined  for  -the^ 
forthcoming  new  generation  of.  ISO-’ 
seat  airliners  and  win  be  built  by 
Rolls-Royce,  Pratt  8r  Whitney,  Jap* 
□ese  Aero-Engine  Corporation, 
MTU  of  West  Germany  and  KatAv- 
iazione  of  Italy. 


Kaiser  Steel  makes 
third-quarter  revival 
with  $5.7m  profit 

BY  TERRY  DODSWORTH  IN  NEW  YORK  - 


KAISER  - &TKKU  the  California- 
based  ’ steel  * producer,  reported 
third-quarter  net  earnings  of  $5.7m 
or  77  cents  a share  against  a restat- 
ed net  loss  of  $22Jhn  or  S3.17  a 
share  in  the  same  period  last  year. . 

The  company  is  in  the  process  of 
being  sold  to  an  investment  group 
led  by  Mr  Joseph  Frates  of  Tulsa, 
Oklahoma,  in  a tangled  $374m  take- 
over battle  which  is  atill  the' subject 
of  litigation. 

If  it  were  still  continuing  on  an 
independent  basis-  it  Wild  be'  tide- ' 
ing.  a. charge  of  between  5425m  and 
8450m  against  the  cost  of  elnmng  its 
Fontana  -steelmaking  facility,  the 
company  said. 

The  thirchjuarter  figures  were 
struck  after  taking  stock  profits  of 
$39.4m.  -Sales  slipped  to  $I618m 
from  S16&9m,  despite  a 39  per  cent 


increase  in  steel  shipments  from 
200,000  tens  to  276,000  tons. 

For  the  first  nine-months,  the  net 
loss  was'Sl  1 Am~(S1.66'a  share)  after 
income  of  S83.4m  from  inventory  re- 
duction programmes,  against  a net 
loss  of  tf.lm  (51.04  a share)  last 
time. 

Kaiser  says  that  the  proposed 
charges  against  the  Fontana  clo- 
sure would  have  been  accompanied 
by  a balance  sheet  adjustment  un- 
der the  official  “quasi  reorganisa- 
tion" procedures.  Ibis  would  have 
shown  the  assets,  of  the  continuing 
business  at  substantially  above 
their  present  book  value,  and  well 
in.  excess  of  liabilities. 

Similar  procedures  will  be  fol- 
lowed by  the  Frates  group  if  the  ac- 
quisition goes  through,  file  compa- 
ny said.  . 


Otis  expansion  with 
Taiwan  joint  venture 


BY  PAUL  TAYLOR  IN  NEW  YORK 


UNITED  : TECHNOLOGIES,  the 
UK  conglomerate,  said  yesterday 
that  its  Otis  elevator  subsidiary  was 
forming  a;  joint-  venture  in  Taiwan 
with  Tatung  to  manufacture  and 
market  Otis  products  for  local  sale 
and  export 

The  joint' venture  marks  the  lat- 
est m a series  of  moves  by  Otis  to 
expand  its  market  share  in  file  Far 
East  The  company,  the  world's 
largest  lift  and  escalator  manufac- 
turer, already  has  a number  of 
nuumfacturing  plants  in  the  region 
together  with  jmht  ventures  in  Ja- 
pan,. South, Korea,  fi « Philippines 
mid  China.  • . . 


United  Technologies  said  the  new 
joint  venture,  to  be  called  Tatung 
Otis  Elevator,  will  manufacture, 
market  and  service  Otis  products  in 
Taiwan,  andexport  elevators,  esca- 
* lators  and  components  to  Otis  with 
the  manufacturing  anri  marketing 
capabilities  of  Tatung. 

Terms  of  the  agreement  were  not 
disclosed.  However,  it  is  understood 
that  the  deal  is  rfnsignfrH  to  Pnhanre 
further  Otis’s  presence  in  the  re- 
gion, one  Of  toe  fastest  growing 
- markets  for  Otis  products  in  toe 
world. 

Last  year,  Otis  had  sales  of  more 
than  SI  Jbn.-  - 


Pharmacia  prices  U.S.  shares 


BY  DAVID  BROWN  IN  STOCKHOLM 


PHAHMAQArtiie  Swedish  pharm- 
aceuticals and  bio-technology 
.gtpup^has  set  the  price  on  a new 
CCS.*  issue  of  up  to  fctorsfaares-ex-  -. 
prated  to  nose  some  Stt  Jm. ' 

The  price;  02;  per  American  De- 
positary Hecapt  {ADR),  is  below 
the  original  $2450  at  which  the 


counter  market  before  release  of 
nine-month  figures. . 

These  showed  narrower  profit 
margins  and  slowed  sales  which 
were,  attributed  to  high  research 
and  development  spending  and  sea- 
sonal fluctuations.  Pretax  profits 
for  toe  period  declined  59  per  cent 


Texas  oil 
group  in 
pipeline 
purchase 

By  William  Hall  In  Now  York 

TEXAS  OIL  and  Gas  (TXO),  one  of 
the-biggest  independent  producers 
of  oil  and  natural  gas  in  the  UK,  is 
linking  up  with  Midcon  Corpora- 
tion, a Chicago-based  pipeline  com- 
pany, to  purchase  several  hunched 
miles  of  natural  gas  pipeline  for 
5200m.  ^ 

The  deal  is  toe  second  venture 
between  the  two  companies  this 
week.  On  Monday,  TXO  announced 
that  it  had  agreed  to  sell  up  to  150m 
cubic  feet  of  natural  gas  per  day  to 
Midcon.  In  common  with  many  na- 
tural producers,  TXO  is  suffering 
from  the  glut  of  natural  gas  in  the 
UK  and  toe  Midcon  deal  will  pro- 
vide it  with  new  markets  for  its  gas. 

The  joint  acquisition  covers  the 
purchase  of  seven  subsidiaries  of 
Tatham  pipeline  company  of  Hous- 
ton consisting  of  various  intrastate 
and  interstate  pipelines  some, 
but  not  all,  contracts  owned  by  the 
Tatham  subsidiaries  for  the  pur- 
chase and  sale  of  gas  to  various  cus- 
tomers, primarily  in  Louisiana. 
TXO  will  supply  some  of  the  gas  to 
toe  newiy  acquired  pipelines. 

The  two  companies  say  that  the 
long-term  potential  of  the  acquisi- 
tion is  substantial.  It  will  permit 
both  companies  to  enter  the  indus- 
trial gas  market  in  Louisiana. 

The  companies  say  their  objec- 
tive is  to  obtain  lower  cost  supplies 
of  gas 


U.S.  BANKS  EMERGE  WITH  A CLEAR  PROFIT  LEAD  OVER  MOST  EUROPEAN  RIVALS 

Dodging  obstacles  to  first  place 


ADRs  were  traded  on  the  over  the . to  SKr  338m  ($43  Jm). 


Third-quarter 
decline  for 
Halliburton 

By  Our  New  York  Stelf 

HALLIBURTON,  the  major.  UK  oil 
services  company,  reported  third 
quarter  net  income'  down  225  per 
cent  from  5118.7m  or  78  cents-  a 
share  to  S91.8m  or  S151  a share. 
Revenues  fell  22  per  cent  to  S1.41bn 
(S1.7bn). 

At  the  nine-month  stage  earnings 
felt  by  42  per  cent  reflecting- the 
sharp  downturn  in  the  UK  oil  ser- 
vices industry.  They  were  5232m,  or 
SUS7  a share,  against  5399m  or 
$3.38  a share.  Revenues  fell  27  per 
cent  from  $5.7bn  to  $4.1hn. 


ITALIAN  CAR  INDUSTRY  TAKES  A RADICAL  LEAP  FORWARD 


Robot  revolution  at  Alfa  Romeo 


BY  KENNETH  GOODING,  MOTOR  INDUSTRY  CORRESPONDENT.  IN  NAPLES 


COMMUNIST  PARTY  posters  still 
are  prominently  displayed  above 
the  machinery  in  all  areas  of  Alfa 
Romeo's  Pomigliano  car  plant  near 
Naples.  At  the  moment  there  are  al- 
so notices  proclaiming  that  toe 
Communist  Party  of  Italy  will  fight 
at  all  levels  the  changes  toe  stater 
owned  company  intends  to  T"ake 
there. 

The  Pomigliano  management  is 
unconcerned  about  the  current  up- 
surge of  in-plant  political  activity, 
pointing  out  that  it  was  to  be  ex- 
pected during  the  rus-up-to  focal 
elections  in  Naples. 

But  there  has  been  a revolution 
inside  toe  plant  Pomigliano  has 
been  transformed  by  toe  installa- 
tion of  robots  and  other  advanced 
automation. 

Although  Pomigliano  was  com- 
pleted as  recently  as  1972,  Alfa 
Romeo  found  it  necessary  to  bring 
it  up  to  date  last  year.  The  company 


aimed  to  improve;  qtiahty  and  prod- 
uctivity radically!  when,  preparing 
Pomigliano.  for  toe  production  ;of  a 
new  saloon,  the  Alfa  33,  launched 
this  summer.  • - - • 

Capital  investment  at  toe  plant 
totalled  L187bn  ($122. 7m)  last  year 
and  a tour  of  toe  facility- quickly  re- 
veals where  the  money  has  been 
spent  

There  arenmovations  such  as  the 
completely  automatic  line  for  toe 
prodnetfon  of  major  body  pressings 
and  . a body-welding  line  -with  over 
30robots. 

Alfa  Romeo  also.found.it  neces- 
sary to  change  completely  the  lay- 
out’of  toe  engine  and  gearbox  as- 
sembly sections,,  adding  cpnsider- 
abty  to  the  level  of  automation  but 
at  fiie  same  time- attempting  to  im- 
prove job  satisfaction  for  toe  skilled 
workers,  and  giving  .them  far  more 
direct  responsibility  for  quality. 

An  example  of  this  approach  is 


seen  in  toe  engine  assembly  shop 
where  "islands* with  «tw«H  team*  of 
workers  completing  whole  engines 
replace  the  former  continuous  line 
layout  which  strung  out  the  task 
along  80  work  stations. 

- Arrangements  also  had  to  be 
changed  to  accommodate  produc- 


anent,  the  majority  of  them  from 
Arese. 

. All  this  is  part  of  an  aggressive 
L2,000bn  investment  programme 
for  1982-90  with  which  Alfa  Romeo 
intends  to  make  a product-led  ’re- 
covery to  profitability  in  a style  dis- 
tinctly reminiscent  of  BL’s  ap- 


tioh  of  toe  car  bring  produced  joint-  proach  in  Britain. 


DIVIDENDS  EACH  YEAR 
SINCE  1912 


The  Board  of  Directors  of  ENSERCH 
Corporation  on  October  27, 1983,  de- 
clared a regular  quarterly  dividend  of 
40  cents  per  share  of  common  stock, 
payable  December  5, 1983,  to  share- 
holders of  record  November  18, 1983. 


For  additional  information,  please  write 
to  Benjamin  A Brown,  Vice  President, 
Financial  Relations.  Dept.  L ENSERCH 
Center, ■ Box  999,  Dallas,  Texas  75221. 


CORPORATION 


tywito  Nissan  of  Japan,  called  eith- 
er the  Area,  or,  with  its  Nissan 
badge,  the  Cherry  Europe. 

Among  other  things  this  called 
for  complete  renewal  of  the  paint 
line,  which  is  now  largely  automat- 
ed and  enclosed  in  a continuous 
tunneLLike  its  bigger  Italian  rival 
Flat,  Alfa  Romeo  has  also  gone  to 
extreme  lengths  to  improve  anti- 
corrosion “treatment. 

However,  there  has  been  no  ques- 
tion of  balancing  the  improvements 
in  productivity  brought  about  by  in- 
creased automation  with  increased 
sales.  So,  helped  by  favourable 
changes  throughout  toe  Italian  mo- 
tor industry,  AHa  Romeo  has  been 
ahle  to  cut  its  workforce  by  8,000  to 

28.000  since  1978,  and  last  year 

4.000  employees  worked  short-time 
while  toe  company  adjusted-output 
to  demand. 

Alfa  Romeo  claims  fha*  produc- 
tivity has  climbed  steadily  from  4.6 
cars  a man  year  in  1978  to  7 J in 
1982  and  it  expects  nine  this  year. 

. There  are  other  signs  of  impor- 
tant changes  in  attitude  .among  the 
workforce.  At  Pomigliano,  absence 
through  all  causes,  including  illness 
or  even  army  service,  was  20  per 
cent  in  1979.  Today  it  is  down  to  14 
tol5percent 

Next  toe^roup  will  tom  its  atten- 
tion to  its  northern  plant,  at  Arese, 
near  Milan.  Major  alterations  and 
the  installation  of  highly  automated 
equipment  will  pave  the  way  for  the 
plant  to  produce  one  new  model  a 
year. 

A start  will  he  made  with  the  re- 
placement for  the  Alfetta,  due  late 
next  year  or  in  early  1985.  The  mod- 
el is  significant  for  toe  Italian  mo- 
tor industry  in  that  it  will  be  based 
on  key  components  jointly  develop- 
ed and  produced  by  Alfa  Romeo 
and  Fiat  Fiat  will  use  them  in  a 
Lancia  Beta  replacement  and  also 
for  the  successor  to  the  Argeota. 

The  extent  of  the  productivity  im- 
provements expected  can  be  judged 
by  the  fact  that  Alfa  Romeo  is  cur- 
rently negotiating  a further  7,300 
lay-offs  next  year  - 6,000  at  Arese.  • 

Of  the  total  3,800  would  be  perra- 


• For  the  next  two  years  at  least 
toe  investment  programme  should 
be  financed  from  the  group’s  own 
resources,  that  is,  from  depreciation 
and  the  use  of  interest  accrued 
from  a special  employees’  retire- 
ment fund  (together  worth  an  annu- 
al LI20-L200bn),  phis  borrowings. 

Alfa  Romeo  expects  to  reduce  its 
loss  this  year  to  around  L40bn  from 
last  year’s  L725bn  and,  if  its  mar- 
keting plans  go  smoothly  and  Euro- 
pean car  market  conditions  permit, 
it  hopes  to  break  even  in  1984  - or 
in  1985  at  the  latest  Then  the  com- 
pany should  make  its  first  profit 
since  1973. 

. Alfa  Romeo’s  car  output  next 
year  is  forecast  to  rise  to  210,000 
compared  with  188.500  in  1982  and 

190.000  to  200,000  this  year. 

The  Pomigliano  plant  is  expected 
to  build  120,000  of  that  total,  most  of 
which  will  be  Alfa  33s. 

Output  of  the  Ama/Cherry  Eu- 
rope models  is  forecast  at 

25.000- 30,000  next  year.  Maximum 
production  of  the  Am  a/ Cherry  Eu- 
rope will  not  be  reached  until  1985 
braause  Alfa  Romeo  prefers  to  con- 
centrate on  the  33  for  the  time  be- 
ing. . 

The  deal  with  Nissan  will  last  10 
years.  It  includes  a new  car  body  af- 
ter five  years  but  is  restricted  by 
the  Italian  Government  to  a maxi- 
mum of  60,000  cars  a year,  of  which 
half  will  be  sold  by  Alfa  Romeo  in 
Italy.  Another  10,000  will  go  to  the 
Nissan  importer  in  Britain  where 
the  car  was  first  launched  in  Au- 
gust - followed  by  the  .Continental 
introduction  in  Italy  last  week. 

Assuming  Alfa  Romeo  gets  its 
marketing  strategy  right,  Pomiglia- 
no in  1985  should  be  working  at 
near  its  180,000  capacity,  producing 

100.000  Alfa  33s,  60,000  Areas  and 

20.000  Alfasud  Sprints. 

The  Arose  facility  has  a capacity 
of  120,000  cars  a year  spread  over 
four  models.  Next  year  toe  altera- 
tions being  made  to  the  plant  - plus 
the  present  drop  in  demand  for  the 
type  of  cars  Arese  produces  - is  ex- 
pected to  reduce  output  there  to 

85.000- 90,000. 


BY  DAVID  LASCEU.es,  BANKING  CORRESPONDENT,  IN  LONDON 

U.S.  BANK  profits  were  among  the 
most  buoyant  to  toe  world  last  year, 
despite  the  less  developed  coun- 
tries’ (LDC)  debt  crisis  and  sharply 

fluctuating  interest  rates.  Their  per- 
formance . is  particularly  ’ striking 
when  set  against  the  French,  Ital- 
ian, Dutch  and  British  banks  where 
rates  of  return  fell  sharply.  German 
and  Japanese  hunk*  just  about  held 
their  own. 

These  trends  emerge  in  a study 
shortly- to  be  published  by  IBCA, 
toe  London-based  .bank  rating 
agency,  which  tries  to  measure  real 
profitability  by  stripping  the  effect 
of  inflation  from  .the  banks'  report- 
ed profits. 

IBCA  says,  the  figures  are  an  "in- 
telligent guide"  rather  than  a pre- 
cise measure,  and  points  out  that 
bank  profits  can  be  strongly  influ- 
enced by  their  countries'  monetary 
policies  and  bank  supervision  stan- 
dards. 

Thanks  to  the  sharp  fall  in  UK 
inflation,  American  banks  enjoyed 
a real  rate  of  return  on  their  equity 
last  year  of  nearly  10  per  cent,  by 
far  the  highest  of  any  major  coun- 
try in  the  study  and  probably  one  of 
the  best  in  recent  UK  banking  his- 
tory. 

But  IBCA  says  “Given  the  high 


BANK  RATES  OP  RETURN  (%)  IN  1962 

Return 

Equity/ 

Return 

Change  in 

on 

assets 

6n 

consumer 

assets 

equity 

prices 

Belgium 

025 

2^5 

10.80 

8.1 

Frsnoe 

0.05 

1.90 

5.12 

9.7 

Itaty 

QjS6 

Z93 

22.57 

16.1 

Netherlands 

0.27 

2.84 

9.39 

43 

Sweden 

0.28 

5.12 

5.13 

93 

UK 

0.67 

4-96 

12.98 

5-4 

Canada 

0.42 

3.55 

11.74 

10.0 

Germany 

0.09 

238 

4.11 

4.6 

Japan  |dty  banks) 

0.19 

230 

8.06 

2.4 

Spain 

0.72 

439 

13.25 

14.0 

Switzerland 

0.38 

5 92 

6 39 

S3 

U4L 

0^5 

4.17 

13.13 

3.9 

Source:  IBCA 

exposure  of  many  UK  banks  to 
troubled  countries  and  recently  an- 
nounced large  energy  loan  losses  by 
some  of  toe  Texas  banks,  it  is  hard 
to  argue  that  they  do  not  need  all 
the  profits  they  can  get" 

In  fact  a cautionary  tale  lurks  in 
IBCA’s  league  of  toe  most  profit- 
able banks  in  the  world  in  1982. 
Placed  seventh  out  of  152  is  Inter- 
first  the  Texas  bank  which  last 
month  reported  a quarterly  loss  of 
S194m,  toe  largest  ever  in  the  U.SL, 
because  of  energy  loan  trouble. 

By  contrast  French,  Swedish  and 


German  banks  had  a negative  re- 
turn on  their  equity.  In  France, 
banks  had  low  lending  margins  be- 
cause of  government-imposed  inter- 
est rates  controls  and  high  loan  loss 
provisions.  The  Germans  also  had 
to  set  aside  a big  portion  of  what 
would  otherwise  have  been  good 
profits  to  cover  bad  loans.  IBCA 
says  that  for  technical  reasons,  the 
figures  probably  understate  the 
profitability  of  Swedish  banks. 

The  UK  banks  were  also  among 
toe  few  which  emerged  from  1982 
with  a stronger  capital  base.  Others 


were  the  Italians,  toe  Swedes,  toe 
Canadians  and  toe  Germans.  Big- 
gest drops  in  capital  ratios  (toe  pro- 
portion of  equity  to  total  assets) 
were  registered  by  the  British  and 
Spanish  banks. 

In  absolute  terms,  the  French 
(government-owned)  banks  remain 
the  most  thinly  capitalised:  each  un- 
it of  equity  supports  over  50  of  as- 
sets, making  them  what  IBCA  de- 
scribes “woefully  undercapitalised”. 
By  contrast  the  Swiss  banks  have  a 
gearing  of  only  one  to  17  and  re- 
mained the  most  strongly  capital- 
ised banks  in  the  study. 

IBCA’s  profitability  league  shows 
the  Saudis  well  ahead.  But  among 
the  major  industrial  countries,  toe 
UK  banks  do  well  (again  partly  be- 
cause of  Texas)  with  J.P.  Morgan 
and  Bankers  Trust  among  the  top 
13.  Three  of  the  four  British  clean- 
ers make  the  top  three  dozen  (Nat 
West  at  18.  Lloyds  at  31.  and  Bar- 
clays - which  used  to  be  called  toe 
world's  most  profitable  bank  - at 
36). 

The  large  Japanese  banks  fea- 
ture mostly  in  toe  middle  of  the 
league,  and  the  large  Germans,  Ital- 
ians and  French  towards  the  bot- 
tom half. 


Losses  at 
Italian 
car  maker 

By  James  Buxton  in  Rome  ' 

NUOVA  INNOCENT!  Italy’s  smal- 
lest car  manufacturer  after  Fiat  and 
Alfa  Romeo,  expects  its  third  sub- 
stantial loss  in  succession  this  year, 
according  to  Sig  Alejandro  de  Tom- 
aso, managing  director. 

The  company,  which  makes  small 
cars  and  used  to  produce  toe  BL  Mi- 
ni under  licence,  has  sold  only  9,750 
vehicles  in  toe  first  nine  months  of 
this  year,  compared  with  15,650  i h 
■toe  same  mine  months  of  1982. 
Revenue,  however,  rose  during  the 
period  from  L105bn  to_  L133t» 
(S82.8m)  and  a higher  proportion  of 
the  cars  was  exported. 

In  1982,  Nuova  Innocent]  lost 
L12bn  and  losses  amounted  to 
L22bn.  The  company  is  controlled 
by  toe  UK-registered  holding  com- 
pany of  Sig  de  Tomaso,  De  Tomaso 
Industries.  An  Italian  state-con- 
trolled finance  company.  GEH,  has 
a minority  stake. 


Grumman  earnings  and  sales  rise 


BY  PAUL  TAYLOR  IN  NEW  YORK 

GRUMMAN,  toe  UK  military  air- 
craft manufacturer,  has  increased 
third-quarter  and  nine-month  earn- 
ings due  mainly  to  improved  perfor- 
mance following  the  sale  of  its  loss- 
making  Fbdble  bus  operations  cou- 
pled with  higher  sales  and  lower  in- 
terest costs. 

Net  earnings  of  $29m  or  98  cents 
a share  in  the  latest  quarter  on 
sales  of  S578.7m  compared  with  net 
earnings  of  S16.3m  or  60  cents  a- 
share  in  the  1982  period  on  sales  of 
5499.1m. 

The  1982  quarter  included  an  af- 
ter tax  loss  of  56.4m  related  to  the 


discontinued  operations  of  Fbdble. 
which  the  company  sold  for  S40m 
earlier  this  year  to  General  Auto- 
motive Corporation.  Income  from 
continued  operations  totalled 
522.76m  or  84  cents  a share. 

Grumman  attributed  the  latest 
results  to  “toe  improved  perfor- 
mance of  Grumman  Data  Systems, 
substantially  lower  interest  costs 
and  - most  significantly  - the  ab- 
sence of  operating  losses”  at 
Fbdble.  Nine-month  net  earnings  of 
577.96m  or  52.71  a share  compared 
with  earnings  from  continued  oper- 
ations of  S64.7m  or  S2.4I  a share  in 
toe  same  period  last  year. 


In  the  1982  period  a S28.2m  loss 
from  discontinued  operations  and  a 
S5.4m  loss  on  disposal  partly  offset 
by  a S7.I  m tax  credit  gain  made  a fi- 
nal net  of  S38.18m  or  $1.43  a share. 

Grumman's  aerospace  sales  in- 
creased by  about  3152m  or  11  per 
cent  in  toe  first  nine  months  of  the 
year  with  toe  F-14,  EA-8B  and  EF- 
II 1A  programmes  responsible  for 
most  of  the  increase.  Operating 
profits  on  aerospace  were,  however, 
adversely  affected  by  a S8.4m 
charge  against  earnings  on  a Boe- 
ing commercial  aircraft  subcon- 
tract 


Share  offer 
by  Editoriale 
L’Espresso 

By  Our  Rome  Staff 

ITALIAN  INVESTORS  are  study- 
ing the  prospectus  of  Editoriale 
UEspresso,  one  of  Italy’s  major 
newspaper  and  . magazine . .pub- 
lishing groups,  which  is  offering- 20 
per  cent  of  its  shares  on  the  Milan 
stock  exchange. 

The  company  controls  not  only 
toe  well  known  weekly  magazine 
L’Espresso,  but  also  50  per  cent  of 
the  Rome-based  daily  newspaper. 
La  Repubblica,  and  several  other 
newspapers  and  magazines.  It  also 
holds  11  per  cent  of  Italy's  second 
biggest  TV  network,  Rete  Quattro. 

The  20  per  cent  stake  in  the  com- 
pany, which  is  being  offered 
through  a consortium  of  banks,  con- 
sists of  1.125m  shares  with  a nomi- 
nal value  of  LI, 000  being  sold  at  a 
premium  of  L45O0.  This  would  val- 
ue toe  company  at  about  L24bn 
(S15m).  Last  year  the  group  bad 
sales  of  Iffl.Tbn  and  net  pnifits'of 

L2.7bn.  

The  company  says  that  the  share 
sale  is  being  made  to-  reduce  -debt, 
put  at  L3bn  at  the  end  of  last  year. 

The  largest  shareholder  in  -Edi- 
toriale L’Espresso  is  Sig  Carlo  Car- 
acckrfo,  its  chairman  with  435  per 
cent  of  the  equity,  Sig  Eugenio  Scal- 
fari,  editor  of  La  Repubblica,  has 
19.3  per  cent,  Sig -Garlo-de  Benedet- 
ti,  chairman  and  chief  executive  of 
Olivetti,  has  13  per  cent 


Recovery  for 

MacMillan 

Bloedel 

By  Robert  Gib  bens  In  Montreal 

ECONOMIC  recovery  in  - North 
America  and  strong  timber  markets 
brought  MacMillan  Bloedel,  Cana- 
da's largest  forest  products  group, 
back  to  profitability  in  the  third 
quarter.  The  nine-month  loss  was 
greatly  reduced  and  the  company 
sees  further  recovery  in  the  fourth 
quarter  and  in  1984. 

In  the  third  quarter,  net  income 
was  CS600.000  (UA5487.000) 

against  a loss  of  CS30m.  In  the  first 
nine  months  there  was  a loss  from 
operations  of  CS10.7m  against  a loss 
of  C556m  a year  earlier. 


NOTICE  OF  REDEMPTION 

Northern  Telecom  International  Finance  B.V. 

7%  Convertible  Subordinated  Debentures 
Due  1997 

NOTICE  IS  HEREBY  GIVEN  pursuant  to  the  terms  of  an  Indenture  dated  as  of  December  1, 
1982  among  Northern  Telecom  International  Finance  B.V.  (the  “Company").  Northern  Telecom 
Limited,  as  Guarantor.  Bankers  TVust  Company,  as  TVustee  and  Montreal  Triist  Company  of 
Canada,  as  Co- Trustee  (the  “Indenture”),  that  the  Company  will  redeem  all  of  the  outstanding  7% 
Convertible  Subordinated  Debentures  Due  1997  issued  pursuant  to  the  Indenture  (the  “Deben- 
tures") on  November  23.  1983  (the “Redemption  Date”) ata  price  of  U.S.  $1,040  per  SLOOO  principal 
amount  of ‘Debentures  (the  “Redemption  Price”),  being  104%  of  the  principal  amount  thereof,  plus 
accrued  interest  at  the  rate  of  7%  per  annum  in  the  amount  of  U.S.  $33.44  per  $1,000  principal 
amount  of  Debentures. 

The  redemption  of  the  Debentures  is  effected  pursuant  to  the  twelfth  paragraph  of  the  form  of 
Debenture  contained  in  the  Indenture  and  the  conditions  precedent  to  toe  redemption  set  forth  in 
said  twelfth  paragraph  have  occurred. 

Payment  of  the  Redemption  Price  plus  accrued  interest  will  be  made  upon  presentation  and 
surrender  on  or  after  the  Redemption  Date  of  the  Debentures  to  be  redeemed  together  with 
Coupons  Nos.  2 to  30  inclusive  attached  thereto,  at  the  office  of  any  one  of  the  following  pay  ingagentK 


Bankers  TVust  Company 
(If  by  Hand) 

Corporate  TVust  Office 
First  Floor 

123  Washington  Street 
New  York.  N.Y.  10015 
(If  by  Mail) 

P.O.  Box  2579 
Church  Street  Station 
New  York.  N.Y.  10008 

Banque  Paribas 
3 rue  d’Antin 
Paris  2i£me,  France 


Society  G6n£rale  de 
Banque  S.A. 

3 Montague  du  Parc 
Brussels,  Belgium 

Deutsche  Bank 
Aktiengesellschaft 
5-11  Junghofstrasse 
Frankfurt/Main.  Germany 

Bankers  TVust  Company 
Dash  wood  House 
69  Old  Broad  Street 
London  EC2P  2EE 
England 


Banque  de  Paris  et  des  Pays-Bas 
pour  le  Grand- Due  he  de 
Luxembourg  S-A. 

10A  boulevard  Royal 
Luxembourg  51 

Interest  on  the  Debentures  will  cease  to  accrue  on  and  after  the  Redemption  Date. 

The  holder  of  any  Debenture  has  the  right  to  convert  his  Debenture  into  common  shares  of 
Northern  Telecom  Limited  at  the  conversion  price  of  U-S.  $24.3333  per  share  at  any  time  up  to  the 
close  of  business  on  November  21. 1983.  upon  surrender  of  the  Debenture  together  with  Coupons 
Nos.  2 to  30  attached  to  any  one  of  the  paying  agents  listed  above,  accompanied  by  written  notice, 
substantially  in  the  form  of  the  Conversion  Notice  appearing  on  the  reverse  of  the  form  of 
Debenture,  executed  by  the  holder,  that  such  holder  elects  to  convert  such  Debenture;  if  the 
common  shares  issuable  upon  conversion  of  said  Debenture  are  to  be  registered  in  the.name  of  a 
person  other  than  the  holder  of  the  Debenture,  such  holder  shall  pay  al  i transfer  taxes  payable  with 
respect  thereto.  No  payment  or  adjustment  will  be  made  on  account  of  interest  accrued  on  any 
Debenture  delivered  for  conversion  or  on  account  of  any  dividends  on  the  common  shares  issued  or 
delivered  upon  such  conversion.  No  fractional  common  share  will  be  issued  upon  conversion  of  any 
Debenture  and  if  the  conversion  results  in  a fraction,  an  amount  equal  to  such  fraction  multiplied 
by  U.S.  S24.3333  shall  be  paid  in  cash  to  the  holder  of  such  Debenture. 

Alternatives  Available  to  Holders  of  Debentures 

1.  Conversion  of  the  Debentures  into  Common  Shares  by  November  21. 1083:  Each  $1,000 
principal  amount  of  Debentures  is  convertible  at  any  time  prior  to  the  close  of  business  on 
November  2L  1983  at  the  conversion  price  of  U.S.  $24.3333  into  41  common  shares  of  Northern 
Telecom  Limited.  The  last  reported  sale  price  of  the  common  shares  on  the  New  York  Stock 
Exchange  on  October  28. 1983,  was  U.S.  $39.75  per  share.  Based  on  such  last  reported  sale  price, 
the  market  value  of  common  shares  (including  cash  paid  in  lieu  of  fractional  shares)  which  holders 
would  obtain  upon  conversion  of  $1,000  principal  amount  of  Debentures  would  be  U.S.  $1,632.08. 

Although  no  assurance  can  be  given  as  to  the  future  market  price  of  the  common  shares, 
as  long  as  the  price  of  the  common  shares  is  equal  to  or  greater  than  U.S.  $26.13  per  share,  upon 
conversion  holders  of  Debentures  will  receive  common  shares  (including  cash  paid  in  lieu  of 
fractional  shares)  having  a market  value  greater  than  the  amount  of  cash  which  they  would 
otherwise  be  entitled  to  receive  upon  redemption. 

2.  Redemption  of  the  Debentures  on  Noirmber  23.  1983:  Debentures  not  converted  by 
November  2L  1983  will  be  redeemed  at  the  Redemption  Price,  including  accrued  interest  to  toe 
Redemption  Date,  of  U.S.  $1,073.44  per  $1,000  principal  amount  of  Debentures. 

3.  Sale  of  Debentures  through  ordinary  brokerage  transactions:  Debentures  may  be  sold 
through  a broker  to  others.  Holders  of  Debentures  should  consult  tbeir  own  brokers  as  to  this 
procedure. 

Northern  Telecom  Internationa]  Finance  B.V. 

November  3. 1983 


26 


Financial  Times  Thursday:  November  3 1983 


DATED  NOVEMBER  3,  1983 


International  Bank  for  Reconstruction 
and  Development 


issue 

on  a yield  basis  of 
£100,000,000  LOAN  STOCK  2003 

The  Issue  Yield  (as  defined  by,  and  calculated  in  accordance 
with  the  terms  of,  the  Prospectus  published  on  November  1, 1983) 
In  respect  of  the  above  issue  is  11.54  per  cent  Accordingly,  the 
above  £100,000,000  Loan  Stock  2003  on  issue  will  bear  interest  at 
the  rate  of  11.50  per  cent  per  annum  and  the  issue  price  is 
£99.714  per  cent 

The  application  list  will  open  at  10.00  a.m.  today,  Thursday, 
November  3,  1983  and  will  close  later  the  same  day. 

Baring  Brothers  & Co.,  Limited 

on  behalf  of 

International  Bank  for  Reconstruction  and  Development 


INTL;  COMPANIES  & FINANCE 


Earnings 
almost 
doubled 
at  PIA 

Sy  Mohammed  Aftab  in  bbmabad 

PAKISTAN  INTERNATIONAL 
Airlines  (PIA),  the  national 
flag  carrier,  made  an  after-tax 
profit  of  Rs  440m  ($33 ,25m)  In 
the  Tear  to  June  30,  an  Increase 
of  97  per  cent  over  1981-82. 
Revenues  were  17.5  ‘per  cent 
higher  at  Rs  7.7b n. 

Expenditures  rose  hr  14-5  per 
cent  mainly  because  of  In- 
creased fuel  costs.  The  ad- 
vance In  revenues  came  from 
the  expansion  and  realignment 
of  some  routes,  which  resulted 
is  higher  fields. 

PIA  continued  to  make  most 
of  its  profit  on  the  Pakistan- 
Middle  East  and  Gulf  routes, 
which  are  used  by  nearly  2m 
workers  and  professionals.  The 
airline  is  facing  much  tougher 
competition  because  of  the  in- 
creased capacity  of  other 
carriers  on  those  routes. 

PIA  announced  a dividend  of 
15  per  cent. 


Tiger  Oats  to  maintain 
dividend  despite  drought 


BY  OUR  JOHANNESBURG  CORRESPONDENT 


TIGER  OATS,  the  major  South 
African  food  group,  fears  that 
certain  of  its  main  divisions 
will  be  adversely  affected  by 
drought  and  economic  condi- 
tions in  the  coming  year. 

In  the  year  ended  September 
30,  the  group  earned  a pre-tax 
profit  of  R12&3m  (US$105.6m) 
on  a turnover  of  R1.94bn.  In 
the  preceding  seven  months  to 
September  30  1982,  turnover 
was  R989m  apd  pre-tax  profits 
R63.9m.  As  the  company  has 
changed  its  financial  year  there 


is  no  year-to-year  comparison. 

Ur  Rudl  Frankel,  the  com- 
pany Chairman,  says  that  the 
increase  in  turnover  is  not. 
startling  bnt  is  indicative  of 
Tiger's  management  strength 
and  its  approach  to  the  prob- 
lems of  the  food  industry.  Not 
the  least  of  these  problems,  Mr 
Frankel  said,'  has  been"  the 
drought  and  the  resultant  high 
cost  of  imports.  The  continua- 
tion of  the  drought  Is  expected 
to  keep  raw  material  costs  up 
well  into  next  year,  and  Tiger 


may  not  be  able'to  pass,  on  cost 
increases  to  the  consumer. 

A total  dividend  of  140  cents 
is  declared  from  earnings  of 
515  cents  a share.  In  the  pro- 
ceeding seven  months  earnings 
were  226  cents  and  a total  divi- 
dend of  67  cents  was  paid.  The 
directors  say  that,  despite  the 
expected  continuation  of 
drought  related  problems  and 
the  prospect  of . a higher  ex- 
pected tax  rate  in  the  1983-84 
year,  the  dividend  is  likely  to 
be  -at  least  maintained. 


Toncoro  well  ahead  at  midten 


BY  OUR  JOHANNESBURG  CORRESPONDENT 


AH  these  Bonds  have  been  sold.  This  announcement  appears  as  a matter  of  record  only. 


GenFinance  N.V. 

(Incorporated  with  limited  liability  in  The  Netherlands) 

ECU  70,000,000  ~~ 

11%  Bonds  due  1990 

Guaranteed  on  a subordinated  basis  as  to  payment  of  principal  and  interest  by 

Sodete  Generate  de  Banque  SJL/Generale  Bankmaaiscliappij  JW. 

[Incorporated  with  limited  liability  in  Belgium) 


Soddtd  (Mndrale  de  Banque  SJL/Generale  Bankmaatschappij  NY. 

Banque  Paribas  

Amro  International  Limited  

Banque  Bruxelles  Lambert  SJL 

Deutsche  Bank  AktiengeseHschaft 

Kredietbank  International  Group 

Algemene  Bank  Nederland  BY.  Banca  Commerdale  Italiana  Banque  Generate  da  Luxembourg  SJL 
Banque  Internationale  a Luxembourg  SJL  Commerzbank  AktiengeseHschaft 
Credit  Commercial  de  Ranee  Credit  Lyonnais  Credit  Suisse  First  Boston  Limited 
Daiwa  Europe  Limited  Enskilda  Securities  Skandinaviska  Enskilda  limited 
European  Banking  Company  Limited  Merrill  Lynch  Capital  Markets  Samuel  Mnntagn  Hn  Lfruwted 
Morgan  Guaranty  Ltd  Morgan  Stanley  International  The  Ifikko  Securities  Co.,fEurope)  Ltd. 
Nomura  International  Limited  Orion  Royal  Bank  Limited  Soridtd  Generate 
S.G.  Wazbuzg  & Co.  Ltd.  wood  Gundy  Limited 


New  Issue  - September  30, 1983 


TONGAAT-CORO  (Toncoro), 
South  Africa's  largest  brick- 
maker,  benefited  strongly  from 
increased  residential  building 
in  the  six  months  to  September 
30  1983.  First-half  turnover 
rose  to  R154m  (8132m)  from 
R125m  in  the  corresponding 
period  of  1982  and  the  operating 
profits,  before  interest  and  tax, 
increased  to  B273m  from 
Rl8.5m.  In  the  full  year  to 
March  1983  turnover  was  R255m. 

Toncoro’s  management 


attributes  the  advance  in  resi- 
dential building  activity  to  an 
Increase  in  borne  loans  from 
building  societies  and  the  entry 
of  the  commercial  banks  into 
the  home  loans  market. 

Three  of  the  four  brick  fac- 
tories which  were  closed  earlier 
have  been  reopened,  all  of  the 
company’s  factories  have  been 
on  full  output,  and  new  produc- 
tion facilities  are  under  con- 
struction. 

An  interim  dividend  has  not 


been  declared  as  Toncoro’s 
parent  company  Tongaat-Hulett 
has  made  proposals  to  acquire 
all  the  shares  In  the  brick  com- 
pany. Interim  earnings  .were 
5&5  cents  a share  against  40j9 
cents  in  the  corresponding  six 
months  of  1982.  Last  year  an 
interim  dividend  of  11  cents  was 
paid. 

In  the  year  to  March  1983 
earnings  were  78.7  cents  a share 
-Hind  a dividend  total  of  34 
cents  was  paid. 


Major  spending  plans  at  Santos 


BY  MICHAEL  THOMPSON  NOEL  IN  SYDNEY 


SANTOS,  the  Australian  oil  and 
gas  producer,  confirmed  yester- 
day that  it  would  spend  more 
than  A$2G0m  (U.S£184m)  on 
250  exploration  wells  in  the 
Cooper-Eronanga  basin,  in 
Central  Australia,  over  the 
next  four  years. 

This  will  equal  the  number 
of  wells  drilled  in  the  basin 
since  exploration  started  25 
years  ago,  and  will  be 
Australia’s  biggest  onshore  ex- 
ploration programme  to  date. 

Dr  John  Armstrong,  the  com- 
pany exploration  manager,  told 
an  informal  meeting  of  share- 
holders In  Adelaide  yesterday 
that  exploration  spending  in  the 
current  year  would  be  A$38m 
to  A$40m,  rising  to  A$60m  to 
A$70m  in  1984-85.  “There  may 


be  a lot  of  oil  and  gas  out 
there  that  we  do  not  yet  know 
about,**  an  official  said  recently. 

Santos  almost  doubled  its  in- 
terim net  profit  for  the  period 
to  June  30,  to  AJUSJhn. 

• Bell  Group,  a Mr  Robert 
Holmes  a Court’s  Perth-based 
master  company,  said  yesterday 
it  had  raised  A$30.2m 
(U.S^27.8m)  with  the  sale  of 
various  assets  owned  .by 
Associated  Communications 
Corporation  (ACC)  of  the  UK, 
which  Bell  Group  acquired  last 
year.  Mr  Holmes  a Court  said 
yesterday  the  sales  had  realised 
an  extraordinary  pre-tax  profit 
of  A$  10.4m. 

ACC  was  formerly  run  by 
Lord  Grade.  Its  Elstree  tele- 
vision studios  in  London  have 


been  bought  by  -the  BBC.  Bell 
Group  has  also  disposed  of  the 
discount  Jetsave  Travel 
business,  to  British  Caledonian 
Airways,  and  the  Airport  Park 
Hotel  in  Los  Angeles  to  the 
Inkeepers  group. 

The  formerly  loss-making 
ACC  is  now  making healthy 
profits. 

• National  Westminster 
Finance,  a wholly-owned  sub- 
sidiary of  National  Westminster 
Bank  of  the  UK,  lifted  net 
profits  by  25  per  : cent  to 
A$8.Sm  (U^J55.8m)  in  the  year 
to  September  30.  However,  it 
was  obliged  to  write-off  AglOm 
worth  of  bad  debts,  compared 
with'  A$S.lm  in  the  previous 
year.  Net  receivables  rose  by 
5.4  per  emit  to  A8634m. 


Nippon  Mining  reduces  first-half  loss 


This  announcement  appears  as  a matter  of  record  only 


Lit.  120.000.000.000 

FLOATING  RATE  BRIDGE  FINANCING 


DISBURSED  BY 


CITIBANK,  N.A.  - Milan  Branch 


PROVIDED  BY  A GROUP  OF  CREDIT  INSTITUTIONS 

ARRANGED  BY 


BANCA  NAZIONALE  DEL  LAVORO 


AND  BY 


CITIBANK.  N.A. 


CAPITAL  MARKETS  GROUP 


Milan 


November  1983 


VONTOBEL  EUROBONDINDIZES 

WEIGHTED  AVERAGE  YIELDS 
PER  1 NOVEMBER  1983 


INDEX 

% 

Today 

La  si  week 

Tsar’s 

T aar*s 

High 

Law 

11.75 

11.73 

12.54 

11.23 

7.30 

7.36 

7.79 

7_23 

7.90 

7.9S 

8 67 

7.43 

13.05 

13.12 

13.5? 

1262 

0$$  Eurobonds 
pM  (Foreton  Bond  Issues) 

HR.  j Bearer  Notes) 

Cans  Eurobonds 

J.  VontoM  t Co.  Bankers,  Zurich  - TO:  0W411 4887111 


Weekly  net  asset  value 

^ Tokyo  Pacific  Holdings  (Seaboard)  N.V. 

on  31  St  October,  1 983.  U.S.  $81.87 

Listed  on  the  Amsterdam  Stock  Bcchange 

tofoimrtioml^ctaott.HalAingAfflcrBonH.Y, 

Horangraem 214, Knees  Amsterdam. 


BY  OUR  FINANCIAL  STAFF  ' 

NIPPON. MINING. _ _th*L 

Japanese  metal  smelter  and 
oil  (refining  company,  has 
reported  a net  loss  of  Y2^9bn 
(USSllm)  for  the  six  months 
to  September.  In  the  same 
period  in  1982  the  company 
bad  an  unconsolidated  loss  of 
Y438bn. 


. -ALthe.  prretaxJgyeLifae  com- 
pany's loss  was  also  lower,  at 
Y2Ji9bn  agaiiMfr  Y438ba  pre- 
viously. Sales  were  almost 
static  at  Y548bn  and  the  com- 
pany has  passed  its  interim 
dividend. 

For  the  full  year  to  March; 
Nippon  Mining  is  forecasting:  a 
net  profit  Of  Y3bn,  slightly 


. last  year’s 

parent  company  result  Pre-tax 
profits,  however,  are  seen  as 
being  down  an  last  year's,  at 
YBbn  against  YI1.12bn.  Sales 
are  also  forecast  as  foiling  to 
Yl,150bn  from  YI,181bn.  The 
company  expects,  to  maintain 
its  term-end  dividend  at  an 
unchanged  Y4. 


New  board 
for  BMF  as 
loan  outcry 
mounts 

By  .Wang  Sulong  in  Kiab  Lumpur 

BANK  BUMIPUTRA,  Malaysia's 
state-owned  bank,  has  an- 
nounced a hew  management  to 
take  over  Bumiputra  Malaysia 
Finance,  its  Hong  Kong  sub- 
sidiary, which  got  the  bank  Into 
deep  political  and  financial  con- 
troversy because  of  its  massive 
loans  to  now  collapsed  pro- 
perty companies. 

Heading  BMF  as  chairman  is 
Dato  Mushlr  Ariff,  a Penang- 
based  merchant,  who  is  also  on 
the  bank's  board  of  directors. 
He  is  assisted  by  Mr  Wong  Aon 
phut,  a leading  housing 
developer  and  a business 
adviser  to  the  bank,  and  two 
senior  bank  officers. 

Between  1979  and  last  year, 
BMF"  Is  believed  to  have  lent 
as . much  as  U.S£850m  to 
property  companies,  -including 
the1  Carrian  and  Eda  groups, 
which  are  now  under 
liquidation. 

Runic  Bumiputra  has  also  con- 
firmed that  those  involved  in 
the  BMF  loan  scandal  have 
left  the  bank.  They  are  Mr 
Lorrain  Osman  and  Datuk 
Hashim  Sbamsudin,  both 
former  bank  and  BMF 
directors,  as  well  as  Dr  Rais 
Sannhan,  head  of  the  bank’s 
international  division.  BMP's 
Hong  Kong  general  manager, 
Mr  Ibrahim  Jaafar,  haw  also 
resigned. 

The  bank  has  also  announced 
a major  management  reshuffle 
within  the  bank  with,  the 
appointment  of  two  senior 
general  managers  and  four 
general  managers. 

The  outcry  over  the  losses 
suffered  by  Bank  Bumiputra  in 
Hong  Kong  continues  to  mount 
in  Malaysia,  with  the  latest  call 
for  a public  inquiry  coming 
from  Mr  Ghafar  Baba,  and  his 
son;  Tamrin  Ghafar,  both  pro- 
minent politicians  in  the  ruling 
OMNU  Party. 

Mr  Ghafar,  who  is' chairman 
of  Pegf,  the  largest  sharehold- 
er in  Dunlop  Holdings  of  the 
UK,  told  parliament  that  the 
government  should  allow  a full 
inquiry  so  that  similar  mistakes 
would  not  be  made  in  future. 

Mr  Tamrin  said  the  govern- 
ment could  not  expect  parlia- 
ment to  give  approval  for  the 
government  to  underwrite  the 
bank’s  losses  until  toe  full  facts 
are  disclosed. 

Yamaha  Motors  of  Japan 
and  the  government-owned 
Heavy  Industries  Corporation 
of  Malaysia  (HICOM)  have 
signed  an  agreement  to  build 
Yaihaha  'motorcycle  engines  in 
Malaysia.  AP-DJ  reports  from 
JgiiQla  Lumpur. 

Jamil  Jan,  HICOM’s  chief 
executive,  said  the  61m  ringgit 
(326m)  joint  venture  will  be 
49  per  cent  owned  by  Yamaha, 
30  per  cent  by  HICOM  and  21 
per  cent  by  Hong  Leong  In- 
dustries. HICOM  has  an  option 
to  increase  Its  stake  to  51  per 
cent  by  1990. 


Good  start  for  Japan’s 
revamped  OTC  market 


BY  YOKO  SHtBATA  IN  TOKYO 

JAPAN’S  re-organised  over-the- 
counter  (OTC)  share  market, 
closely  modelled  on  NASDAQ  in 
the  U.S,  got  off  to  a flying  start 
this  week  with  a rush  of  orders 
being  phoned  through  the  new 
brokerage  house  set  up  by  a con- 
sortium of  security  companies 
to  handle  OTC  shares. 

The  new  market  is  designed 
to  open  up  trading  in  toe  shares 
of  the  country’s  unlisted  com- 
panies for  investors  willing  to 
take  the  risk  in  the  expectation 
of  high  returns.  It  will  also 
make  the  raising  of  capital  by 
the  more  promising  companies 
easier.  In  particular  the  OTC 
market  will  cater  for  toe  wave 
of  interest  in  the  small  high- 
tech  and  service  industry  com- 
panies whose  considerable 
growth  potential  has  attracted 
both  foreign  and  domestic  in- 
vestors. 

A series  of  major  reforms  of 
the  existing  OTC  market,  which 
had  become  virtually  moribund, 
came  into  effect  on  Tuesday. 
Companies  will  now  be  able  to 
raise  money  through  the  OTC 
provided  they  meet  certain 
criteria.  Listing  conditions  have 
been  relaxed  as  have  toe  divi- 
dend requirements  and  the 
number  of  years,  previously 
two.  required  before  a company 
could  apply  for  an  OTC  listing. 

Another  element  in  the  re- 
form package  has  removed  the 
limitation  on  brokers  offering 
OTC  stories  to  clients.  Investors 
are  now  to  be  asked  to  sign  a 
waiver  saying  that  they  under- 
stand the  risks  they  are  taking 
by  investing  in  this  market. 

To  help  both  brokers  and  in- 
vestors there  will  soon  be  a 
computer  of  OTC  quoted  com- 
panies, similar  to  NASDAQ’S 

The  main  feature  of  the 
restyled  market  Is  the  intro- 
duction of  an  approval  system 
for  dealers  in  registered  OTC 
stock.  From  November  1 the 
brokers  association  started 
accepting  applications  from 
those  wishing  to  deal  on  this 
market.  Nearly  300  applications 
Including  those  from  the  14 
largest  security  houses,  have 
been  received  so  far.  Dealing 
by  these  registered  brokers  Is 
due  to  start  from  November  1L 

OTC  stocks  to  be  handled 
by  the  big  brokerage  houses 
number  289  at  present— a 
figure  that  is  expected  by  some 
to  reach  between  400  and  500 
within  five  years.  However,  a 
conservative  quota  system  will 
restrict  new  listings  to  10  up 


to  next  summer.  On  this  basis 
only  some  110  new  companies 
will  be  listed  on  the  OTC 
market  by  1988. 

The  rush  to  trade  in  the  OTC 
market  has  seen  dealers 
swamped  with  demands  for 
some  of  the  most  popular 
stocks.  As  many  as  20  dealers 
could  be  required  to  handle 
the  likes  of  Fukuda  Denshi  or 
Kaneko  Seed.  Most  stocks  will 
have  four  or  five  dealers 
handling  them.  So,  despite 
repeated  warnings  by  the 
Securities  Exchange  Council 
against  excessive  competition 
among  the  brokers  for  toe  right 
to  handle  some  of  the  OTC 
stocks,  the  battle  to  grab  an 
early  lead  in  such  dealing 
started  right  from  the.  new 
market’s  first  -day. 

The  boom  in  toe  OTC  market 
appears  to  have  tittle  to  do 
with  the  grand  designs  worked 
out  for  it  by  the  authorities 
and  the  brokers  association. 
Their  intention  was  to  revamp 
the  OTC  market  in  order  to 
attract  investors  back,  into 
equities — instead  it  seems  that 
the  big  institutions  are 
threatening  to  take  a lions 
share  of  toe  new  market 

According  to  Professor 
Hamada  of  Hokkaido  Univer- 
sity it  is  these  institutions 
which  have  led  to  the  stale- 
mate on  the  existing  two 
exchanges,  limiting  individual 
shareholdings  to  only  28  per 
cent  of  the  total.  He  quotes 
the  example  of  toe  purchase 
fay  JAFCO,  a venture  capital 
company  set  up  by  Nomura, 
which  recently  bought  shares 
in  Sord  Computer  at  Y70,000 
(3298)  each.  “What  individual 
could  afford  to  pay  such  a 
price  ” asks  the  professor. 

• The  index  on  the  second 
section  of  toe  Tokyo  exchange 
hit  an  all  time  high  of  1,348 
yesterday  following  a rise  of 
4.4  points  from  Tuesday’s  dose. 
The  rise  was  led  by  increases 
in  the  shares  of-  Fuji  Rcblo, 
One  Sokki  and  Strnrio. . The 
recent  strong  upward  move  on 
the  second  section  is  attri- 
buted to  a move  of  funds  away 
from  the  inactive  , first  section 
In  the  expectation  that  some 
of  the  better  established  com- 
panies 1 on  the  OTOmarket 
(sometimes  called-  the  third 
section  of  toe  exchange)  will 
soon  be  able  to  satisfy  the 
stricter  listing  requirements  on 
the  main  exchanges 


N.  American  Quarterlies 


Nat  par  store. 


aw 


>. .......  1-52bn 

* . » Hat  profits — t107m 

MSB  IJMfan  Nat  per  share — tIJB 

Op.  Profits ...... t103m  - 40.1m  t Loss 

Ml 


1 M 

1*M 

tSBsi 

ta» 


IkWqwfw 

18S3 

tsaa 

' * 

s 

Rwum  — 

370401 

SXfAm 

Net  profits . ... 

.102301 

027m 

Http'riMn 

080 

0371 

VHm  RMHlXfMi 

HlwmK  

8733m 

Nat  profits.. 

40S8m 

1637m 

Hat  par  store 

am 

065 

CANADA  DfiVESOnreMT 

Third  quarter 

ISM 

less 

CS 

cs 

Havanua 

90O7kn 

9504m 

Hal  profit! 

min 

tSMre 

Hat  pur  atwra ....... 

tins 

t1J» 

Riwwa 

237bn 

2-Mtai 

Nat  profits 

man 

tIOBm 

run  ' 

tuo 

taxi 

POSTER  WMQBJ0R 

TOM  quarter 

ISM 

1S82 

« 

* 

Ranroua 

380001 

4403m 

Nat  profited 

10901 

133m 

Net  par  atom 

- 032 

039 

Mnu  month* 
ftumnuu 

1.11101 

llBta 

Not  profits............. 

343m 

«ju 

Natm  store  ... 

1*2- 

ucauMBuna 

Third quarter 

ISM 

« 

1SSS 

« 

487m 

4Z7m 

Nat  profits  . .... 

. . OBoi 

tSOm 

Not  profits 


Nst  profits 


Third  Quarter  IMS  1B8S 

S » 

Horeona .....  107.2m  THLSm 

Net  profits 403Sm  KMn 

Net  per  stars 1JJ3  097 

STBLCO 

IbM  quarter  1 

t,  ®* 

Revenue .... ■aae. 

Net  profits t4Jm 

Net  per  share..... 

Wins  wow  Hie 

Revenue IJHbn 

Na*  profits mam  turn 

Net  per  store.. ...... 

♦ Loss 


ess  ims 


swam 

H7.SS 


Third  quart* 


Per  share , 

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Series  007 


U£.S28,000,000  . 

Short-term  guaranteed  Notes 
issued  in  Series  under  a 
U.S.$280,000,000 
Note  Purchase  Facility 
br 

. Mount  Isa  Mines 
(Coal  Finance)  Limited 

Notice  is  hereby  given  that  toe  above  Series  of  Notes  issued 
Production  Loan  and  Credit  Agreement  dated 
30th  March.  1983,  carry  an  Interest  Rate  of  0i8%  per 
aammi.  The  Issue  Date  of  the -above  Series  of  Notes  Is 
iP  November,  1983,  and  the  Maturity  Date  will  be  4th 
May,.  1984.  Thu  Euro-clear  reference  number  for  this 
Senes  is  4918  and  toe  CEDEL  reference  number  is  57009L 
Manufacturers  Hanover  Limited  ■ 

■ . „ , Issue  Agent 

3rd  November,  1983  ... 


Financial  Times  Thursday  November  3 1983 

1NTL.  COMPANIES  & FINANCE 

Alfa 

banks  oyer  debt  restructuring 


BY  WHJJAM  CHK9LETT 


INTERNATIONAL  BANKS  and 
Grupo  Industrial  Alfa,  Mexico’s 
largest,  and  troubled,  private 
enterprise,  look  set  to  reach 
agreement  over  re-structuring 
$766m  of  the  company's  total 
S2.3bn  external  debt  after  more 
than  a year  of  discussions. 

“We  are  like  two  drowning 
men  hanging  on  to  one  another 
and  trying  to  save  one  another^ 
lives,"  says  a UJ5.  banker  in- 
volved in  the  discussions.  “We 
are  now  beginning  to  see  the 
shore." 

The  broad  outlines  of  Alfa’s 
proposal  have  been  put  for- 
ward by  an  informal  steering 
committee  of  Chase  Manhattan, 
Citibank,  Morgan  Guaranty  and 
Bank  of  America.  It  is  being 
studied  by  over  50  other  banks. 
The  general  feeling  among 
bankers  is  that  Alfa’s  proposal 
Is  probably  the  best  deal  they 
are  going  to  get  on  how  to  re- 
solve the  complex  issue  of  the 
3766m  holding  company  debt 

The  basic  details  are: 

• Creditors  will  obtain  30  per 
cent  of  the  common  stock  of 
Alfa,  in  return  for  capitalising 
$3 00m  of  their  holding  company 
debt 

• The  rest  of  the  debt  apart 
from  850m  which  could  be  con- 
verted into  an  additional  15  per 
cent  of  equity,  would  be  split 
into  several  levels  of  senior  and . 
subordinated  debt  paid  back 
over  12  years. 

There  would  be  a five  year 
grace  period  and  an  average 
interest  accrual  rate  of  10  per 
cent  for  the  first  ten  years  and 
the  London  interbank  offered 
rate  (Libor)  in  years  11  to  12. 
This  represents  a concession  for 
Alfa  unless  international  inter- 
est rates  (Libor  is  currently  at 
1 per  cent  or  so)  climb  steeply 

attain 

• The  banks'  security,  if  de- 
fault was  to  be  declared,  would 
be  the  stock  of  Alfa’s  four 
petro-chemlcal  concerns,  Ppli- 
oles  (a  joint  venture  with 
BASF  of  West  Germany),  Petro- 
cel  (a  joint  venture  with  Her- 
cofina  of  the  U.S.),  Nylon  de 
Mexico  and  Fiqusa. 

These  four,  companies,  along 
with  Hylsa.  Alfa's  steel  mtp, 
are  now  the  only  profitable 
parts  of  Alfa’s  ailing  industrial 
empire,  which  was  once  the 
flagship  of  the  Mexican  private 
sector.  Alfa’s  other  interests  are 
in  consumer  and  capital  goods, 
paper  and  packaging,  tourism 
and  processed  foods. 

Default  would' be  declared  if 
Alfa  paid  less  than  50  per  cent 
of  interest  due  in  .any. one 


GRUPO  INDUSTRIAL  ALFA 

fimh 


tarrnri  tb  we  »m  ra 


Total 

assets 


1400 


Leading  creilirs~ 


«77 


80 


year  in  die  first  six  years  of  the 
agreement  or  the  company 
failed  to  pay  75  per  cent  of 
interest  in  any  two  consecutive 
years. 

There  axe,  however,  still 
other  details  to  be  worked  out, 
including  a restructuring  of 
Alfa’s  debt  to  the  Mexican 
Government  on  similarly  pre- 
ferential terms.  Alfa  owes  the 
nationalised  Mexican  banks 
some  $2HXim,  and  also  12bn  pesos 
to  Banobras,  the  public  works 
bank. 

At  the  same  time  discussions 
have  started  to  re-schedule  the 
$777m  foreign  debt  of  Hylsa. 

Alfa,  which  made  a loss  of 
32£bn  pesos  ($220m)  in  1982 
is  on  its  knees  and  both  sides 
are  anxious  to  avoid  court  pro- 
ceedings. 

For  the  past  14  months,  Alfa 
has  been  servicing  less  than  20 
per  cent  of  its  total  debt,  and  no 
capital  repayments  of  borrow- 
ing or  principal  have  been  made 
since  April  1982. 

Alfa  had  overextended  itself 
on  the  back  of  foreign  borrow- 
ing before  last  year's  devalua- 
tion, and  its  problems  have 
been  compounded  by  the  fierce 
recession  in  Mexico,  which  has 


Martyn  Barnet 

caused  most  of  its  markets  to 
slump. 

The  plan  hinges  on  keeping 
Hylsa.  which  accounts  for  about 
40  per  cent  of  Alfa’s  assets  and 
over  50  per  cent  of  its  current 
profits,  in  a healthy  financial 
condition  so  that  its  earnings 
can  be  used  to  help  service  the 
debt  of  the  non-productive  hold- 
ing company  and  steel  mill’s 
own  debt 

For  this  reason,  says  Felipe 
Cortes,  Alfa’s  vice-president  for 
planning,  part  of  Hylsa’s  re- 
scheduling agreement  must 
contain  a scheme  whereby  the 
steel  mill  can  continue  to  grow 
and  to  export  more 

Alfa  has  asked  its  creditor 
banks  to  make  available  about 
9400m  in  new  money  through 
re-investing  in  Hylsa  the  in- 
terest payments  they  receive. 
This  would  enable  Alfa  to 
finish  its  “ 1600  project  ” to 
boost  production  of  flat  steel 
from  lin  tonnes  to  1,6m  tonnes. 

Alfa’s  executives  are  deeply 
concerned  about  the  effect  of 
the  government’s  steel  pricing 
policy  on  Hylsa,  which,  they 
say,  is  “ bleeding  " the  company. 

Hylsa’s  last  steel  price  rise 
was  55  per  cent  in  February, 


which  enabled  it  to  recover 
some  of  the  greatly  increased 
""costs  resulting  from  last  year’s 
100  per  cent  Mexican  rate  of 
inflation. 

But  the  Government  has 
authorised  no  new  price  in- 
crease since  then,  and  Hylsa 's 
cost-effectiveness  Is  gradually 
being  eroded  again.  While  the 
prices  of  natural  gas  and  elec- 
tricity used  In  steel-making  have 
increased  by  168  per  cent  and 
100  per  cent  respectively,  this 
year,  steel  prices  are  lagging 
way  behind  a level  of  inflation 
running  at  80  per  cent 
“If  we  do  not  get  a price 
rise  soon  it  will  have  serious 
consequences  on  Hylsa,”  said 
Cortes. 

Alfa  has  ben  able  to  offset 
some  of  the  losses  from  its  de- 
clining domestic  markets  by 
exporting  more.  Its  total  ex- 
ports in  the  first  half  of  1983 
were  $79. 3m,  compared  with 
147.3m  in  1982,  many  times 
better  than  the  5 per  cent  In- 
crease in  non-oil  exports  for  the 
country  as  a whole  in  the  same 
period. 

It  has  also  achieved  greater 
employee  productivity  in  all  but 
three  of  its  15  main  companies, 
and  is  collecting  its  bills  more 
quickly,  thereby  reducing  its 
working  capital  requirements. 

Improved  operating  cost  and 
proportionately  higher  income 
from  sales  helped  Alfa  to  report 
a greatly  reduced  loss  of  3592m 
pesos  (U.S.82.7m)  in  the  first 
half  of  1983,  compared  with 
15fibn  pesos  in  the  correspond- 
ing 1982  period. 

However, ‘.Alfa  is  finding  dif- 
ficulty in  selling  a large  num- 
ber of  its  companies.  It  wants 
to  streamline  its  operations  to 
just  Hylsa  and  its  four  petro- 
chemical companies.  Lehman 
Brothers  Kuhn  Loeb,  the  U.S. 
based  merchant  bank,  presented 
a plan  at  the  end  of  last  year 
to  establish  a liquidating  trust 
But  scant  interest  has  been 
shown  by  foreign  companies. 
Philips,  the  Dutch  electronics 
group,  recently  negotiated  with 
Alfa  to  buy  PAM,  its  television 
factory.  But  it  broke  off  talks, 
apparently  because  it  was  ner- 
vous about  the  uncertain 
Mexican  market 
PAM,  with  a foreign  debt  of 
$120m,  is  existing  on  what  one 
U.S.  banker  calls  “ financial 
cannibalism  ” — selling  obsolete 
inventories  to  its  employees. 
Alfa  says  that  PAM  is  “prac- 
tically dead  ” and  that  it  is  only 
a matter  of  time  before  it  has 
to  be  dosed. 


TbbmxuKHnnaappeanasamatterofreGanioa^ 


LTCB 


The  Long-Term  Credit  Bank  of  Japan  Finance  N.V. 

(Inccxporated  h the  Netiierhnds  Antilles) 

ECU  40,000,000 

lift  per  cent  Guaranteed  Notes  due  1990 

Unconditionally  guaranteed  by 

The  Long-Term  Credit  Bank  of  Japan,  Limited 

(KabushDd  Kaisha  Nippon  Cfaokl  Shinyo  Onto) 

(A  Japanese  Gnporation) 


Credit  Lyonnais 


Kredietbank  International  Group 


Nippon  European  Bank  SA/LTCB  International  Limited 

-UCSGroup- 

Algemene  Bank  Nederland  N.V  Amro  International  Limited  Banco  di  Roma 
Banque  Bruxelles  Lambert  S A Banque  Indosuez  Banque  Internationale  d Luxembourg  SA 
Credit  Suisse  First  Boston  Limited  Kleinwort  Benson  Limited  Soci6t6  Generate 
Society  Generate  de  Banque  SA  Swiss  Bank  Corporation  International  Limited  S.G.  Warburg  & Co.  Ltd. 

Bancs  Commercials  itafana  Bank/Banque  Ippa  Bank  GutavDIes  Kura,  Bungee  Banque  du  Benelux  SLA. 

Banque  Euratfemede  Tokyo  BanqueGert^raiedu  Luxembourg  iA.  Banque  de  Neuflce.  SchJumbergec  Mallet  - Banque  Paribas 

Banoue  Paribas  Belgique  SA  Banque  Worms  Baring  Brothers*  Co,  Limited  BayenscheHypothekervundW^ 

BavfflTSCte  VtereiratenK  AktienqeseCsmaft  Berliner  Handete-undRBnkftster  Bank  Caisse  Centrals  des  Banques  Populaires 

Caisse  des  Dfcfe  et  Consigrstiohs  Cazenove&Co.  Chase  Manhattan  Capital  Markets  Giwp  Chase  Manhattan  Limited  Chemical  Bank  Internationa!  Group 
CitxmCaai^Martets^rouo  CLNCtens  S Van  Eeghen  N.V.  Commerrb&nkAktfengeseflschaft  County  Bank  limited  Credit  Agricole 

Credit  Commercial  de  France ' Crtdit  Communal  de  Belgique  SJWG^meentElcBdiet  van  Beta*;  N.V.  Credit  Gfin&al  SA  de  Bancpje 

Credit  fndustneitrA&ceetde  Lorraine  Credit  Industrie!  et  Commerce]  Credit  duNord  DaHchi  Europe  Lanited  Daiwa  Europe  Limited 
Den  ncrske  CredTbank  (Luxembourg)  SA  Deut^BankAktiengeseitediaft  Dominion  Securities  Ames  Limited  DresdnerBaikAKtiengesellschaft: 
EuroDeanBankina  Company  Limited  Groz^mat  i^BankderSstHrachischsn^artessenAkbei^sellschaft:  Goldman  Sachs  International  Corp. 

Hamtrc®  Bank  lirited  IstitutoBancartoSm  Paolo  diTbrino  Kansail&Osake^’ankki  LazardBeresetOe  Lehman  Brothers  Kuhn  Loeb  International.  Inc. 
Lloyds  Bank  Interratonal  Limited  Merrill  lynch  Capital  Markets  Morgan  Guaranty  Uri  Nederlandsche  MkJdenstandsbanknv 

Nedertandse  Credietbank  n 

Orion  Royal  3a nk Limited  . . 

Pnvatbanken  A/S  Salomon  Brothers  international 
Soarekarsen  SDi  ‘^.'erska  Kandeisbariten  Group  Union  Bank  of  Norway  Ltd.  Union  Bank  of  Switzerland  (Secixities)  Limited 

UrtondeBenquesArabeset  Franses -U^Af.  Westeteutstf*I^  WfocdGundly  Limited  temafchi  International  (Europe)  Limited 

October 38, 1963 


Bankers  Trust  in  Londcai  is  your 
window  on  the  market 
in  US.  Government  Securities. 


It  s always  belter  to  deal 
directly  when  making  impor- 
tant investment  decisions. 
You  can  do  that  at  Bankers 
Trust  in  London,  where  a 
team  of  specialists  buys  and 
sells  U.S.  Government  securi- 
ties for  a growing  spectrum 
of  worldwide  investors. 
Traders  in  our  London  Money 
Market  Centre  are  in  con- 
tinual contact  with  their  col- 
leagues in  New  York,  receiving 
information  on  prices,  Federal 
Reserve  activity,  Treasury 


financing  needs,  and  market 
trends.  They  can  give  you  an 
up-to-the-minute  dealing 
price  at  any  time.  Working 
in  your  time  zone.  With  your 
special  investment  needs 
uppermost  in  their  minds. 

For  a clear  view,  let 
Bankers  Trust — one  of  the 
largest  and  most  successful 
dealers — be  your  window  on 
the  U.S.  Government  market. 

Call  Neil  Harding,  Vice 
President,  in  London'on 
01-588  4151;  Telex  887387. 


BankersTrust 

Company 

Worldwide 

69  Old  Broad  Street 
London  EC2P2EE 


Tim  announcement  appears  m a matter  of  reconf  only 


©TEXAS  EASTERN  TRANSMISSION  CORPORATION 

US$150,000,000 

Revolving  Credit 


Managed  by 

National  Westminster  Bank  Group 


Provided  by 

International  Westminster  Bank  PLC 


Algemene  Bank  Nederland  N.V. 

The  Bank  of  Tokyo 
Trust  Company 

Credit  Lyonnais 

European  American  Banking 
Corporation 

The  Royal  Bank  of  Canada  Group 


Bank  of  Scotland 
Banque  Nationale  de  Paris 


Deutsche  Bank  AG 

New  York  Branch 

Kredietbank  N.V. 

Grand  Cayman  Branch 

Saudi  International  Bank 

AL-BANK  AL-SAUDI AL-ALAM1  LIMITED 


Swiss  Bank  Corporation  Union  Bank  of  Switzerland 


Den  norske  Creditbank 
(Luxembourg)  S.A. 

The  Industrial  Bank  of 
Japan  Trust  Company 


Dresdner  Bank  AG 

New  York  Branch 

Bergen  Bank  A/S 


Agent 


C* 


International  Westminster  Bank  PLC 


Financial  Adviser  io  the  Borrower 

Dillon,  Read  Overseas  Corporation 


October  1983 


28 


UK  COMPANY  NEWS 


Financial  Times  Thursday  November  3 1983 


Marks  & Spencer  margins 
held  as  profits  rise  £14.6m 


FIRST-HALF  1933-84  pre-tax 
profits  of  Marts  & Spencer,  the 
general  store  proprietor,  in. 
creased  by  16  per  cent  from 
£fllm  to  fl05.6m,  on  sales  15  per 
cent  bigher  at  £1.29bn,  compared 
with  £1.12bn. 

For  the  first  time,  a provision 
for  UK  employees’  profit  sharing 
— 12.5m  (£2 .3  m) — has  been 

charged  against  the  half-year 
pre-tax  figures.  This  year’s  result 
was  also  after  deducting  £1.8m 
as  half  the  estimated  costs  to- 
wards a Centenary  project  to  aid 
charities. 

Group  net  attributable  profits 
for  the  period  to  October  1,  rose 
by  11.6  per  cant  from  £51. 8m  to 
£57.8m.  Tax  took  £4Sm  (adjusted 
£39, 6m)  and  minority  credits 
were  halved  at  £0.2m  (£0.4m). 

Earnings  per  25p  share 
advanced  by  0.5p  to  4.4p  and 
the  net  interim  dividend  is 
stepped  up  from  155p  to  2.05p 
— a 10.8  per  cent  increase.  Last 
year,  a total  of  5.1p  was  paid  on 
record  taxable  profits  of 
£239. 3m. 

The  group’s  UK  profits  at  the 
halfway  stage  were  ahead  from 
£90. lm  to  £104.7m.  But  the  Euro- 
pean side  fell  from  £2m  to  £1.4xn, 
after  charging  £740,000  (£157,000) 
for  pre-opening  expenses  and 
others  in  connection  with  the 
opening  of  the  Antwerp  store. 
Canadian  losses  were  cut  from 
£l.lm  to  £0.5m. 

The  results  of  overseas  sub- 
sidiaries have  been  consolidated 
using  exchange  rates  ruling  at 
the  end  of  each  period.  How- 
ever, because  of  the  current 
strength  of  the  Canadian  dollar, 
the  Canadian  exchange  rate  is 
materially  different  from  that 
used  last  year. 

Compared  with  the  same 
period  of  last  year,  first-half 
Canadian  sales  increased  by  11 
per  cent  (25.8  per  cent  in  sterl-' 
ing  terms)  and  losses  reduced  by 
62  per  cent  (57  per  cent  in 
sterling  terms). 


Lord  Sieff,  the  chairman  of  Marks  & Spencer,  which  Is 
comm emo rating  Us  centenary  by  giving  some  £3.5m  to  help 
local  community  projects 


Referring  to  the  profit  sharing 
scheme,  ne  group  points  out 
that  the  round  sum  provision 
made  against  the  half-year's  pro- 
fit is  not  necessarily  one  half 
of  the  prospective  allocation  for 
the  full  year.  This  will  be  deter- 
mined by  the  board  only  when 
the  year’s  profits  are  known 
(1982  profits  have  been  adjusted 
by  one  half  of  that  year’s  allo- 
cation). 

To  commemorate  100  years  of 
trading,  the  group  has  under- 
taken a nationwide  programme 
of  giving  cash  to  help  local  com- 
munity projects.  Each  of  its  262 
stores  has  been  allocated  be- 
tween £5,000  and  £25,000  for  pro- 
jects to  be  selected  by  the  store's 
staff.  Total  cost  to  the  company 
is  exoected  to  be  about  £3.5m. 


36  weeks 


1993 

Em 

1,285.1 

1982 

Cm 

1.117.0 

UK  aioras 

1.173.9 

1.0C7.1 

Clothing  

Homeware,  lootwear. 

59841 

538.3 

accessaries  

1007 

86.1 

Food9  

474.4 

404.7 

Oversees  stores  

95.5 

76.6 

Europe  

31.1 

25.4 

Canada  

644 

51.2 

Expan  sales  

16  7 

13  3 

Trading  profits  

123.7 

104.S 

Employees'  profit  after. 

2.5 

2-3 

Centenary  expenses  ... 

1A 



Interest  payable  

8 9 

9.4 

Depreciation  

172 

15.0 

Interest  receivable 

10.8 

13.2 

Fixed  assets  sales 

0.2 

Govt,  securities  soles 

1.3 

_ 

Profits  before  tax  

105.6 

91.0 

Tex  

48.0 

39.6 

Minority  credits  

0.2 

51.8 

Attributable  

57.8 

51.8 

See  Lex 


Ellis  & Goldstein  recovery 


A SHARP  recovery  in  profits 
was  achieved  by  Ellis  & Gold- 
stein (Holdings)  over  the  six 
months  ended  July  31  1983. 

The  improvement,  up  from 
£102,000  to  £480,000  at  the  pre- 
tax level,  was  due  primarily  to 
a return  to  more  normal  patterns 
of  trading  in  the  group's  shops 
within  stores  without  any  need 
to  take  heavy  markdowns  to 
clear  stocks  at  the  end  of  the 
season. 

The  key  to  the  outcome  of  the 
year  as  a whole,  as  always, 
depends  on  the  trading  levels  of 
the  group's  traditional  brands 
during  the  current  season  and 
the  ultimate  realisation  of  stocks 
at  its  end. 

While  trading  is  “ reasonable 
the  directors  say  this  provides 
no  basis  for  a forecast 

Turnover  for  the  opening  half 
advanced  by  £2 .21m  to  £20.49m 
with  the  wholesale  side's  contri- 
bution slightly  higher  at  £6.9m 
(£6.6m)  and  that  of  the  retail 
sector  £1.91m  ahead  at  .£13^9m 
— the  group  is  a manufacturer 
of  women's  coats  and  costumes. 

Earnings  improved  from  0.43p 
to  1.57p,  but  the  net  interim 


dividend  is  being  held  at  055p 
per  15p  share.  Tax  accounted 
for  £117,000  (nil). 

Sales  of  the  group's  new  Dash 
collections  of  active  leisure  wear 
for  women  and  girls  made  its 
first  small  contribution.  An  im- 
provement in  sales  at  wholesale 
prices  arose  from  a continuing 
development  of  business  with 
chain  stores. 

The  directors  say  the  develop- 
ment of  Dash,  with  attendant 
costs,  will  continue  during  the 
second  half  and  add  that  there 
will  be  a progressive  increase  in 
the  number  of  units  trading  so 
that  by  the  end  of  the  year  the 
group  hopes  to  have  about  90 
open — including  an  experimental 
stand-alone  shop  m Brighton. 

In  a statement  earlier  this 
year  Mr  A.  J.  Philpott,  chair- 
man. said  sales  of  the  group's 
traditional  ranges  in  shops 
within  stores  were  both  a little 
in  advance  of  the  previous  year 
and  on  a much  better  trading 
basis. 

• comment 

One  by  one,  clothes  retailers  are 
waking  up  to  the  magic  of 


leisurewear  to  brighten  up  a 
tired  image  and  flat  profits.  Ellis 
& Goldstein  are  looking  to  Dash 
to  add  some  spice  to  the  four 
year  plateau  of  sales  around 
£40m  from  the  traditional  cloth- 
ing lines  Eastex  and  Dereta.  It 
is  going  to  take  a while  to  filter 
through  to  the  profit  line  which 
dipped  to  £l.Q2m  at  the  end  of 
the  year  and  might  reach  £13m 
this  time  round.  Fifty  Dash 
stores  within  stores  are  now 
open,  rising  to  around  90  by  tbe 
end  of  tbe  year.  Dash  junior 
for  teenagers  has  opened  40  out- 
lets . Including  one  in  Harrods. 
The  Dash  clothing  comes  from 
the  Far  East  unlike  the  tradi- 
tional lines  which  are  almost 
entirely  manufactured  in  the 
UK.  The  cost  of  opening  the  new 
outlets  is  low,  but  the  move  into 
the  leisurewear  business  is  going 
to  Involve  a much  greater  level 
of  stocks.  The  overall  effect  on 
the  balance  sheet  will  be  clearer 
next  year.  The  final  dividend  is 
likely  to  be  maintained  which 
puts  the  shares  down  lip  to  35p 
on  a yield  of  9 per  cent  and 
values  the  company  at  £7 -9m. 


CountyBank 

FIRST  BUSINESS 
EXPANSION  FUND 

(a  fund  apfawed  by  t he  InLmd  Revenue  under  the  terms  of  the  Finance  Act  1963) 

Objectives  of  the  Fund  are: 

sfcTo  enable  UK  investors  to  invest  directly  in  a diversified 
portfolio  of  unquoted  companies  with  good  growth  prospects. 

sfcTo  allow  higher  rate  taxpayers  to  benefit  from  the  tax 
advantages  of’ the  Business  Expansion  Scheme. 

sfcTo  provide  development  capital  both  for  established 
companies  and  for  newer  ventures. 

sfcTo  offer  investors  the  benefit  of  County  Bank’s  expertise  in 
investing  in  unquoted  companies. 

Subscription  Period:  3rd  November  1983  to 
9th  December  1983,* 

Minimum  investment  is  £5,000;  maximum  £40,000. 

Total  investment  in  the  Fund  will  be  limited  to  £2.5  million. 

For  full  details  of  the  Fund  send  in  the  coupon  below  for  a copy 
of  the  Memorandum  inviting  participations  in  the  Fund. 

Investment  in  unquoted  companies  can  prry  higher  risk  than 
many  other  forms  of  investment,  and  before  investing  you 
should  seek  advice  from  your  accountant,  stockbroker  solicitor 
bank  manager  or  other  professional  adviser 

^Applications  must  be  made  on,  and  on  the  terms  of" the  application 
form  contained  in  the  Memorandum  and  must  be  received  by  3pm  on 
Friday,  9th  December  1983.  However,  if  applications  for  the  maximum 
£2.5  million  are  received  by  any  earlier  date  the  Fund  may  be  closed  at 
any  time  thereafter. 

lb:  County  Bunk  Limited,  Investment  Division,  BES  Fund,  II  Old  Broad  Street,  London  EC2N  IBB. 
Telephone:  0L-63S  6000. 

Please  send  me  n copy  of  the  Memorandum  inviting  participations  in  the  County  Bank  First  Business 
Expansion  Fund. 

Name — — 


Address - 


.TeL. 


& National  Westminster  Bank  Group 


FT3JI 


■J 


‘Next’  helps 
debt  free 
Hepworth  to 
top  £8.5m 

WITH  AN  upturn  of  £3.1 7m 
to  £4J&m  In  the  second  half 
pie-tax  profits  at  J.  Hepworth 
& Son,  rose  by  £4.7m  to 
£8. 56m  for  (be  year  to  tbe 
end  of  August  1983.  Profits 
were  booked  by  the  first  full 
year’s  contribution  from 
“Next."  the  women's  wear 
subsidiary. 

Pre-tax  profits  were  struck 
after  considerably  reduced 
net  interest  charges  of 
£713,000  against  £2.39m. 
Largely  due  to  the  sale  of  the 
footwear  subsidiary  W.  and 
E.  Turner  earlier  this  year, 
the  directors  say  the  group 
has  finished  the  year  with  iso 
borrowings. 

Trading  for  the  first  nine 
weeks  of  the  new  financial 
year  has  measured  up  to  the 
company's  **  demanding  expec- 
tations,'’ they  say. 

In  view  of  the  successful 
year's  trading  and  what 
appears  to  be  a favourable 
outlook,  the  directors  are 
proposing  an  increased  final 
dividend  of  351p  net,  com- 
pared with  3J!lp.  This  raises 
the  total  from  4p  to  55p. 

Earnings  per  lOp 
share,  excluding  extraordi- 
nary credits,  moved  sharply 
ahead  from  &96p  to  14^7p. 

Turnover  of  n»»  multiple 
tailor  grew  from  £8357m  to 
£98-6m. 

A breakdown  of  trading 
profits  by  divisions  shows: 
retailing  £2.73m  (loss 
£309,060);  manufacturing 
£204.000  (£296,000);  estates 
£2 -54m  (£2. 62m)  and  share  of 
profits  including  Club  24 
£3.81m  (£3-64m). 

The  increase  in  retail  pro- 
fits reflects  the  successful 
first  full  year's  trading  of  the 
womenswear  chain  “Next,” 
currently  trading  ont  of  138 
branches. 

At  the  interim  stage  the 
directors  said  that  die  early 
response  to  spring  merchan- 
dise available  at  Next  had 
been  excellent.  A total  of  117 
branches  were  open  and  they 
expected  a further  13  to  open 
in  time  for  autumn  trading. 
A significant  profit  contribu- 
tion was  expected  from  this 
source  daring  the  year. 

Properties  have  been  re- 
valued in  accordance  with  the 
company’s  rolling  revaluation 
policy  and  a surplus  of  £6m 
over  the  1982  valuation,  less 
costs,  has  been  taken  direoBy 
into  reserves. 

• comment 
The  most  impressive  feature 
of  Hepworth's  year  is  the 
toraround  of  its  retailing 
business.  While  the  gronp 
will  not  break-down  its  men's 
and  women's  clothing  outlets 
there  is  little  doubt  that  the 
traditional  menswear  outlets 
have  continued  to  drag  along 
(probably  in  or  near  a loss) 
with  all  the  nmning  coming 
from  the  newly  formed 
“Next”  chain  which  started 
trading  early  in  1982.  In 
August  ’82  Hepworth  had  101 
Next  outlets,  12  months  later 
there  ware  127  and  today 
there  are  139.  Next  Is  a 
success  formula  which  has 
only  just  begun  to  show  tbe 
tip  of  its  potential  profit  — 
but  equally  can  only  have  so 
far  to  run.  Tbe  company 
estimates  that  the  celling  Is 
probably  180  outlets  in  the 
UK.  So  the  directors  are  al- 
ready testing  the  waters  of 
Germany  to  produce  a carbon 
copy  Next.  In  the  shadow  sits 
the  menswear  business  where 
Hepworth  is  yet  to  produce  a 
successful  format  for  the  80s. 
In  August  '84  Hepworth  win 
open  30  “Next  Han”  shops — 
very  much  “next”  with  Bur- 
ton's Top  Han  stealing  the 
lead  even  if,  as  the  company 
argues.  Burton  is  after  a 
different  age  group.  What- 
ever, Hepworth  has  been  slow 
to  recognise  the  changes  in 
menswear  retailing,  and  to 
that  extent  its  mainstream 
business  remains  an  unproven 
identity.  Even  without 
much  action  there  Hepworth 
is  capable  of  £ll}m  pre-tax 
this  year.  Yet  at  189  the  p/e 
of  12.8,  on  actual  earnings, 
is  high  enough. 


HIGHLIGHTS 


London’s  Stock  Market  opened  to  a surprise  agreed  offer 
from  BAT  for  Eagle  Star,  topping  the  Allianz  offer  by  a good 
15  per  cent  at  nearly  £800m.  Lex  looks  at  the  latest  turn  of 
events  and  comments  on  what  the  West  Germans’  next  move 
might  be.  Harks  and  Spencer,  that  pillar  of  the  British  High 
Street  establishment,  produced  its  half  year  profits  which  dis- 
appointed the  City  analysts  who  had  been  looking  for  £5m  or 
so  above  the  company’s  actual  profit  of  £1 05.6m.  Finally  the 
Lex  column  comments  on  the  collapse  of  a German  steel  merger 
between  Krupp  and  Thyssen.  The  news  coincidentally  came 
out  the  same  day  as  a small  German  bank  said  that  it  had  run 
Into  problems. 


Allied  London  £62i 
property  portfolio 


A RISE  from  £ 1.95m  to  £2.43m 
In  pre-tax  profits  was  recorded 
by  Allied  London  Properties,  pro- 
perty Investment  company,  in 
the  year  to  June  30  1983. 

The  final  dividend  is  lifted  to 
1.7p  (1.275)  and  together  with 
the  Increased  interim-  payment 
raises  the  total  to  2p  (L55p). 

A valuation  of  the  Property 
portfolio  produced  a value  of 
£62 .2m  which  has  been  incor- 
porated In  the  accounts.  The  port- 
folio now  breaks  down  to  (in  per 
cent):  offices  49;  warehouse/ 
industrial  43;  shops  8. 

Rental  income  continued  to  In- 
crease during  the  year.  The  com- 
pany is  actively  engaged  in 
various  commercial  and  indus- 
trial development  schemes. 

The  Central  House,  Hounslow, 
development  of  an  85,000  sq  ft 
office  building  is  reaching 
completion  of  building  works, 
and  the  marketing  programme 
has  commenced. 

Since  the  year  end,  planning 
permission  has  been  granted  for 
a furtter  phase  of  Elstree,  for 
a 60.000  sq  ft  office  development. 
Elstree  House,  which  was  the 
first  phase  has  been  completed 
and  fuUy  let. 

Elsewhere,  redevelopment  of 
the  Dartford  Industrial  Estate  is 
continuing;  some  30,000  sq  ft 
has  been  built  and  virtually  fully 
let. 

At  Gerrsrds  Cross.  Bucking- 
ham House,  a development  of 
offices,  flats,  and  a shop  has  been 
built,  and  letting  negotiation* 
are  In  hand. 

The  Sterling  Homes  house- 
building subsidiaries  had  an- 
other satisfactory  year. 

Overall  the  directors  consider 
tills  as  a year  of  further  achieve- 
ment, and  are  confident  that  this 


success  will  continue  during  the 
current  year. 

Tax  for  the  12  months  was 
£365.000  (£168,000)  leaving 

£2. 07m  (£1.78m)  for  earnings  of 
9J23p  (7B7p>. 

A one-for-two  scrip  issue  is 
proposed. 

• comment 

Allied  London  appears  to  be 
laying  the  groundwork  for  an 
acquisition.  It  is  providing 
more  information  than  usual  and 
the  scrip  issue  will  widen  the 
appeal  of  the  shares  of  which 
some  60  per  cent  is  In  family 
bands  and  7.8  per  cent  with 
Eagle  Star.  It  is  a well  managed 
company  and  will  not  move 
until  the  right  proposition  comes 
along.  It  manages  a steady  flow 
of  self  financed  developments 
with  some  90  per  cent  of  the 
modern  portfolio  freehold.  Its 
properties  are  almost  all  within 
a 35-mile  radius  of  London,  fol- 
lowing the  route  of  the  M25. 
Rental  income,  with,  average 
reviews  of  live  years,  rolls  In 
steadily  while  voids  stand  at 
less  i per  cent  of  the  port- 
folio. The  company  gives  a 
current  net  asset  value  of  207p 
on  ordinary  shares  which  fully 
dilated  probably  comes  down  to 
around  175p.  .Tbe  Hounslow  de- 
velopment shonld  start  contri- 
buting income  this  year  and  will 
add  possibly  2Sp  to  NAV  when 
folly  let.  At  the  company's 
estimate  of  207 p the  shares 
which  closed  up  4p  at  129p  are 
on  an  above  average  discount 
of  37.7  per  .cent.  Tbe  fall  In 
turnover  was  related  to  the  sale 
of  a subsidiary , part  of  the 
Gough  Cooper  rationalisation, 
tbe  house  building  operation 
bought  in  1980. 


U.S.  distributor 
boosts  Wolseley 
Hughes  to  £15*8m 


Old  folk  will  benefit 
from  Senetek  share  sale 


BY  DOMINIC  LAWSON 

ONE  OF  the  most  esoteric 
investment  opportunities  of 
recent  years  will  soon  be  avail- 
able to  fate  general  public  in 
tbe  form  of  Senetek,  a company 
set  np  to  exploit  products  which 
may  arise  as  a result  of  research 
in  the  field  of  molecular  biology. 

Licensed  dealer  Afcor  Invest- 
ments (wholly-owned  by  the 
South  African  company,  African 
Finance  Corporation)  is  offering 
2,574,400  Senetek  shares  for  sale 
over  the  counter  at  50p  each, 
worth  £1.52m,  which  capitalises 
the  4m  issued  share  capital  at 
£L38m. 

Afcor  claims  the  over-ther 
counter  offer-for-sale  will  be 
the  second  only  such  one  in  this 
country.  Senetek  is  considered 
too  untried  even  for  the 
adventurous  Unlisted  Securities 
Market,  although  Afeor's  Mr 
Colin  Buchan  said  yesterday  that 
‘USM  quote  could  take  place 
m three  to  six  months.” 

Its  objectives  are  to  research 
and  develop  products  which  are 
designed  to  diagnose  and  alle- 
viate diseases  related  to  old  age, 
together  with  a broader  range  of 
specific  diagnostic  applications 
with  a view  to  exploiting  these 
products  commercially. 

Senetek  is  essentially  part  of 
tbe  biotechnology  boom,  which 
in  the  U.S.  has  resulted  in  about 
200  quoted  biotechnology  com- 
panies. Such  investment  oppor- 
tunities in  England  are  generally 
confined  to  institutions.  Sene- 
tek’s  Prof  Brian  Clark  said  the 
English  “don't  seem  to  like  risk 
taking,  outside  of  the  football 
pools." 

Prof  Clark,  chairman  of  Sene- 
tek's  “scientific  committee,''  is 
Professor  of  Biosiructural 
Chemistry  at  the  University  of 


‘ The  offer -for  sale*  prospectus, 
which  comeb  complete  with  a 
diagram  of  the  - Watson-Crick 
hydrogen-bonded  double  herical 
structure  of  DNA.  is  packed  with 
scientific  jargon  which  the 
would-be  investor  might  find 
hard  to  understand. 

As  an  example,  one  of  the 
scientific  committee's  area  of 
expertise  is  described  simply  as 
“ cellular  immunology,  major 
phylogenetic  perspective,  trans- 
plant! on  immunology.” 

Senetek's  aim  is'  to  develop 
products  which  would  Improve 
the  quality  of  life  for  the  aged. 
Dr  Dan  Grafstein.  a director  and 
former  manager  of  applied 
Research  at  . Exxon,  Insisted 
yesterday:  “ Don't  even  mention 
the  phrase  * elixir  of  life.'  That 
is  not  what  we  are  about." 

Tbe  group’s  concern  for  the 
aged  starts  at  home.  Its  articles 
of  association  stipulate  that  “no 
person  shall  be  or  become 
incapable  of  being  appointed  or 
remaining  a director  of  tbe  com- 
pany by  reason  of  his  having 
attained  the  age  of  70  or  any 
age.” 

The  offer,  which  has  been 
underwritten,  will  raise  finantw 
to  undertake  an  initial  pro- 
gramme of  research  and  com- 
mercial development  But  it  Is 
unlikely  that  profits  will  be 
generated  within  tbe  next  two 
years. 

The  company  concedes  that 
“ despite  access  to  leading 
expertise,  there  remains  a risk 
that  the  research  could  prove 
unproductive.” 

Over  the  counter  dealings  in 
Senetek  shares  begin  on  Novem- 
ber 16.  It  may  be  a little  longer 


Aarhus  in  Denmark.  Other ' before  its  products  are  similarly 
scientific  luminaries  on  the  board  available. 

Include  the  chairman.  Sir  Hans 


BOOSTED- BY-  a £4.6m  first-time 
contribution  from  the  UJ5.  distri- 
bution division- and  better  figures 
from  the  UK  side,  taxable  profits 
of  Woteeley-Hughes  expanded 
from  £11.14m  to  £15.8 lm  for  the 
year  ended  July  31  1983. 

Helped  by  strong  building 
activity  in  both  the  UK  and  the 
U.S.  the  overall  group  result  for 
profits  and  sales — up  £L36m  to 
£358. 7m  including  £LUm  from 

U.S.  distribution— was  in  line 
with  directors’  expectations. 

They  add,  however,  that  manu- 
facturing . companies-  continued 
to  face  difficult  trading  condi- 
tions both  at  home  and  in  certain 
export  markets  and  produced 
" disappointing'- results' 

With  regard  to  the  current 
year,  directors,  although  not 
expecting  any.  substantial  change 
in  the  economic  climate,  will 
continue  to  develop  the  group's 
successful  -distribution  com- 
panies while  endeavouring  to 
bring  the  manufacturing  sub- 
sidiaries to  an  acceptable  level 
of  profitability: 

After  tax  of  £4JNSm  (£3. 2m) 
pamfngs  per  25p  share  were 
5L06p,  against.  47.67p  and  the 
dividend  is  stepped  Up  to  15:89p 
(15J3p)  net  with  a final  pay* 
meat  of  10.8ip.  . 

Mr  Jeremy.  tj>oww>ter,  chair- 
man, says  that  with  domestic 
building  activity.  buoyant, 
Wolseley-Hughes  Merchants  con- 
tinued to  make  -good  .progress 
and  during  the  year  opened 
seven  new  branches.  The  pipe, 
valve  and  fittings  distribution 
business  on  the  other  hand 
experienced  another  difficult 
year,  with  fierce  competition 
squeezing  margins. 

“In  view  of  the  continuing 
recession  In  the  industry  we 
have  adapted  a - mare  -rigorous 
approach  in  valuing  the  com- 
pany’s stock  and  this  has  led  to 
a significant  write  off  for  the 
year?’  The  remaining  com- 
panies In  tiie  division  produced 
similar  results  to  last  year,  he 
adds — UK  distribution'  profits 
were  £lL54m  <£9m),  and  turn- 
over £1 96.7m  (£158 -8m). 

The  U-S.  distribution  company 
Ferguson  Enterprises . Inc 
enjoyed  favourable  trading  con- 
ditions in  tbe  residential  market 
and  continued  with  its  expan- 
sion programme.  This  led  to  an 
additional  18  branches  -to  .its 
network  making  the  number  of 
locations  72..  . 

The  farm  machinery  division 


produced  varied  results  In  a 
difficult  market  On  the  garden- 
ing side  it  was  a year,  of  re. 
organisation  following  the  move 
to  smaller-  premises. 

-There  were  further  cutbacks 
and  redundancies  In  the  engin- 
eering division  which  was  also 
hat  by  a substantial  decline  in 
business-  In  certain  export  mar- 
kets, Mr  Lancaster  states. 

• Pre-tax  figure  for  the  year  was 
after  interest  of  £2 32m.  against 
£L.03m-  Below  the  line  there 
were  minorities  and  preference 
payments,  and  extarordinaiy 
deblts  of  £2.21m,  compared  with 
£719,000  last  time. 

The  attributable  balance  came 
through  at  £&64m  (£7 .2m)  of 
which  ordinary  dividends  will 
absorb  £3.62m  (£2 .72m). 

The  directors  say  that  as  a 
result  of  last  December's  £17m 
rights  issue,  the  group  had  large 
sterling  balances  at  the  year  tend, 
although  they  were  exceeded  by 
dollar  borrowings;  gearing  was 
14.6  per  cent 

. “ Nevertheless,  this  strong  fin- 
anriMi  base  should  enable  us  to 
take  advantage  of  opportunities 
for  growth  as  they  arise.” 

• comment 

Distribution  now  seems  to  be 
making  all  the  running  at 
Wefcseley-Htighes.  Take  out 
Ferguson's  better  than  expected 
first  time  contribution,  and 
profits  for  the  rest  of  the  group 
are  about  static.  But  within  that, 
engineering  suffered  a dramatic 
downturn — leading  to  a £2 2m 
write-down  below  the  line  on 
unproductive  assets — which  was 
entirely  due  to  the  loss  of  export 
business  to  oil  producing 
countries,  chiefly  Nigeria.  The 
underlying  growth  of  the-'  UK 
distribution  business  Is  hard  to 
quantify  since  it  opened  seven 
new  branches  during  the  year, 
with  a 24  per  cent  increase  in 
turnover.  However,  It  does  look 
as  if  margins  in  the'  division — 
which  accounts  for  63  per  cent  of 
group  trading  profits  — have 
improved  slightly.  The  shares 
rose,  to  545p  before  settling  at 
520p,  down  12p.  where  the  yield 
is  4 A per  cent  Continued  expan- 
sion of  tbe  U.S.  distribution  net- 
work could  bring  this  year's 
profits  to  £19m  pre-tax,  although 
no  fireworks  are  expected  else- 
where.. On  a 30  per  cent  tax 
charge,  the  prospective  multiple 
is  nearly  9;  the  least  demanding 
it  has  been  for  some  time. 


Shiloh  hit  by  NHS  cuts 

A CUTBACK  In  purchasing  by  . profitably.'  Its  share  of  tbe  grou; 
the  .National HeaUh  Aertice.  haa^-t^ovBr  . of  £553m 
caused  a -substantial  fall  in  taro- 
and  profitability  at  the 


over 

disposables  and  non-woven  pro- 
ducts subsidiary  of  textile 
spinning-  concern  Shiloh.  This 
leaves  the  group's  pre-tax  profits 
well  behind  -at  £107,887,  com- 
pared with  £204,703,  in  the  first 
half  to  October  1 1983. 

However  the  directors  remain 
optimistic  about  the  group's 
continued  expansion  in- the  long 
term.  They  say  tbe  second-half 
results  should  be  significantly 
better  than  the  first,  though  the 
year’s  outcome  will  not  match 
the  taxable  profits  of  £909,514 
reached  in  the  previous  12 
mouths. 

The  Interim  dividend  is  being 
maintained  at  0.75p  net  per  25p 
share— a total  of  2p  was  paid 
in  the  year  to  March  1983. 

The  spinning  subsidiary 
improved  in  tbe  half  under  re- 
view and  it  is  now  running 


advanced  from'  55  .to ‘74  per  cent. 

Increased  raw  material  costs 
and  the  high  incidence  of 
holidays  In  the  first  half 
prevented  the  spinning  sub- 
sidiary taking  maximum  advan- 
tage of  improved  trading  condi- 
tions, so  It  has  hot  yet  realised 
its  full  profit  potential.  This 
should  improve  in  the  second 
half  and  directors  expect  higher 
profits  during  this  period. 

The  disposable  and  non-woven 
products  subsidiary  is  continuing 
to  develop  and  Increase  its  range 
of  products  both  for  industry  and 
the  health  service  and  thus 
widen  its  product  base.  Its 
second-half  results  should  better 
those  of  the  first  the  directors 
say. 

Taxable  profits  were  struck 
after  depreciation  of  £52,891 
(£52.083)  and  bank  interest  of 
£29.762  (£46,796).  Tax  took 

£63^43  (£102,351)  leaving  net 
profits  of  £53,944  (£102^152). 


DIVIDENDS  ANNOUNCED 


Date 

Corre- 

Total 

Total 

Current 

of  sponding 

for 

last 

■ payment 

payment 

dlv. 

year 

year 

Allied  London;  ....... 

L7 

_ 

1.28 

2 

L55 

Ellis  and  Goldstein 

int  0.85 

Dec  10 

0.85 

2.15 

Herman  Smith  _______ 

0.3 

Jan  3 

0.3 

0.5 

05 

J.  Hepworth  

3.91 

Jan  3 

3.21 

5.5 

4 

Marks  & Spencer  .. 

..int  2.05  . 

Jan  13 

L85 

5.1 

Safeguard  lad  

.....  4.1 

Dec  14 

4.1 

6.6 

5.9 

ShUoh  

Int  0.75 

Dec  14 

0.75 

2 

Peters  Stores 

1 

Jan  21 

0.5 

2 

05 

TR  City  of  London  1st  int  0.68 

Dec  9 

0.63* 

25* 

Wolseley-Hughes?  . 

10.81 

Jan  31 

10.29 

15  BO 

15.13 

Dividends  shown  pence  per  share  net  except 

where  otherwise  stated. 

■ Equivalent  after  allowing 

for  scrip  Issue. 

. t On 

capital 

Increased  by  rights  and/or  acquisition 

issues. 

t USM  stock. 

Koroberg,  who  is  Master  of 
Christ's  College,  Cambridge.  The 
company's  advisers  include  Dr 
Aaron  Klug,  the  1982  Nobel 
Laureate  for  Chemistry. 


BOARD  MEETINGS 


TODAY 

interims:—  Airflow  Streamlines.  Henry 
Boot.  Com du tar  and  Systems  Engineer- 
ing. Fleming  For  Eastern  Investment 
Trual,  Hambro)  Investment  Trust.  Hunt- 
ing Associated  industrial.  MWenx 
L»a  u to  Shops,  Northern  Securities 
Trust.  Portsmouth  and  Sunderland 

Newspapers. 

Rusls:—  Abeco  Investments.  Berry 
True i.  Intervision  Video.  Sungei  Bahru 
Rubber  Estates.  Wemtrss  Investment 
Trust. 

FUTURE  DATES 

Interims:— 

Amersham  International Nov  23 

Allnett  London  Properties  Nov  8 

Assail  Special  Situations  Trust  Nov  8 

Bearwood  Nov 


British  Investment  Treat 

Chubb  

East  Midland  AHied  Press 
External  Investment  Trust  ... 

Future  

Holyrood  Rubber  

Kuala  Selangor  Rub  bar  

Lend  Securities 

Medina  . — 

Outwicti  Investment  Trust ... 

800  Group  

Sta veiny  Industries  

Teaco  ... 

finals.* — 

Akroyd  and  S ml  there  - 

Fenner  (J.  H.)  

New  Court  Trust  

North  Atlantic  Securities  .... 
Singapore  Para  Rubber  Estan 
Town  Centre  Securities  


Nov  7 
Nov  9 
Nov  17 
Nov  8 
Nov  9 
Nov  10 
Nov  10 
Nov  14 
Nov  4 
Nov  14 
Dec  1 
Nov  10 
Nov  16 

Nov  17 
Nov  28 
Nov  16 
Nov  10 
Nov  4 
Nov  4 


Public  Works  Loan  Board  rates 


Effective  November  2 
Quote  loans  repaid 
at 


Noa-qoota  loans  A" 


repaid 
at 


Years 

Up  to  3 

Over  3,  up  to  4 

Over  4,  up  to  5 

Over  5,  up  to  6 

Over  6,  up  to  7 

Over  7,  up  to  8 

Over  8,  up  to  9 

Over  9,  up  to  10  ... 

Over  10,  up  to  15... 

Over  15.  up  to  25... 

Over  35  

* Non-quota  loans  B are  1 per  cent  higher  in  each  case  than 
noo-quota  loans  A.  t Equal  instalments  iff  principal,  t Repayment 
bv  half-yearly  annuity  (fixed  equal  half-yearly  payments  to  include 
principal  and  interest  (3  With  half-yearly  payments  Of  interest  only). 


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TRANS-NATAL  COAL  CORPORATION  LIMITED 

(Incorporated  In  the  Republic  of  South  Africa) 

REPORT  FOR  THE  QUARTER  ENDED  30  SEPTEMBER  1983 
(Unaudited  group  results)  ' 


Quarter 
ended 
J0JA3  . 

Quarter 

ended 

30553 

Comparative 
quarter 
previous  year 
30.952 

Ml* 

6,424 

8.106 

rcw)  ; 

R(000) 

R(00Q) 

2SJK9 

32.449 

32381 

3JQ2 

3,131 

2315 

25,037 

29318 

30566 

11,70a 

13,695 

13591 

IJ06 

- 1,174 

1.463 

— 

1.498 

1,498 

11AM 

- 12361 

13.214 

15445 

29,090 

36,142 

Tons  sold  (*000) 

GROUP  INCOME 

Net  in cxi me  before  amortisation  and  taxation 
Deduct:  Amortisation  of  mining  iAtb 
Net  income  before  taxation 
Deduct:  Provision  for  taxation 
Outside  shareholders’  interest 
Preference  dividend  provision 

NtT  GROUP  INCOME  ATTRIBUTABLE  TO 
ORDINARY  SHAREHOLDERS 

CAPITAL  EXPENDITURE 

Notesi  . • “ 

1.  Tbe  decrease  of  R43  -million  in  net  Income  before  taxation,  comoared  with  tbe  envious 

j.™”"  smssts 

Z 'i983,  7’989,  'P5  ppeferoee  shares  of  50  cents  'each  were  converted  Into  ordinary 

»« wn.---n»  w*i 

3'  Duly  ISB*  In  H,oblne  CoMiery  • wax-taken  oVei^bjr  Is  cor  with  affect  from 

wSta^S  Co-P“*'-»  certain  option  contracts 

whSrawn  ind«d,n*  «•»  Sottien  area,  have  all  been 

SJent  640  * £p5e,UK*  OMafei.  *»' «P«*  of  two  linns.  In 

wew  of  toteS?  ,tt  0P°«»  “d  secured  its  rights  over  the 

^ n “H"?  °f  o^Sinal  contracts.  The  mineral  rights  affected  by  the 

above  Court  action  will  not  influence  the  establishment  of  any  future  mining  project. 

On  behalf  of  the  Board 


4. 


S.  P. -ELLIS 

T. -L  DE  BEER 

Johannesburg,  3 November  1983 


] Directors 


temrOwp 


29 


i'UlS 


Financial  Times  Thursday  November  3 1983 

MINING  NEWS 


St  Helena 
to  sink  a 
new  shaft 

THE  Gencor  group's  St  Helen* 
gold  mine  in  South  Africa’s 
Orange  Free  State  is  to  extend 
its  workings  10  the  Basal  reef 
op  farm  Ongegund  23  which 
adjoins  rbe  southern  boundary 
of  the  mine's  existing  lease  area. 
This  will  mean  the  sinking  of  a 
major  shaft. 

7%e  new  shaft  will  he  sunk 
to  a depth  of  1,450  metres  and 
win  cost  R892m  (fSIra)  in 
today's  terms.  It  is  planned  to 
complete  the  shaft  within  four 

years  by  Which  rime  the  cost  is 
expected  to  have  escalated  to 
some  R125m. 

While  capital  expenditure  can 
be  set  against  tax.  not  all  the 
cost  of  the  new  shaft  can  be 
provided  by  tax  savings  over  the 
four  years.  So  in  order  to  smooth 
excessive  fluctuations  in  divi- 
dends over  the  period,  ft  Is 
intended  to  fund  the  after-tax 
requirements  partly  by  retained 
earnings  and  partly  by  loans. 

Ax  present  St  Helena’s  mining 
life  is  in  the  medium  category, 
possibly  15  to  20  years. 
Ongegund  offers  an  extension  to 
this  although  early  development 
found  die  ground  to  be  heavily 
faluted  with  erratic  gold  values. 

St  Helena  says  that  when  the 
new  shaft  comes  into  operation 
it  should  enable  the  mine  to 
maintain  its  present  level  of 
production  for  at  least  eight' 
years. 

Corona  and 
Tech  ores 

CANADA'S  International  Corona 
Resources  has  increased,  its  drill-, 
indicated  gold  ore  reserves  to 
11.9m  tons  from  10.5m  at  its 
property  jointly  owned  with 
Tech  Corporation  at  the  exciting 
Hemlo  gold  camp  in  north-west 
Ontario. 

This  includes  8.4m  tons  grad- 
ing an  average  0.36  oz  (lL2g) 
gold  per  ton,  2Dm  tons  going 
0.32  oz,  ml  ( onst 
0.32  oz,  lm  tons  at  0.19  oz  and 
0.4m  tons  at  0.19  oz  in  the 
various  zones.  Detail  drilling  is 
expected  to  increase  the  latest 
tonnage  figures. 


Gold  Fields  can  raise 
Newmont  stake  to  33i% 


BY  KENNETH  MARSTON,.  MINING  EDITOR 


LONDON'S  Consolidated  Gold 
Fields  has  concluded  a new 
agreement  with  America’s  New. 
moot  Mining  whereby  the  UK 
group  may  increase  its  share- 
holding. In  Tfewmond  beyond  the 
previous  limit  of  26  per  cent  to 
a total,  within  ten  years,  of  33k 
per  cent 

However,  if  a third  party  seeks 
to  acquire  more ' than  9.9  per 
cent  of  the  Newmont  equity,  Gold 
Fields  can  end  the  agreement 
and  buy  as  many  Newmont 
shares  as  it  wishes,  thus  being 
in  a position  to  fight  any  take- 
over bid  for  Newmont 

At  present  Gold  Fields  owns 
25.1  per  cent  of  Newmont  having 
built  up  the  stake  in  purchases 
made  since  early-1981  at  an 
average  price  of  $5?  per  share. 

The  cost  of  the  acquisitions 
totals  S434m  but  because  the 
earlier  purchases  were  made  at 
favourable  exchange  rates  the 
cost  in  terms  of  sterling  was 
about  £250m  compared  with  the 
present  sterling  equivalent  of 
£290hl 

Newmont  are  currently  around 
$47  per  share  on  which  basis  the 
cost  of  acquiring  the  further  per- 
mitted total  of  some  2.5m  shares 
would  be  about  £79  m. 


Mr  Anthony  Hiebens,  Gold 
Fields  finance  director,  stressed 
yesterday,  however,  that  the 
group  did  not  intend  to  act 
immediately  to  increase  its  stake 
in  Newmont  to  the  higher  per- 
mitted level.  **We  will  take  it 
slowly,”  be  said. 

At  yesterday's  annual  meeting 
of  Gold  Fields  Mr  Rudolph 
Agnew.  the  chairman  said:  "New- 
mont represents  a very  satisfac- 
tory long-term  investment  for 
Gold  Fields.  Ours  is  a strategic 

investment  in  the  strongest  and 
most  successful  of  the  major  UJ5. 
mining  corporations.” 

- Commenting  on  the  general 
economic  outlook  Mr  Agnew  said 
that  the  recovery  In  the  U.S. 
and  elsewhere  “ has  been  slow 
and  patchy,  particularly  in  the 
heavy  capital  goods  sectors.”  He 
saw  the  near-term  outlook  for 
the  mining  industry  as  “ not  very 
encouraging.'' 

He  added  that  metal  prices 
have  weakened  “ on  what  could 
be  rather  short  term  considera- 
tions if  the  recovery  in  the 
United  States  continues  and  Is 
followed  in  other  major  indus- 
trialised nations.” 

But . “ while  the  longer  term 
economic  outlook  sbould  be 


Output  quotas  cause  tin 
dredges  to  close  down 


TIN  EXPORT  curbs,  imposed  by 
the  International  Tin  Council  in 
an  effort  to  reduce  the  world 
surplus  supply  of  the  metal,  are 
now  resulting  in  - tin  dredge 
close-downs  in  Malaysia. 

The  major  Malaysian  Mining 
Corporation  says  chat  the  alloca- 
tion of  an  output  quota,  equal 
to  about  53  per  cent  of  normal, 
for  the  fourth  quarter  means 
that  it  will  have  to  close  down 
two  more  dredges.  This  will 
result  in  10  of  the  group's 
dredges  being  closed. 

Ayer  HUam  Tin  Dredging  says 
that  because  of  the  export  con- 
trols it  will  have  to  close  another, 
dredge  and  lay  off  workers.  The' 
company  will  thus  be  left  with 
only  one  dredge  in  action. 
Another  dredge  closure  is 


announced  by  Tronofa  Mines. 

On  the  copper  front.  Canada’s 
Corporation  Falconbridge  Cop- 
per, controlled  by  Falconbridge 
Nickel,  says  that  because  of  the 
current  weakness  in  copper 
prices  it  is  temporarily  to  sus- 
pend mining  operations  at  its 
Perry  mine.  This  is  one  of  the 
three  active  mines  at  the  com- 
pany’s Opemiska  division  in 
Chapais,  Quebec. 

Helped  by  its  ogld  production 
the  company  earned  CS572.000 
(£310,200)  in  the  1983  third 
quarter,  which,  after  allowing 
for  earlier  losses,  leaves  the 
company,  with  a net  profit  for 
the  first  nine  months  of 
C$476,000.  In  the  first  nine 
mouths  of  last  year  there  was 
a loss  of  C$1 -21m. 


THE 


COLD  STORAGE 


AND  SUPPLY  COMPANY  LIMITED 

( Incorporated  in  the  Republic  of  South  Africa  ) 

PROFIT  STATEMENT  AND  DIVIDEND  ANNOUNCEMENTS 


CONSOLIDATED  PROFIT 

The  audited  consolidated  results  .of  the  group  |or  the  year 
ended  30  September  1983  are  slated  below.  The  I akt  financial 
statements  covered  the  seven  month  period  ended  30 
September  1982  following  the . change  in  the  company's 
financial  year,  end-  The  geasonaiit?  of  the  company's'  opera- 
tions prevents  those  results  from  being  abnualised  and  thus 
for  purposes  of  comparison  figures  for  the  last-full  financial 
year  ended  28  February  2982  are  also  stated. 


12  Months 
ended 

. . 304.1983 

7 Months  12  Months 
ended  ended 

.30.9.1582  28JU9S2 

Turnover  

ROOD 
1047  022 

' ROOD 
549097 

R00O 
917  321 

Operating  profit  before 

lifo  and  interest 

Lifo  adjustment  ............ 

Interest  paid  : 

36262 

3080 

12538 

19  787 
2202 

5 968 

45  594 
7 832 

7238 

Dividends  from  investments 

20  644 
1 714 

11617 

1147 

30  524 
2357 

Profit  before  taxation  ... 
Taxation  

22  358 
9 605 

12  764 

5 583 

32881 

10820 

Profit  after  taxation 

Profit  attributable  to  out- 
side shareholders  

Preferent  dividends  

12753 

3 777 
55 

7181 

2309 

28 

22061 

4250 

55 

Profit  attributable  to  ordi- 
nary shareholders  before 

non-trading  items  

Non-trading  items  

Deferred  taxation  rate 
adjustment  

8921 

1316 

4844 

47 

(332) 

17756 

1378 

Profit  after  non-trading 
items  

10237 

4559 

19134 

CONSOLIDATED  BALANCE  SHEET 
The  audited  consolidated  balance  sheet  as  at  30  September 
1983,  together  with  the  audited  balance  sheet  at  30 
September  1982-are  given  below: 


Capital  employed 

Capital  and  premium  

Non-distrlbutable  reserves 
Retained  surplus  


Interest  of  shareholders  of  The 
Imperial  Cold  Storage  and 
Supply  Company,  Limited  ... 
Interest  of  outside  shareholders 
in  subsidiaries  

Interest  of  all  shareholders  ... 

Long-term  liabilities 

Deferred  taxation  


Employment  of  capital 

Fixed  assets 

Divestments  

Current  assets  

Current  liabilities  


309.1983 

30.9.1982 

ROOO 

ROOO 

57  766 
68433 

94  765 

14254 

1535 

.89430 

220964 

105  219 

6006 

5442 

226  970 

52  020 
4071 

110641 
43  654 

3 223 

283061 

157  538 

217286 
. 16147 
185  335 
(135  707) 

128154 
10  313 
152  285 
(133214) 

283  061 

157  538 

L4 

1.1 

Number  of  ordinary  shares  ... 

In  issue  26  938956  26301456  26  301156 


Earnings  per  ordinary 
share  before  non- trading 
items  and  deferred  tax 
rate  adjustment  

33.4c* 

18.4c  . 

64_Sc 

Earnings  per  ordinary 
share  after  non-trading 
items  and  deferred  tax 
rate  adjustment  

389e* 

179c 

72.7c 

Dividend  per  ordinary 
share  

20c 

12c 

20c 

Ratios 

Current  assets  to  current 

liabilities  L4  11 

Total  liabilities  to  total  share- 
holders’ funds  83%  160% 

Total  borrowings  to  total  share- 
holders funds  32%  82% 

COMMENT 

In  the  Chairman’s  review  in  November  1682  of  the  financial 
statements  for  the  seven  month  period  Uarch/September 
1982  and  in  the  interim  statement  for  the  half  year 
October/March  1983  reference  was  made  to  the  effect  on 
the  company's  operations  of  the  downturn  in  the  economy 
and  of  tie  severe  drought  which  has  affected  the  country. 
The  consequent  price  competition  encountered  in  various 
trading  divisions  and  the  high  interest  on  borrowings  to 
finance  tiie  company's  programme  of  renewal  and  develop- 
ment have  had  a severe  effect  on  the  results  reported 
above. 

Active  steps  have  been  taken  by  the  company  to  reduce 
costs  wherever  possible  and  to  improve  efficiencies  through 
rationalisation  and  the  provision  of  modem  facilities.  The 
prospects  for  the  coming  year  will  depend  on  the  rate  of 
recovery  bo  the  economy  and  the  extent  to  which  in  the 
coming  summer  the  drought  is  alleviated  and  its  effects 
overcome.  The  company  is  however  well  equipped  to  take 
advantage  of  any  upturn  in  the  economy. 


UK  COMPANY  NEWS 


better,  we  must  all  be  aware  that 
world  economies  are  likely  to 
grow  at  slower  rates  than  were 
achieved  on  average  over  the 
last  30  years.  Accordingly,  we 
are  unlikely  to  see  high  levels 
for  commodity  prices  fuelled  by 
growth  and  inflation.” 

He  retains  bis  faith  in  gold, 
" our  single  most  important  pro- 
duct, and  this  gives  me  consider- 
able comfort”  And  he  disclosed 
that  the  large,  but  low  grade, 
Mesquite  gold  deposit  in , 
California  sbould  come  into  pro- 
duction before  the  end  of  1986, 
given  tbe  granting  of  the  neces- 
sary permits. 

Meanwhile,  Gold  Fields  is  still 
talking  to  possible  purchasers 
of  the  ill-fated  U.S.  Skytop 
Brewster  drilling  rig  business. 
He  added  that  the  £87m  provision 
made  last  year  to  cover  losses 
incurred  pending  a sale  of  the 
business  was  still  considered 
adequate. 

Mr  Agnew  gave  no  further 
comment  on  the  current  year's 
outlook  for  Gold  Fields — in  the 
annual  report  he  looked  for  M an 
all-round  improvement."  In 
London  yesterday  the  shares 
rose  15p  to  478p  in  a generally 
improved  market. 

N.  Broken  Hill 
first  quarter 

THE  Australian  mining  and 
investment  group.  North  Broken 
Hill  Holdings,  reports  an  un- 
audited net  profit  of  A$4-9m 
(£3m)  for  the  first  quarter  of  its 
current  year  to  June  30. 

This  compares  with  A $2. 05m 
in  the  same  period  of  a year  ago 
when  there  was  in  addition  an 
extraordinary  credit  of  AS122m. 
For  the  full  year  earnings 
totalled  AISlASm  after  extra- 
ordinary items. 

The  previous  year's  total  earn- 
ings were  boosted  by  significant 
increases  in  sales  of  silver  and 
prices  received  for  the  metal 
coupled  with  the  contribution 
from  Associated  Pulp  and  Paper 
Mills  which  became  a wholly- 
owned  subsidiary  half-way 
through  the  year. 


* The  number  of  ordinary  shares  used  ha  the  calculation  is  coming  summer  the  drought  is  alleviated  and  its  effects 

based  on  the  weighted  average  of  26  709  580  ordinary  overcome.  Tbe  company  is  however  well  equipped  to  take 

shares  in  issue  during  the  year.  advantage  of  any  upturn  in  the  economy. 

FINANCIAL  STATEMENTS 

The  financial  statements  will  be  mailed  ts  shareholders  by  tbe  end  of  November  1983. 

DIVIDEND  ON  ORDINARY  SHAKES 

A final  dividend  of  12  cents  per  ordinary  share  was  declared  which,  together  with  the  interim  dividend  of  8 cents,  brings  the 
foul  dividend  in  respect  of  the  year  ended  30  September  1983  to  20  cents  per  share. 

DIVIDEND  Ne.  97  ON  ORDINARY  SHARES 

Notice  is  hereby  given  that  a final  dividend  of  12  cents  per  currency  at  the  rate  of  exchange  ruling  on  3 December 
share  has  been  declared  on  the  company's  ordinary  shares  1983. 

for  the  year  ended  30  September  1983..  The  dividrad  will  be  Dividend  warrants  will  be  posted  on  or  about  12  January 

payable  to  shareholders  registered  m the  books  ot  the  1.984.  Non-resident  shareholders’  tax  will  be  deducted  from 

company  at  the  close  of  business  on  2 December  19S5.  dividends  where  applicable. 

.The  dividend  is  declared  in  the  currency  of  the  Republic  . r . . . „ . , . 

of  South  Africa  and  becomes  due  on  3 December  1983.  The  ordinary  share  registers  of  the  company  will  be  closed 

Dividends  payable  from  the  office  of  the  company's  London  ■ from  3 December  1983  to  16  December  1983,  both  dates 

Transfer  Secretaries  will  be  paid  in  United  Kingdom  inclusive. 


INTERIM  DIVIDEND  No.  89 

Notice  is  hereby  given  that  an  interim  dividend  of  2.75% 
has  been  declared  on  the  company's  preference  shares 
payable  to  shareholders  registered  m the  books  of  tbe 
company  at  the  close  of  business  on  25  November  1983. 

The  dividend  is  declared  in  the  currency  of  the  Republic 
of  South  Africa  and  becomes  due  on  26  November  1983. 
Dividends  payable  from  the  office  of  the  comwrs  Londra 
Transfer  Secretaries  will  be  paid  in  United  Kingdom 

By  order  of  the  Board 

Secretary 

J.P.En5lin 


Registered  Address; 
171  Jacob  Mare  Street 
Pretoria  0002 
1 November  1983 


ON  PREFERENCE  SHARES 

currency  at  tire  rate  of  exchange  ruling  ou  26  November 
1983. 

Dividend  warrants  will  be  posted  on  or  about  29  December 
1983.  Non-resident  Shareholders’  tax  will  be  deducted  from 
dividends  where  applicable. 

Tbe  preference  share  registers  of  the  company  will  be 
closed  from  26  November  1983  to  9 December  1983  both 
dates  inclusive. 

Transfer  Secretaries: 
Consolidated  Share  Registrars  Limited 

Libertas 
62  Marshall  Street 
Johannesburg  2001 
Charter  Consolidated  Services  Limited 
Charter  House 
Park  Street 
Ashford,  Kent  TN24  SEQ 


Herman 
Smith  loss 
but  payout 
repeated 

MANUFACTURING  and  elec- 
trical engineer  Herman  Smith 
suffered  taxable  losses  of  £75,366 
for  the  year  ended  June  30  1983, 
compared  With  £287,098  profits, 
but  the  dividend  is  maintained 
at  0.5p  with  a same-again  final 
Of  0.3p.  Turnover  was  virtually 
unchanged  at  £8.63m,  against 
£8-64m. 

At  halfway  pre-tax  losses  were 

£65 IKK)  (£104,000  profits). 

Operating  profits  for  the  year 
amounted  to  £350,892  (£540,017). 
but  interest  charges  took 
£327,940  (£232,391)  and  there 
were  the  associate  company's 
initial  costa  Of  £98,318  (£20.528). 
After  a tax  credit.  £596.967 
(£183.430  charge),  however,  there 
was  a much  higher  net  surplus 
of  £521.601,  against  £113.668. 

Tbe  joint  venture  company, 
Herman  Smith  Hitco,  continues 
to  operate  within  its  business 
plan  and  will  require  some  fur- 
ther support  in  the  current  year. 

In  the  remainder  of  the  group 
the  forward  order  position  is 
more  satisfactory  than  for  some 
time,  and  operating  profits 
sbould  show  a significant 
improvement,  the  directors  state. 

The  pressworking  subsidiary, 
following  a loss  during  the  year, 
has  won  substantial  new  work 
and  the  current  year’s  results 
will  be  much  improved,  they  say. 

The  precision  engineering 
company,  in  a difficult  year,  made 
a modest  contribution  to  profits 
and  has  obtained  important  con- 
tracts, benefits  from  which  will 
show  through  in  tbe  second  half. 

The  Eurocraft  subsidiary  con- 
tributed significantly  to  group 
operating  profits  and  its  com- 
petitiveness gives  directors  much 
confidence  for  the  future. 

The  directors  comment  that 
the  joint  venture  is  of  “great 
significance  and  has  made 
excellent  progress.”  The  cost  of 
providing  the  factory,  plant  and 
other  necessary  resources,  has 
been  substantial,  they  add. 

Tbe  company’s  marketing  con- 
tinues to  generate  considerable 
interest  and  directors  are  con- 
fident in  the  profitable  growth  of 
the  company  in  tbe  longer  term. 


English  and  Inti. 

Net  revenue  for  the  six 
montiis  to  October  5 1983  at 
English  and  International  Trust 
showed  a decline  from  £364,500 
to  £353.300.  Net  asset  value 
per  25p  share  rose  to  243 Jp 
against  210p  at  April  5 1983. 

The  net  asset  value  is  arrived 
at  after  deducting  debenture 
stock  and  preferred  shares  at 
their  nominal  values  and 
includes  dealing  investments  at 
market  value. 

The  net  interim  dividend  is 
held  at  l-5p.  In  the  last  full 
year  a total  of  6p  was  paid. 

Gross  Income  moved  ahead 
from  £640,300  to  £718.000,  and 
was  subject  to  management 
expenses  of  £68.400  compared 
with  £61,400  and  foreign  cur- 
rency and  loan  interest  this  time 
of  £108300.  Loan  capital  interest 
took  £6.500  (£6.600). 

Tax  far  the  six  months  came 
to  £181,500  (£207300). 


Dualvest 

Net  asset  value  per  £1  capital 
share  of  investment  trust 
Doaivest  totalled  883p  at  Sept- 
ember 30,  1983,  compared  with 
786p  as  at  end-M&rch,  1983,  after 
deducting  income  shares  at 
nominal  value. 

Net  revenue  for  the  six  months 
to  September  30  was  little 
changed  at  £369,990.  against 
£368,392  for  the  same  period  last 
year,  after  tax  of  £189,316 
(£200.637)  but  currently  it  is 
anticipated  that  figure  for  the 
full  year  will  show  a greater  in- 
crease than  that  for  the  opening 
half. 

The  net  interim  dividend  is 
being  stepped  up  from  4.093p  to 
4.111p  per  50d  income  share — a 
final  of  3.788p  was  paid  pre- 
viously. 

Gross  income  was  £17,673  lower 
at  £611,244  before  expenses  of 
£51,938,  against  £59.888. 

Yearlings  total  £17m 

Yearling  bonds  totalling 
£17. 4m  at  9{|  per  cent  have  been 
Issued  this  week  by  the  following 
local  authorities. 

Berwick-on-Tweed  £0J25m; 
South  Bedfordshire  District 
Council  £0.25m;  St  Helen's  Met- 
ropolitan Borough  Council  £0.5m; 
Wansbeck  DC  £0.4m;  Banff  and 
Buchan  DC  £0.5m;  Llanelli 
(Borough  of)  £0.25in;  Lothian 
Regional  Council  £lm:  Newham 
(London  Borough  of)  £lm;  Birm- 
ingham (City  of)  DC  £3m;  Cen- 
tral RC  £2m;  Dundee  (City  of) 
DC  £0.5m;  Allerdale  DC  £0.5m; 
Highland  RC  £lm;  Dudley  Metro- 
politan BC  £lm;  Medina  BC 
£0.5m:  Northavon  DC  £0-25m; 
Oldham  Metropolitan  BC  £1.5m: 
Thameslde  Metropolitan  BC  1 
£G.75m;  Broxbourae  BC  £0-25m; 
Sunderland  (Borough  of)  £ln>. 


French  Connection 

The  offer  for  sale  of  1,823,429 
French  Connection  Group  5p 
ordinary  shares  at  I23p  has  been 
oversubscribed.  Details  of  the 
basis  of  allocation  will  bo 
announced  today. 


Renong 


Renong  Tin  Dredging  has  dis- 
posed of  its  3.4  per  cent  hold- 
ing In  Bedford  Plantations  in  the 
open  market  for  £1.69m  cash. 

The  proceeds  will  be  utilised 
for  other  investments,  it  is 
stated. 


LADBROKE  INDEX 
704-709  (+6) 
Based  on  FT  Index 
Tel:  01-493  5261 


Peters  Stores  at  £ 0.2m  s 
retail  recovery  continues 


Peters  Stores,  leisure  wear 
retailers,  continued  to  recover 
in  its  traditional  area  of  activi- 
ties and  finished  the  year  with  a 
taxable  surplus  up  from  £99.000 
to  £246.000. 

A trading  profit  of  £549,000 
was  made,  compared  with  a 
£152.000  loss,  in  the  12  months 
to  June  25  1983  on  turnover  of 
£10-31m.  against  £10.62m. 

All  sections  of  the  retail  divi- 
sion performed  better  as  a result 
of  the  general  Improvement  in 
consumer  spending  and  the 
change  of  emphasis  in  its  stores, 
in  particular  the  Keen  Jeans 
Shops. 


The  final  dividend,  following 
its  restoration  last  year,  is  being 
doubled  to  Ip,  making  a total  of 
2p  (0.5p). 

The  surplus  on  property  sales 
for  the  year  was  lower  at 
fl52,000.  against  £578,000.  Rental 
income  grew  from  £371.000  to 
£470.000.  Interest  payable  was 
higher  at  £455,000,  compared 
With  £327,000. 

Prolonged  negotiations  pre- 
vented the  company  from  com- 
mencing on  the  Gateshead 
Industrial  Estate,  but  it  now 
Intends  to  begin  this  scheme  in 
the  New  Year.  It  will  be  fully 

let  before  commencement  of 
building  works. 


The  redevelopment  of  the 
Ryles  department  store  in 
Whitley  Bay  is  now  complete  and 
lettings  are  well  advanced. 
When  fully  let  it  is  anticipated 
that  rental  income  will  be 
around  £50,000  per  annum. 

The  tax  charge  for  the  year 
was  little  changed  at  £24.000 
(£23.000)  and  after  a £61.000 
extraordinary  item— closure  cost 
of  Whitley  Bay  department  store 
—profit  available  far  appropria- 
tion was  up  from  f76.000  to 
£161,000.  Earnings  per  share 
were  6.9p  (2.4p). 

On  a CCA  basis  pre-tax  profits 
are  given  as  £190,000  against 
£62,000. 


Yen’s  firmness  lures  Lake  View 


The  net  asset  value  per  share 
of  the  Lake  View  Investment 
Trust  rose  from  244p  (at  March 
31)  to  269.3p,  taking  prior 
charges  at  par,  during  the  six 
months  to  September  30  1983. 

Taking  prior  charges  at  market 
value  the  increase  was  from 
246  Sp  to  271.5p. 

Total  income  for  the  six 
months  was  £2.3?m  (£2.02m). 
Expenses  and  interest  totalled 
£433,000  (£271.000)  and  pre-tax 
revenue  emerged  at  £ 1.93m, 
against  £1.74m. 


Tax  absorbed  £742,000 
(£631.000),  leaving  £1.19m 
(El.lltn).  equal  to  earnings  per 
share  of  2.63p  (2.46p). 

Substantial  additions  to  Far 
East  portfolios  have  beeo  made 
during  the  first  half,  and  the 
revenue  outturn  for  the  full  year 
is  likely  to  show  a reduction. 

In  accordance  with  stated 
policy,  the  trust  has  increased 
its  commitment  to  the  Far  East, 
which  now  represents  65  per  cent 
of  the  portfolio,  of  which  45  per 


cent  is  in  Japan.  This  has  been 
largely  financed  by  sales  pi  high 
multiple  UK  shares,  but  there 
has  also  been  a further  reduction 
in  the  U.S.  portfolio. 

The  company  is  encouraged  by 
the  economic  progress  in  Japan, 
and  the  likelihood  that  the  yen 
will  remain  a firm  currency.  It 
is  intended  that  a further  shift 
to  the  Far  East  will  take  place 
in  the  remaining  six  months  of 
the  year. 

As  already  announced  the 
interim  dividend  is  1.55p  (same). 


TIGER  OATS  AND  NATIONAL 
MILLING  COMPANY,  LIMITED 

(Incorporated  in  the  Republic  of  South  Africa) 

PROFIT  AND  DIVIDEND  ANNOUNCEMENT 
The  audited  consolidated  results  of  tbe  group  for  the  financial  year  ended  30  September 


1983  are  set  out  below: 


INCOME  STATEMENT 


Turnover 


Group  profit  before  taxation 
Taxation  


Tear 
ended 
30  Sept. 
1983 

R’000 

1941576 

123  254 
36316 


Group  profit  after  taxation 

Attributable  to  outside  shareholders 


Dividends  on  preference  shares  ... 
Earnings  attributable  to  the  ordinary 
shareholders  of  Tiger  Oats  and 
National  Milling  Company  Limited 


Average  No.  of  shares  in  issue  (000's)  13 

Earnings — cents  per  stare  

Dividends — cents  per  share  

Dividend  cover  

BALANCE  SHEET 

Capital  employed 
Interest  of: 

Ordinary  shareholders  of  Tiger  Oats  and 

National  Milling  Company  Limited 

Preference  shareholders  

Outside  shareholders  in  subsidiaries  

All  shareholders 

Long  term  liabilities 

Deferred  taxation  


Represented  by: 

Fixed  assets  and  investments 

Current  assets 

Current  liabilities  


Year 
ended 
30  Sept. 
19S2 

(Annualised) 
R'000 
1695  504 

109  565 
42  669 


Increase 


7 months 
ended 
30  Sept. 
1982 

R'000 
989  044 


13  455 
3SS 
115 
3.4 
30  Sept. 
1983 
R'000 


334  174 
46  553 
44  914 

425  C4 1 
49  920 
30  012 


399  632 
422  43T 
(316496) 

505  573 


13  455 
226 
67 
3.4 
30  Sept. 
1982 
R'000 


277700 
46  947 
52071 

376  718 
51  056 
20  530 


383  613 
389  613 
(324  922) 

438  304 


Borrowings  less  cash:  Interest  of  all  share- 
holders   38^%  50.4% 

Current  assets:  Current  liabilities  1.33  1.20 

Comments 

1.  The  financial  statements  to  30  September  1982  covered  a seven  month  period. 
The  percentage  increases  shown  above  have  been  based  on  the  group’s  results  for 
that  period  on  an  annualised  basis. 

2.  The  group  turnover  for  the  year  represents  an  increase  of  14.5%  and  excludes 
turnover  of  associated  companies  amounting  to  approximately  R2  493  million,  an 
increase  of  21.9%. 

3.  Notwithstanding  the  impact  of  the  severe  drought,  group  profit  before  taxation 
increased  by  12.5%.  An  abnormal  combination  of  factors,  mainly  investment  allow- 
ances on  the  purchase  of  fixed  assets  and  accumulated  export  incentive  allowances 
confirmed  during  the  year,  resulted  in  a sharp  decline  in  the  taxation  rate  and,  as 
a result,  profit  after  tax  showed  an  increase  of  30.0%. 

4.  The  above  figures  do  not  include  a non-recurring  net  capital  profit  of  R5  476  000 
arising  mainly  from  the  disposal  of  the  group's  investment  in  The  Imperial  Cold 
Storage  and  Supply  Company  Limited  to  the  group's  holding  company,  C.  G.  Smith 
Foods  Limited,  as  reduced  by  losses  on  sale  of  and  provision  for  diminution  in  the 
value  of  certain  investments  in  associated  companies  and  the  cost  of  control  in 
subsidiaries  acquired  during  the  year. 

5.  The  operations  of  associated  companies  in  which  at  least  £0%  of  the  equity  is  held 
have  only  been  included  to  the  extent  of  dividends  received  during  the  period  under 
review.  If  the  retained  Income  of  these  associated  companies  were  taken  into  account, 
tbe  above  group  earnings  would  amount  to  569  cents  1 19S2  annualised:  441  cents). 

6.  Commitments  for  capital  expenditure  at  30  September  19S3  amounted  to  approximately 
R20  627  000,  which  will  be  financed  from  the  group's  resources. 

7.  In  the  1983/84  financial  year  difficult  economic  conditions,  coupled  with  the  adverse 
effects  of  the  drought,  will  continue  10  have  an  unfavourable  impact  on  certain 
of  tbe  group's  main  divisions;  added  to  this,  a higher  effective  tax  rate  for  the 
group  is  expected.  Despite  these  factors  your  directors  expect  to  maintain  dividends 
at  least  equal  to  those  paid  in  respect  of  the  year  under  review  and  which  will  be 
suitably  covered  by  earnings. 

Financial  Statements 

The  annual  financial  statements  will  be  mailed  to  shareholders  before  the  end  of 
November  1983. 

On  behalf  of  the  board 
R.  L.  FRANKEL  (Executive  Chairman) 
R.  A.  NORTON'  (Executive  Vice-Chairman  1 
2 November  1983 

ORDINARY  DIVIDEND  NO.  78 

NOTICE  IS  HEREBY  GIVEN  that  a final  dividend.  No.  78.  of  90  (ninety)  cents  per 
share,  in  respect  of  the  year  ended  30  September  1983.  has  been  declared  payable  to  share- 
holders registered  in  the  books  of  the  company  at  the  close  of  business  on  IS  November 
1983.  This  dividend,  together  with  the  interim  dividend  of  50  (fifty)  cents  per  share, 
declared  on  4 May  19S3,  makes  a total  distribution  for  the  year  of  140  (one  hundred  and 
forty)  cents  per  share. 

Registered  shareholders  paid  from  the  United  Kingdom  will  receive  the  United 
Kingdom  currency  equivalent  on  9 December  1983  of  the  rand  currency  value  of  their 
dividends  (less  appropriate  taxes). 

The  transfer  books  and  registers  of  members  will  be  closed  from  19  November  1683 
to  2 December  19S3,  both  days  inclusive. 

This  dividend  is  declared  in  the  currency  of  the  Republic  of  South  Africa  and  warrants 
in  payment  thereof  will  be  posted  10  shareholders  by  the  company's  transfer  secretaries 
la  South  Africa  and  the  United  Kingdom  on  or  about  19  December  1953. 

The  effective  rate  of  non-resident  shareholders'  tax  is  14.520665  per  cent. 

By  order  of  the  board 
H.  YUDELOW1TZ.  Secretary 

Registered  Office:  Transfer  Secretaries: 

15th  Floor.  .Consolidated  Share  Registrars  Limited. 

Wesbank  House,  1st  Floor,  Edura  House, 

222  Smit  Street.  40  Commissioner  Street. 

Johannesburg  2001.  Johannesburg  2001. 

(P.O.  Box  61051,  Marshalltown  2107) 

London  Office:  and 

40  Holborn  Viaduct,  Charter  Consolidated  P.L.C.. 

London  EC1P  1AJ.  P.O.  Box  1O2,  Charter  House, 

Park  Street.  Ashford, 

2 November  1983  Kent,  TN24  SEQ. 


30 


BIDS  AND  DEALS 


Financial  Times  Thursday  November  3 1983 


APPOINTMENTS 


3i  planning  to  bid  for  60%  balance  of  Edith 


BY  CHARLE5  BATCHELOR 

Investors  in  Industry  Group 
<30  plans  to  bid  for  the  60  per 
cent  it  does  sot  already  own  of 
Edith,  the  investment  trust 
specialising  in  unlisted  com- 
panies, in  a deal  which  would  be 
worth  nearly  £28 m at  Edith's 

suspension  price  of  47p  yester- 
day. 

3i,  formerly  known  as  Finance 
For  Industry,  said  its  approach 
was  motivated  by  growing  com- 
petition between  companies 
supplying  finance  to  unlisted 
companies.  This  had  created  a 
conflict  of  interest  with  Edith, 
for  which  3t  acta  as  manager. 

Mr  Nigel  Olsen,  general 
manager  of  3i*s  corporate  finance 
division,  said:  “ There  was  a time 
when  we  used  to  have  the  market 
for  unlisted  equities  all  to  our- 
selves. But  other  companies  are 
now  coming  in  and  we  are  find- 
ing it  very  difficult  to  feed  Edith 


and  ourselves  at  the  same  time, 

“It  creates  some  complications. 
We  feel  that  if  we  cannot  con- 
tinue to  run  Edith  in  t-vordance 
with  the  spirit  of  our  agreement 
we  owe  it  to  the  shareholders  to 
try  to  offer  them  an  alternative.” 

Morgan  Grenfell,  the  merchant 
bank,  has  been  commissioned  by 
the  three  directors  of  Edith  not 
connected  with  3i  to  value  the 
trust’s  portfolio  so  that  bid 

terms  may  be  agreed.  Edith 
hopes  this  can  be  completed  in 
about  two  weeks. 

Mr  William  Govett,  the  leader 
of  the  committee  of  independent 
Edith  directors,  commented: 
“The  whple  small  company  mar- 
ket place  has  changed.  It  is  no 
longer  as  easy  to  do  share  swaps 
as  it  used  to  be.  Private  com- 
panies prefer  to  come  straight  to 
the  Unlisted  Securities  market 


The  game  has  changed  materially 
in  the  past  few  years." 

Edith,  known  as  the  Estate 
Duties  Investment  Trust  until 
June  1682,  was  originally  estab- 
lished to  allow  shareholders  of 
private  companies  the  chance  to 
exchange  their  shares  for  those 
of  Edith.  The  Edith  shares 
could  then  be  sold  to  meet  death 
duties  and  other  liabilities.  The 
trust  limited  itself  to  minority 

stakes  and  did  not  disturb  con- 
trol of  the  companies  in  which 
it  invested. 

If  31  absorbs  Edith  the  wheel 
will  have  turned  full  circle.  In 
1962,  the  trust,  which  was  then 
10  years  old,  was  brought  to  the 
Stock  Exchange  by  the  Industrial 
and  Commercial  Finance  Corp- 
oration )ICFC),  which  then  held 
15  per  cent.  1CFC  Is  now  part 
of  3i  and  is  major  supplier  of 
private  risk  capital  to  small  and 


medium-sized  businesses. 

The  Stock  Exchange  sus- 
pended Edith's  listing  yesterday 
at  the  company’s  own  request. 
The  suspension  price  of  47p  ex- 
dividend.  which  values  the 
trust’s  entire  equity  at  £46- 1m, 
was  Ip  down  on  Tuesday.  Tfce 
price  has  fluctuated  between  a 
low  of  44p  and  a high  of  87p 
this  year. 

Edith  last  month  announced 
that  pre-tax  revenues  had  risen 
to  £1.69m  hi  the  six  months 
ended  September  30  1983  from 
an  adjusted  £ 1.62m.  Invest- 
ments were  made  in  nine  un- 
listed companies  in  the  period, 
amounting  to  £1.18m. 

The  trust  bad  net  assets  of. 
£27.' 7m  at  March  31  1983,  up  from ' 
£26m  a year  earlier.  It  has 
investments  in  about  280  com- 
panies, more  than  90  per  cent 
of  which  are  on  list  ed- 


Edith  has  three  major  share- 
holders apart  from  Si.  They  are 
Commercial  Union  Assurance 
with  72  per  cent.  Legal  and 
General  with  6.4  per  cent  and 
Prudential  Assurance  with 
5.6  per  cent. 

It  made  a pre-tax  profit  of 
£25m  in  teh  year  ended  March 
31  1983,  down  on  the  f28.2m 
the  year  before.  Many  customers 
faced  severe  problems  because 
of  the  continued  recession  while 
there  was  continuing  strong 
competition  for  sound  invest- 
ment propositions,  it  said  at  the 
time. 

It  made  . new  investments 
worth  £261m  in  1982-83,  com- 
pared with  £264m  the  year 
before,  taking  its  total  invest- 
ments to  more  than  £lbn.  It  is 
owned  by  .nine  English  and 
Scottish  banks  and  the  Bank  of 
England. 


Family  trusts  disclose 
5%  stake  in  Hampton 


Mr  David  Lewis  and  Mr  Neil 
Davis  revealed  yesterday  that, 
through  family  trusts,  they  have 
acquired  a 5.03  per  cent  stake 
in  Hampton  Trust,  the  property 
and  exploration  group  which  is 
currently  seeking  a listing  in 
Australia. 

Mr  Lewis  said  that  the  stake, 
which  is  held  through  Moiyneux 
Securities  (Metropolitan)  and 
Marylebone  Property  Holdings, 
has  been  built  up  “ over  the  past 
month  or  two.”  As  to  his  inten- 
tions regarding  Hampton,  he 
said  that  it  was  seen  as  “an 
interesting  investment.” 

Mr  Davis  and  Mr  Lewis,  who 
own  a number  of  property-related 
interests  through  family  trusts, 
acquired  a substantial  bolding  in 
Estates  & Agency  Holdings 
before  selling  to  Rosedimond 
Holdings  which  went  on  to  make 


a full  bid  for  E & A in  September 
last  year. 


Brit.  Vending  sale 

British  Tending  Industries 
has  sold  one  of  its  freehold 
properties  at  Garth  Road, 
Morden,  Surrey,  to  Darchem  for 
£480.000  cash  which  was  paid 
upon  completion. 

Kennedy  Brookes 

Kennedy  Brookes  has  received 
valid  acceptances  in  respect  of 
95.07  per  cent  of  the  shares  of 
Wheelers  Restaurants  or 
1,426,034  shares. 

Kennedy  Brookes  now  intends 
to  acquire  compulsorily  any  out- 
standing shares.  This  applica- 
tion will  be  made  in  March  1984. 

The  existing  offer  doses  at 
3.30  pm  on  November  9 1983. 


Firmin  & Sons 
shares  soar 
on  bid  talks 

Firmin  and  Sons,  button  maker 
by  appointment  to  HRH  Queen 
Elizabeth  The  Queen  Mother, 
announced  yesterday  that  it  was 
holding  talks  which  may  or  may 
not  lead  to  an  offer  for  the  com- 
pany. The  share  price  soared 
33p  to  93p  valuing  Firmin,  which 
also  factors  musical  instruments 
and  has  an  activity  in  uniform 
accoutrement,  at  £2. 4m. 

Its  post  tax  profits  of  £153,000 
in  1982  were  the  lowest  for  six 
years  but  the  balance  sheet 
revealed  short-dated  gilts  valued 
at  £265,000  and  cash,  or  near 
cash,  of  a further  £352,000. 


Hawker  Siddeley 

The  sale  of  Crompton  Elec- 
tricals by  Hawker  Siddeley  to 
M and  H Electric  Vehicles 
(Atherstone)  has  been  com- 
pleted. 


Hollas  strengthens  ties 
with  Hong  Kong  market 


BY  RAY  MAUGHAN 

Hollas  Group,  the  Manchester- 
based  garment  Importer  and 
distributor,  has  strengthened  its 
ties  with  the  Hong  Kong  textile 
market  by  taking  a 30  per  cent 
stake  in  Gardner  Trading,  one 
of  the  group's  principal  suppliers. 

Consideration  for  the  holding 
is  HK34L5m  (£386,000)  and  the 
Li  family  which  is  selling  Gard- 
ner has  warranted  that  net  profits 
after  tax  this  year  will  be  not 
less  than  HKS4m  (£343.000).  Net 
assets  at  the  end  of  last  year 
amounted  to  HKS28m  <£249.000), 
excluding  the  value  of  Gardner 
permanent  export  quota  to  the 
UK  which  is  estimated  at  HKS&n 
(£515,000). 

The  outstanding  70  per  cent 
of  Gardner  has  been  acquired 
by  two  companies  controlled  by 
the  Treivedi  family,  which  has 
operations  in  India  and  Shang- 


hai as  well  as  a substantial 
export  business  to  world  markets 
from.  Hong  Kong.  The  Treveidiia 
companies  are  Pan  America,  the 
export  business,  and  Plenum 
Financial  Investments,  which 
acts  as  a confirming  house. 

Fortwell,  a subsidiary  of 
Hollas,  has  entered  into  a part- 
nership agreement  with  these 
companies  whereby  a minimum 
80  per  cent  of  Gardners  post-tax 
profit  Is  distributed  each  year 
and  that  no  major  decision 
affecting  Gardner  will  be  taken 
without  the  consent  of  all 
partners. 

Hollas  currently  imports  goods 
worth  £10m  annually  through 
Gardner  and  sees  considerable 
scope  for  expanding  its  opera- 
tions with  China  from  which  it 
currently  imports  garments 
worth  some  £Lm  each  year. 


Embassy  Hotels  has  exchanged 
contracts  with  Rank  Hotels  for 
the  acquisition  of  the  Great 

Danes  Hotel,  in  Maidstone,  Kent 
Completion  is  expected  by 
November  14. 

* * * 

Royal  Reinsurance  Company, 
the  reinsurance  subsidiary  of 

Royal  Insurance,  has  completed 
the  acquisition  of  American 
Overseas  Holdings  Inc  of  the 
U.S.  for  about  $23m  (£15.38m  at 
current  rates). 

* * * 

Kwik-Flt  (Tyres  and  Exhausts) 
Holdings  has  acquired  Thistle 
Metal  lies  for  a maximum  price  of 
£109,000. 

Thistle  Metallics  operates 
through  15  exhaust  depots  in 
Scotland. 

Net  assets  of  Thistle  at 
October  31 1983,  are  estimated  at 
£400,000.  The  purchase  price  is 
subject  to  finalisation  and  agree- 
ment of  the  net  asset  position  at 
October. 

Kwik-Flt,  which  has  239 
depots  in  Britain,  France  and 
the  Netherlands,  plans  to  con- 
tinue to  operate  Thistle  under 
its  present  name  and  to  expxnd 
Thistle's  operations  south  of  the 
border. 

Thistle  specialises  in  exhausts 
and  shock  absosbers,  and 
operates  In  a different  sector  of 
the  replacement  market  from 
Kwik-FiL 

* ★ * 

Following  the  conclusion  of 
negotiations  with  the  Energy 
Committee  and  approval  by 
Tynwald,  Manx  Gas  has  been 
acquired  by  Cal  or  Gas  at  a cost 
of  £350,000. 

A new  company.  Calor  Manx 
Gas,  has  been  formed  and  bas 
assumed  responsibility  for  the 


control  and  operation  of  the 
mains  gas  network  in  Port  St 
Mary,  Port  Erin,  Castletown  and 
PeeL 

* * + 

AGB  Research  has  agreed  to 

acquire  a majority  slake  in 

Information  and  Analysis  Inc,  a 
full  service  electronic  media 
research  and  consulting  firm, 
located  in  Hlcksvllle,  New  York. 
* * * 

On  October  28  Siebe  Gorman 
purchased  100.000  stock  units  in 
Teealemlt  at  44}p.  Since  the 
announcement  of  the  offer  for 
Tec  al  cm  it,  Siebe  has  acquired 
285m  Tec  al  emit  stock  units 
(8.63  per  cent). 

* * ★ 

Saint  Piran  is  a beneficial 
holder  of  4.99m  BfUbnry  ordinary 
shares,  representing  88.31  per 
cent  of  the  capital. 

if  ie 

Triplex  Foundries  has  sold  its 
interest  in  Phipps  Plastic  Pro- 
ducts to  the  Kleeman  Plastics 
Group. 

* * * 

Shareholders  of  the  RTD 
Group  have  approved  the  sale 
of  the  freehold  premises  surplus 
to  requirements  for  £488,000  and 
passed  the  resolution  to  convert 
all  the  participating  preference 
shores  in  the  group  Into  2m  new 
ordinary  shares  of  I20p. 

★ * 

Syltone  has  sold  X.  Dyson  and 
Co  to  R.  and  W.  Hawthorn  Leslie 
for  £214,000  cash. 

Dyson  is  an  electrical  whole- 
sale distributor  of  medium  volt- 
age switch  and  fuse  gear,  electric 
control  systems,  cable,  lighting 
and  energy  conservation  pro- 
ducts. 

The  directors  of  Syltone  have 
been  considering  corporate 


ROUND-UP 

development  and  have  decided 
that  financial  resources  should  be 
concentrated  on  developing 
engineering  interests. 

Dyson's  net  tangible  assets 
amounted  to  £ 1.02m  at  March  31 
1983.  and  pre-tax  profits  were 
£115,000  for  the  year  ended  on 
that  date. 

A net  dividend  of  £690.000 
representing  a substantial  por- 
tion of  Dyson’s  distributable 
reserves  was  paid  by  Dyson  to 
Syltone  on  October  25. 

★ * * 

Moo  Ride  Trust,  subject  to  a 
bid  from  Guinness  Peat; 
announces  three  changes  in 
shareholdings  as  at  October  28 
By  reason  of  a contract  for  the 
sale  of  1.38m  ordinary  shares  on 
that  date,  the  interest  of  Sun 
Life  Assurance  Society  was 
reduced  to  1.5m  shares. 

On  the  same  date  Commercial 
Union  Assurance  sold  L06m 
Moorside  reducing  its  holding  to 
less  than  5 per  cent  while 
Morgan  Guaranty  Trust  Com- 
pany, on  behalf  of  discretionary 


investment  clients,  increased  its 
holding  to  L35m  ordinary 

* * ir 

H.  J.  Baldwin  has  sold  the  free- 
hold of  an  investment  property 
for  £80,000  cash.  This  compares 
with  book  value  (October  1983) 
of  £51,996  and  value  in  the 
revaluation  referred  to  in  the 
directors'  report  with  the  latest 
accounts  of  £70,000. 

The  proceeds,  together  with 
the  dividend  from  the  Waller- 
steiuer  bankruptcy,  already 
announced,  are  intended  for 
in  properly  and  investment 

investment  transactions  which 
are  being  actively  sought. 

* * *■ 

Renishaw  says  ' that  .2.8m 

ordinary  shares  (10  per  cent) 
of  the  issued  share  capital  held 
by  Brown  and  Sharpe  Group 
have  been  placed  with  institu- 
tional investors  at  190-25p  per 
share. 

BS  regarded  its  shareholding 

in  Renishaw  as  a long-term 

investment,  but  has  considered 
it  appropriate  to  dispose  of  this 


part  of  its  holding  to  meet  inter- 
national investment  needs  aris- 
ing in  its  business. 

BS  retains  a 10  per  cent  share- 
holding in  Renishaw. 

★ * * 

Microfilm  Reprographics  has 
acquired  European  Microfilm 
Services  for  a cash  considera- 
tion. EMS  carries  out  high- 
quality  microfilming  services 
for  a range  of  customers  asso- 
ciated with  computer-aided 
retrieval  systems,  including  the 
EEC  Commission,  Police  Force. 
Fire  Service  and  a number  of 
commercial  enterprises. 

* * * 

Kluwer  . Publishing  has 
acquired  the  publishing  assets 
of  City  Financial  Insurance  Pub- 
lications and  of  Case  Law.  - 
City  Financial  publications  in- 
clude the  Insurance  Register  and 
a loose-leaf  International  Hand- 
book. Case  has  set  up  two  main 
loose-leaf  handbooks,  Employ- 
ment Case  Law  Index;  aud  the 
Office  Companion. 


Bankers  Trust  senior  posts 

BANKERS  TRUST  has  director.  Mr  B.  J-  Butlin;  direo-  member  Of  Al  International 
appointed  Mr  Jan  R.  Brumm.  tors.  Hr  C W.  M.  Berkeley,  Mr  Group, 
senior  vice-president  and  head  R-  Carbery,  Mr  T.  J.  Gardcn,  Mr  w 

of  the  international  department’s  K.  E.  GatbrattlL  Mr  N. : Moreen-  The  Countess  of  Liverpool  and 
Europe  group,  as  senior  com-  wood.  Mr  J.  A.  M.  Hamd,  Mr  gfr  Michael  Kevin  Sandberg  have 
mercial  banking  officer  for  3L  HewerMr  M.  w.  tTBrart;  Mr  5^  appointed  0 on-executive 
Europe,  based  in  London.  Mr  X-  L Porter,  Mr  X,  Seager,  and  directors  of  JULIANA'S  HOLD 
Brian  8.  Cook,  vice-president.  Mr  R.  J.  Webster.  INGE, 

has  been  appointed  general  * 

manager  of  the  London  branch  Mr  Ian  Kennedy  .has  been  Mr  Harry  Lomas  has  retired 
following  the  return  of  Mr  Asa  appointed  a director,  of  JOHN  ^ operations  director  of  A. 

B.  Davis  m,  senior  vice-  GOVETT  & CO.  JOTCHEN-D.  WALKER.  He  Is 

president,  to  New  York;  where . * succeeded  by  Mr  G.  E.  Sanders, 

he  heads  the  international  de-  Mr  H.  A.  Brownsey,  a manag-  production  director.  The 
partmenfs  staff  group.  Mr  Cook  director  of  Cater  Allen,  bas  company  is  part  of  the  Jrim 
retains  responsibility  for  the  been  appointed  a non-executive  Brown  machine  tools  division. 
European  network  management.  xyf  y he  ATLANTA,  Mr  Lomas  remains  a consultant 

* BALTIMORE  AND  CHICAGO  to  the  cosApeoy.  which  he  helped 

Mr  re  J-  Aaronaon  bas  resigned  REGIONAL  INVESTMENT  to  found  in  1859. 

as  executive  chairman  of  GRA  TRUST.  * 

and  a director  of  the  group.  He  + Sir  Robin  Haydon,  director  of 

is  succeeded  by  Mr  L Kerman  Mr  Patrick  Cogas  bets  been  group  public  affairs,  baa  decided 

dinted  managing  director  for  not  to  seek  re-election  to  the 


Campari  International^— Mrs  J. 
Liptou,  a director,  has  acquired 
118.000  shares. 

Celtic  Haven — Taking  into 
account  60.000  shares  in  which 
Mr  P.  D.  Brown  has  an  interest, 
both  as  a trustee  and  beneficiary, 
bis  total  holding  is  364,900 
shares  (6.95  per  cent). 

House  of  Fraser  — Having 
resigned  as  a trustee  of  two 
trusts.  Mr  A P.  Humphries,  a 
director,  is  no  longer  interested 
in  the  281,775  shares  held  by 
these  trusts. 

Brook  Street  Bureau — Mrs 
Margery  Hurst.  Joint-chairman. 


SHARE  STAKES 

has  acquired  29,700  ordinary 
shares. 

ML  J.  Gleeson  Group — Espley- 
Tyas  property  group's  interest  in 
M.  J.  Gleeson  bas  been  reduced 
from  735,000  ordinary  shares 
(7.35  per  cent)  by  the  disposal 
of  490.000  ordinary  shares  <480 
per  cent). 

Francis  Industries  — Mepstar 
Finance  has  disposed  of  its 
entire  shareholding  in  Francis 
amounting  to  795,000  ordinary 
shares. 

GerranJ  National— Government 
of  Kuwait.  Ministry  of  Finance, 
Kuwait  Investment  Office,  has 


acquired  50,000  ordinary  of 
Gerrard  and  now  holds  2,125,000 
ordinary  (7.1  per  cent). 

Reliance  Knitwear— Mr  D.  W. 
Kay,  a director,  has  sold  300,000 
shares  and  his  total  shareholding 
now  stands  at  265,000  shares. 

Senior  Engineering  Group — 
Mr  D.  D.  McFariane.  a director, 
has  purchased  6,000  ordinary 
shares. 

Walter  Bondman — In  his  capa- 
city as  a trustee  the  Hon.  W.  G. 
Rune  imam  a director,  has 
acquired  8.500  shares  oa  behalf 
of  the  “ Northmoor  ” Trust 


RESULTS  AND  ACCOUNTS  IN  BRIEF 


MAYNARDS  (confectionery,  tobacco 
and  toys) — Results  for  year  to  June  30. 
1983.  reported  September  24.  Fixed 
assets  £6.2m  ( £8.1 8m).  Net  current 
assets  £B.46m  (DG.lim).  Shareholders' 
funds  £12.2&i»  (E12.02mJ.  Net  liquid 
funds  increased  £401.000  (£659.000  de- 
creese).  Capital  commitments  £872,000 
(C698.000).  Ex  gratis  payments  to  re- 
tiring  directors  130,000.  Company  is  to 
change  year-end  to  August  31  and 
current  period  will  be  for  14  months. 
Meeting,  Company's  Registered  office. 
Vale  Road,  N.  November  17.  11  am. 

BALTIC  LEASING  GROUP — Results 
lor  the  year  to  the  end  ol  July  1383 
with  prospects  reported  on  September 
29.  Fixed  assets  £7. 94m  (£3.81m) 

including  Investment*  £2.51  m (nil). 
Net  current  assets  £1 .85m  (liabilities 
£2.21  m).  Shareholders'  funds  £9.G7m 
r£l.6m).  Net  decrease  in  working 
capital  £477.000  (increase  £104.000). 
Meeting:  IS.  Old  Broad  Stmt,  EC.  on 
November  16  at  11  am. 

TRAFFORD  PARK  ESTATES 
(property) — Results  for  the  yesr  ended 
June  30  1983  already  known.  Group 
shareholders'  funds  £23.l9m  (£2A.29m). 
Net  currant  liabilities  £Z7d.S40 
(£812.474).  Increase  m working 
capital  £112.000  (£251.000  decrease). 
At  year-end  the  Britannic  Assurance 
Company  held  12.173  per  cent  of 
group's  shares.  Meeting;  Manchester, 
Nouemhar  16.  noon. 

FIRST  CHARLOTTE  ASSETS  TRUST 
(investment  company) — Results  for  ei* 
months  ended  September  30  1983: 


Dividend  will  be  maintained  at  same 
level  as  last  year— <0.05p.  Income 
£34.000  (£73.000).  including  franked 

investment  £22,000  (£9.000)  and  un- 
f ranked  £4.000  (CM. OOO).  Interest  and 
expenses  £52.000  (£35.000)  leaving  loss 
£18.000  (£38.000  profit)  before  tax 
£7.000  (£19.000). 

ROWLAND  GAUNT  (ladles'  wear 
manufacturer)— Loss,  before  and  after 
tax.  £30.000  for  year  to  April  30.  1983 
(loss  £34.000  for  10  month*  to  April  30, 
1982).  Turnover  £95.000  (£384.000).  No 
dividend  (same).  Loss  per  25p  share 
lO.llp  (11 .37p)  before  extraordinary 
debits  £2.000  (£45.000). 

TR  NATURAL  RESOURCES  INVEST- 
MENT TRUST— Directors  say  the  policy 
of  concentrating  investment  on  the 
natural  resources  sector  has  continued 
and  or  September  30  1983  approxi- 
mately 87  per  cent  of  assets  were 
so  Invested.  Over  belt  the  total  assets 
ere  now  invested  overseas.  Income 
for  six  months  to  September  30  was 
£2. 44m  (£2_22m):  pre-tax  profits  were 
£2. 21m  (£1 ,92m ) after  manegement 

expenses  of  £178.000  (£168,000)  and 
debenture  loan  stock  interest  £55.000 
(030.000).  Tax  took  £721.000 
(£628.000).  Interim  dividend  raised 
from  3.1 75p  to  3.5p  net.  Earnings  per 
share  4.6Sp  (4p);  net  asset  value  per 
share  309.10  (229.5p). 

NINETEEN  TWENTY -EIGHT  INVEST- 
MERIT  TRUST— Gross  revenue  for  half- 
year  to  September  30  1383  CI.Bm 
(£1.73m).  comprising  franked  Income 
of  CS72.000  (£909.000)  and  unfranked 
incomo  ol  £924.000  (£818.000).  Admin- 


istration expenses  £108.000  (£97.000). 
Interest  charges  £76.000  (same),  tax 
£384.000  (£335.000).  imputed  tax 

£282.000  (£273.000)  leaving  net  earn- 
ings of  £965.000  (£946.000).  Earnings 
per  25p  stock  unit.  2.65p  (2.59p): 
interim  dividend  2p  (rums).  Gross 
assets  after  dividend*  £84.976 
(£848.633):  net  asset  value  per  stock 
unit  171 .3p  (120.4p). 

-STEWART  & WIGHT  (retail  baker 
and  hotel  owner— Otvldand  13p  (4p) 
for  year  to  March  26  1983.  Turnover 
£238.108  (£237.541)  and  profit  £35.137 
(£8.002).  Depreciation  £1.900  (£2.398). 
tax  £17.178  (£1.532  credit),  extra- 
ordinary debit  nil  (£5.024).  net  profit 
£16.059  (£2.112).  Earnings  per  £1 
ordinary  share  32.28p  (3.37p).  In 
May  1983.  the  company's  freehold 
bakery  building  was  sold  for  £95.000 
■gainst  a boob  value  of  £29.000.  lu 
remaining  properties  were  revalued  on 
July  29.  1983.  at  £474.500. 

TR  INDUSTRIAL  AND  GENERAL  TRUST 
—Interim  dividend  l.lp  net  (samo).  For 
half-year  ended  September  30  1383 
profit  was  £S.Q2m  (£5. 75m)  aftor 
management  expenses  £1  -32m  (£1.29m) 
but  before  tax  £T.71m  (Cl .89ml.  Earn- 
ing 1.53p  (1.70P)  per  ordinary  share. 
Net  asset  value  157. 7p  (112.20)  per 
share.  Switching  of  assets  oversees 
has  continued,  and  at  September  30 
they  Had  risen  to  S5  per  cent  of  the 
portfolio.  21  per  cent  m the  U.S.  and 
24  per  cent  in  Japan.  In  the  U.S.  com- 
pany continues  to  Invent  actively  in 
second  stage  development  companies 


with  the  assistance  of  the  Berkeley 
Consulting  Group  in  San  Francisco. 
R mulls  from  these  investments  con- 
tinue to  be  very  satisfactory. 

G.  T.  GLOBAL  RECOVERY  INVEST- 
MENT TRUST— interim  dividend  0.75p 
(same)  tar  six  months  to  September 
30  1983.  but  board  says  shareholders 
should  not  expect  that  final  will  also 
be  maintained.  Earnings  per  £1  share 
1.01  p (1.47p).  Pre-tax  profits  £181,192 
(£219.393).  Dividend®  end  interest  on 
Investments  £449.757  (£344,698):  loan 
and  depcsit  interest  £2.289  (£46,935), 
profits,  less  losses,  on  dealings  In 
investments  by  subsidiaries  £49.700 
(£4.314  losses):  interest  payable 
£217.804  (£73.076);  management 

expenses  £102.750  (£94.850).  Tax 
£80.109  (£71.977). 

BARLOWS  (packer  end  warehous- 
ing)— Net  pre-tax  profits  for  half-year 
TO  June  30,  1963.  £36.893  (£48.874); 
gtouo  external  turnover,  £312.711 
(£337.396):  rax  £14.629  (£21.2197. 

taavino  £22.264  (£27.655). 

JERSEY  ELECTRICITY  COMPANY  — 
Pre-tax  profits  Tor  28  weeks  to  July  3 
1983.  £1 .53m  (£1 .84m),  Including 

interest.  £259.830  (£232,836).  Gross 
revenue  £9. 32m  (£&87m):  tax  £304.100 
(£267,700).  leaving  £1.22m  (£1.47<n). 
Interim  dividend,  as  known,  4p  gross 
(same).  Board  says  figures  are  based 
on  historic  costs  and  no  account  has 
been  taken  of  the  vastly  Increased  costs 
of  replacing  plant. 

FUNOIHVEST  (investment  trust)— 
Revenue  for  the  year  to  September  30, 
1983.  after  all  charges  including  tax 


£582.668  (£563.220).  Tax  £283.193 

(£277.662).  Net  asset  value  per  25p 
share  2E7p  (I75>«p)  after  deduction  of 
debenture  stock,  preference  shares  end 
income  shares  at  nominal  values.  Final 
net  dividend  2.70ap  (2.681p)  making 
4.6920  (4.682P). 

AUDIOTRONIC  HOLDINGS  (distribu- 
tor of  electronic  goods) — Results  tar 
28  week*  to  August  31.  1983.  with 
comparative  figures  restated:  Turnover 
El  .3m  (£1.21tn):  pre-tax  loss  £23jOOQ 
(£103.000);  tax  nil  (£5.000);  loss  per 
28p  share  0.1p  (0.7p);  capital  recon- 
struction costs  nil  (£9.000):  loss  on 
disposal  of  overseas  subsidiaries  nil 
(£40.000). 

MARLBOROUGH  PROPERTY  HOLD- 
INGS—interim  dividend  0.2p  net  lor 
first  half  of  1SB3.  Turnover  £368.000 
(£654.000)  and  trading  profits  £72.000 
(£250000);  pre-tax  loss  £199.000 
(£110000  profit)  after  Interest  £271,000 
(£386.000)  and  associate*  profit  ml 
(£232,000).  Tax  £34.000  (£120.000). 
profit,  on  sale  of  investment  property 
£853.000  (nfi).  Loss  per  Sp  share  UJBp 
(0.02p).  Fun  year  results  are  depen- 
dent upon  timing  of  sales,  but  board 
intends  to  maintain  dividend  level  et 
lean  equivalent  to  last  year.  All 
develop  manta  la  hand  ere  proceeding 
satisfactorily  end  in  general  the  level 
of  inquiries  for  new  premises  has 
increased  sigmficandy  during  the  last 
few  months. 

SHIR  MORTGAGE  FINANCE  CO  — 
Pre-tax  profit  for  the  six  months  ended 
September  30  1983  £742.993  (CIJSm). 


as  chairman.  Mr  Kerman,  who 
is  the  largest  individual  share- 
holder in  GRA,  is  also  chairman 
of  Bristol  Stadium. 

★ 

Mr  Raymond  J.  Dinkin  has 
been  appointed  vice-president. 
Continental  Europe,  for  SCOTT 
PAPER  INTERN ATION AL . Mr 
Dinkin,  who  will  be  based  in 
London,  will  be  responsible  for 
operations  In  Belgium,  France. 
Italy  and  Spain.  This  appoint- 
ment follows  closely  Scott’s 
acquisition  of  100  .per  cent 
ownership  of  its  Italian  affiliate. 
Mr  Dinkin  is  also  a director  of 
Bowater£oott  Corp*.  Scott's 
affiliate  company  in  the  UK 
* 

W.  E.  NORTON  (HOLDINGS) 
has  appointed  Mr  Mervyn 
Brown  as  managing  director  of 
the  group. 

-* 

Mr  David  Kennedy.  Aer  Lingus 
chief  executive,  has  been  elected 
president  of  the  INTER- 
NATIONAL AIR  TRANSPORT 
ASSOCIATION  CIATA).  Mr 
Kennedy  will  hold  the  office  for 
a year  and  will  preside  over  tb» 
next  annual  meeting  In 
MontreaL 

* 

Mr  R.  F.  B.  Logan  bas  been 
appointed  .to  the  board  of 

GRINDLAYS  HOLDINGS.  As 
announced  last  month,  Mr  Logan 
becomes  group  chief  executive 
of  the  bank  on  November  14 
following  the  recent' acquisition 
of  full  control  of  Grindlays  by 
Citibank  of  New  York. 

* 

Mr  M.  B.  BL  Page  has  been 
appointed  to  the  board  of 

OPPENHEEMER  FUND 

MANAGEMENT,  a subsidiary  of 
the  international  financial  ser- 
vices group.  Mercantile  Hoosn 
Holdings. 

* 

Dr  Paul  Branldn  has  . been 

appointed  managing  director  of 
OXFORD  AUTOMATION.  He 
has  been  with  the  Oxford 
Instruments  Group  since  1974 
and  was  previously  technical 
director  of  Oxford  Medical 
Systems.  Dr  Uni  Cook  has 

been  appointed  general  manager 
of'  Oxford  Analytical  Instru- 
ments. 

* • • * • 

NFU  -MUTUAL  has  appointed 
Mr  Aim  Evans  as  a general 
director  from  November  10.  He 
succeeds  the  late  Mr  D.  G.  Raw- 
Rees.  Mr  Evans  is  chairman  of 
the  "Welsh  council  of  the 
National  Farmers'  Union. 

* 

ANDERSON  STRATHCLYDE 
has  appointed  Mr  C.  V.  Bell  as 
a non-executive  director.  He  is 
on  the  board  of  Coats  Patons 
and  chairman  of  J.  & P.  Coats. 

★ 

Mr  Jock  Douglas  and  Mr 
Tommy  Macpherson  have  been 
appointed  to  the  group  board  of 
CH  INDUSTRIALS  as  non-execu- 
tive directors-  Mr  Douglas  is  a 
director  of  stockbrokers  Laing 
and  Crulckshank  and  has  a 
number  of  other  directorships. 
Mr  Macpherson  was  chairman 
ant}  managing  director  of  Mal- 
linson-Denny  for  many  years  and 
is  currently  a director  of  a 
□umber  of  companies  including 
Birmid  Qualcast  and  Scottish 
Mutual  Assurance  He  is  also  a 
recently  appointed  director  of 
hte  National  Coal  Board.  Mr  BUI 
Archer  is  retiring  from  the  group 
board  and  will  be  mumming  a 
new  role  as  deputy  chairman  of 
the  General  Industrial  Division. 
Mr  Peter  Kirkland  is  also  retir- 
ing from  the  group  board. 

* 

Mr  Douglas  S.  Butler,  manag- 
ing director  of  Firth  Furnishings, 
and  Mr  Howard  W.  Uckerman, 
a U.S.  national  and  chairman  of 
Regal  Rugs  Inc,  have  been 
appointed  to  the  board  of 
KEADICUT  INTERNATIONAL, 
the  parent  company.' 

* 

HOGG  ROBINSON  (LONDON) 
a new  subsidiary  of  Hogg  Robin- 
son Group,  has  made  the  follow- 
ing board  appointments*,  chair- 
man, Mr  P.  E.  Paulson;  managing 


Europe  and  Interna- 
tional. He  was  ‘ previously 
managing  director  of  Tefal  UK. 
Sunbeam  International  is  a 


board  of  IMPERIAL  GROUP  at 
tiie  annual  -meeting  in  March 
1984.  He  will  remain  as  an 
adviser  on  public  affairs. 


UK  ECONOMIC  INDICATORS 

ECONOMIC  ACTIVITY— Imhoes  of  Industrie  production,  manu- 
facturing output  (1980=100);  engineering  orders  (1980=100); 
retail  safes  vutame  (1978=100);  retafl  sales  value  (1978=100); 
registered  : unemployment  (excluding  school  leavers)  and 
unfilled  vacancies  (000s).  All  seasonally  adjusted. 

IndS.  Mfg.  Eng.  Retail  Retafl  Unem- 

protL  output  order  voi.  value*  ployed  Vacs. 

1982 
4th  qtr. 

1988 
1st  qtr. 

2nd  qtr. 

3rd  qtr. 

February 
March 

April 
May 
June 
July 
August 
September 


OUTPUT — By  market  sector;  consumer  goods,  investment  goods, 
intermediate  goods  (materials  and  fuels);  engineering  output 
metal  manufacture,  textiles, 'leather  and  clothing  (1980=100); 


bousing  starts  (000s,  monthly  average). 

Oaxunmer  Invst-  - Intend.  Eng. 

Metal 

Textfie  Housg. 

1982 

4th  qtr.  ■ 

goods 

goods 

goods 

output 

innfg- 

etc. 

starts* 

941 

90.6 

103.7 

9L8 

93.6 

874) 

l&l 

1983 

1st  qtr. 

95.7 

9L9 

104.9 

• 93 2 

10UD 

88.0 

18-1 

2nd  qtr. 

95.3 

•9A5 

1054 

93J 

106.0 

87.9 

1945 

January 

97.9 

93.0 

104.0 

94.0 

10341 

88.0 

154 

February 

95.0 

.92.0 

106.0 

93.0 

100.0 

87.0 

. 1&2 

March 

95.0 

90A 

105.0 

92.0 

1004) 

89.9 

20.1 

April- 

9&8 

91.0 

.106.0 

93.0 

109.0 

87.0 

174 

May 

99.0 

91.0 

107.0 

94.0 

105.0 

87.0 

184 

June 

96.0 

90.0 

1054 

93 A 

10L0 

89.0 

22.9 

July 

98.0 

9L0 

107.0 

97.0 

1094) 

914) 

17.4 

August 

97.0 

92.0 

108.0 

944 

101.6 

87.0 

162 

EXTERNAL  TRADE— Indices  of  export  and  Import  volume 
(1980=100);  visible  balance;  current  balance  f£m);  oil  balance 
(£m);  terms  of  trade  (1980=100);  exchange  reserves. 

Export  Import  Visible  Current  Oil  Terms  Resv. 
volume  volume  balance  balance  balance  trade  USStm* 

1982 


4th  qtr. 

1983 

1044 

994 

+131S 

+2,420 

+1,736 

98.7 

17.0 

1st  qtr. 

1034 

1064 

“19* 

+779  +1,764 

974 

1744 

2nd  qtr. 

101.2 

107.7 

-654 

-313 

+1490 

98.0 

17.71 

3rd  qtr. 

100.7 

1084 

-378 

+102 

+1438 

994 

17.90 

February 

104.1 

1674 

-121 

+204 

-613 

974 

1648 

Marrii 

1104 

1034 

+397 

+721 

+622 

97.1 

1744 

April 

984 

1064 

-310 

—196 

+4S5 

97.4 

1746 

May 

98.7 

1104 

-506 

-393 

+420 

97.7 

1742 

June 

106.2 

1064  . 

+162 

+376 

+585 

99  J. 

17.71 

July 

97.0 

108.1 

-350 

-190 

+440 

994 

1744 

August 

1004 

1084 

-138 

+ 22 

+569 

994 

1841 

September 

104.7 

1074 

+116 

+270 

+529 

99.7 

17.90 

FINANCIAL— Money  supply  Ml  and  sterling  M3,  bank  advances 
in  sterling  to  the  private  sector  (three  months1  growth  at  annual 
rate);  domestic  credit  expansion  (£m);  bunding  ■societies’  net 
inflow;  HP,,  new.  credit;  an  seasonably  adjusted.  Clearing  Bank 
base  rate  (end  period). 

Bank  Base 


Ml 

M3 

advances  BCE 

BS 

HP 

rate 

1982 

4tti  qtr. 

1983 

.% 

% 

% 

Inflow  lending 

% 

174 

12-2 

264  +4*293 

2439 

2.473 

1003 

1st  qtr. 

94 

8.1 

104  +4,456  , 

MM 

2499 

1040 

2nd  qtr. 

154 

144- 

- 15.0  +5455 

1471 

2498 

940 

3rd  qtr. 

84 

8.4 

+1419 

2,098 

940 

March 

10.7 

104 

114  +2,048 

397 

850 

1040 

April 

12.1 

13-7 

134  +2,019 

433 

783 

1040 

May 

15.6. 

134 

124  +1480.. 

319 

847 

10.00 

June 

18a 

164 

184  +1456 

319 

868 

940 

July 

14.0 

124 

214  + 778 

739 

782 

940 

August 

114 

. 104 

224  + 667 

525 

930 

940 

September 

October 

04 

2a 

+ .-7*- 

834 

940 

940 

basic 


INFLATION — Indices  of  earnings  (Jan  1980=100);  

materials  and  fuels,  wholesale  prices  of  manufactured  products 
(1980=100);  retail  prices  and  food  prices  (1974=100);  FT 
commodity  index  (July  1962=100);  trade  weighted  vafeoa  of 
starting  (1975=100). 


Granville  & Co.  Limited 

(formerly  M.  J.  H.  Nightingale  & Co.  Limited) 


27/28  Lovat  Lane  London  EC3R  8EB 


Telephone  01-621  1212 


Over-the-Counter  Market 


1932-83 


Gross  Yield 


P/E 


High  Lew 

Company 

Price  Change  div.(p)  % 

Actual  taxed 

142 

120 

Ass.  BnL  Ind.  Ord.  ... 

136 

— 

8.4 

5.1 

7.4 

9.0 

158 

117 

Ass.  Brit.  ind.  CULS... 

134 

— 

100 

7.4 

— 

— 

75 

57 

Airsprung  Croup 

7B 

+ 1 

6.1 

8.02 

21.7 

21.7 

oa 

21 

Armitage  & Rhodes  ... 

28 

+ 1 

— 

— 

— 

242 

3fP;  Bar  don  Hill  

237 

— 

7.2 

3.0 

3.7 

13.7 

151 

100 

CCL  11  pc  Conv.  Prof.... 

13fi 

- 1 

1b.7 

114 

— 

— 

270 

150 

Cmdico  Group 

150 

17.6 

11.7 

— 

— 

88 

45 

Deborah  Servicss  

56 

— I 

6.0 

10.7 

— 

— _ 

160 

77 

Frank  Hor*"!l  

160 

4-  4 

— 

— 

6.7 

11.0 

154 

754  Frank  HoraeH  Pr  Ord  07 

164 

+ 4 

8.7 

5.7 

6.5 

10-8 

S3 

86 

Frederick  Parfccr  

46 

- 1 

7.1 

15.4 

2.9 

4.0 

55 

32 

Georga  Bl®1'  

32 

’ 

— 

_ 

_ 

too 

55 

Ind.  Precision  Castings 

55 

— 

7.3 

133 

15.3 

19.0 

205 

100 

Isis  COUv.  Prcl 

305 

— 

17.1 

B.3 

— 

— 

114 

47 

Jackson  Group  

105 

— 

44 

44 

5.5 

10.7 

7X7 

111 

Jjmst  Ourraugh  

205 

+ 1 

11.4 

5.6 

11.3 

11.6 

133 

Robert  Jenkins  

133 

— 

20.0 

140 

14b 

10.4 

S3 

54 

ea 

— 

5.7 

(U 

11.3 

82 

167 

fl4 

Torday  6 Carlisle  

Ft 

— 

9A 

3.5 

— ■ 

29 

10 

Undock  Holdings  

18 

- 1 

14 

5-5 

11.8 

17.1 

90 

64 

Walter  Alexander  

*-  I 

— 

6.8 

7.6 

7.9 

10.5 

W.  S.  Yeate*  

256 

- 1 

17.1 

6.7 

4.0 

ea 

Licensed  Dealer  in  SeeuritlM 

ST  HELENA  GOLD  MINES  LIMITED 

(incorporated  in  the  Republic  at  South  Africa) 

NOTICE  TO  SHAREHOLDERS 

The  directors  have  accepted  a recommendation  fay  .the  consulting  engineers  to  exploit 
the  Basal  Reef  on  the  farm  Ongegund  13,  which  ii  contiguous  to  the  southern  boundary 
of  the  St  Helena  mining  lease  area. 

This  will  necessitate  the  sinking  of  an  8.8  metre  diameter  shaft  to  2 depth  of  1,450  metres. 
The  shaft  will  be  provided  with  downcast  and  upcast  ventilation  facilities  as  well  as 
facilities  for  the  hoisting  of  men.  material  and  rock. 

The  estimated  cost  of  the  project,  in  August  1983  terms,  is  R89.2  million.  It  a planned 
to  complete  the  project  within  four  years  end  the  escalated  cost  will  be  some  RI25 
million.  This  shaft  should  enable  the  mine  to  maintain  its  present  level  of  production  for 
a period  of  at  least  eight  years  after  the  date  it  comes  into  operation. 

In  order  to  smooth  excessive  fluctuations  in  dividends  over  the  period  of  high  capital 
expenditure  it  is  intended  to  fund  after-tax  financial  requirements  partly  by  retained 
earnings  and  partly  by  loans  to  be  raised. 

By  order  of  the  board 

GENERAL  MINING  UNION  CORPORATION  LIMITED 
Secretaries 

per;  D.  L,  DUSSING 
Senior  Divisional  Secretary 
( Gold  and  Uranium  Division ) 

Johannesburg,  2 November  1983  Geneor  Group 


1982 

Earn- 

ings* 

Basic 

metis.* 

Wbsale. 

mnfg.* 

RPI* 

FT* 

Foods*  ooradty.  Strig. 

4ttiqtr. 

1983 

1st  qtr. 

1418 

119.4 

120J 

325.4 

298.5 

23884 

890 

144.7 

1244 

1214* 

3274) 

302a 

27729 

808 

2nd  qtr. 

148-0 

123.6 

1242. 

333.7 

306.3 

27289 

840 

3rd  qtr. 

124.7 

125.1 

3382 

310.4 

288a4 

848 

March 

146.1 

1240! 

122.4 

327.9 

302.4 

27729 

79.1 

April 

1464) 

123.1 

123.6 

33X5 

3042 

27486 

828 

May 

148.3 

1218 

124a 

333 2 

395  2 

267.01 

848 

June 

149.7 

1244) 

124.6 

334.7 

3088 

27289 

858 

July 

151.7 

1202 

124.7 

236.5 

308.7 

28286 

848 

August 

159.6 

124.6 

1244) 

3382 

3094 

293.02 

85.1 

September 

126.4 

125.6 

3392 

3134) 

288.14 

848 

October 

* Not  seasonally  adjusted. 

28308 

838 

Commodity  Funds 


CootiCommodity  Services  Inc,  is  a part  of  the  Continental  Grain  Group  and  one  of  the  world’s 
leading  commodity  fund  managers  with,  approximately  SIQOm  under  mnrragemmr 

We  are  holding  a seminar  ax  our  office  in  the  World  Trade  Centre,  London,  on  Monday  14dr_ 
November  between  1130  am  and  1.30  pm  at  which  Mr.  Charles  Mrirr3  a tending  finmAi  instrument 
trader,  will  introduce  a commodity  fund  of  which  he  is  one  of  the  trading  advisors. 

If  voa  would  like  to  attend  the  seminar  or  receive  decaik  of  r^wriO^mm^iry-  - 

the  coupon  below  and  return  as  indicated. 

mmmmmmmmmmmmmmmmmmmmmmmmmmmm 

■ To  David  Courtney,  ConriCommodiry  Services  Ltd-,  World  Trade  Centre,  Tjmrfm,  £1 9AA.  - • ■ 

§ Td  01-488  3232.  ■ 

| Ol  would  like  toaoendyour  seminar.  DI  would  like  details  of  your  commodity:  fimds.  ■ 

IDI  would  like  to  attend  a seminar  In  my  area.  ® 

Nmdc ■ xlll_  Address  ' ' ■■  ' ' ■ '■ ' ■ . I 

I — I 


988 

92 

116.7 

1848 

2813 

115 

998 

94.4 

. 84 

111.1 

1530 

3.003 

124 

99.6 

948 

88 

1138 

158.7 

2887 

135 

1148 

2860 

160 

1008 

940 

93 

111.1 

1488 

3801 

124 

988 

938 

80 

1118 

1550 

3826 

126 

998 

. 948 

95 

1128 

1578 

3.021 

134 

1008 

948 

90 

113.7 

1590 

2870 

131 

968 

938 

85 

1148 

159.1 

2868 

139 

1018 

960 

. 99 

1138 

1668 

2857 

153 

10L2 

958 

1128 

1628 

2841 

162 

1168 

2853 

164 

i . 

-ii*- 


J r:e 


■ 


■ XT  3*1V  c .’fin 


31 


Financial  Times  Thursday  November  3 1983 


Copies  of  this  Prospectus,  cacti  having  attached  thereto  the  documents  specified  herein,  hive  been  delivered  10  die  Registrar  of  Companies  for  registration. 

Tins  (toesment  deludes  particulars  given  To  compiia  nee  with  the  Regulations  of  the  Council  ofTbe  Stock  Exchange  lor  the  purpose  of  giving  information  with  regard  to  Aspinall  Holdings  p.I.e.  ft  he  “Company’")  and 
its  subsidiaries.  The  Directors  of  the  Company  (the  “Directors")  have  taken  all  reasonable  care  to  ensure  that  the  facts  stated  herein  are  tree  and  accurate  in  all  material  respects  and  that  there  arc  no  other  maierial 
facts  the  omission  or  which  would  make  misleading  anv  statement  herein  whether  of  fact  or  of  opinion.  AH  the  Directors  accept  responsibility  accordingly. 

Application  has  been  made  to  die  Council  ofTbe  Slock  Exchange  for  the  grant  of  permission  to  deal  in  the  issned  Ordinary  Shares  of  the  Company  on  the  Unlisted  Securities  Market.  It  is  emphasised  that  no 

applies  cion  has  beep  made  for  these  securities  to  be  admitted  to  listing, 

INTENDING  INVESTORS’  ATTENTION  IS  DRAWN  TO  THE  INVESTMENT  RISKS  PARAGRAPH  IN  THE  SUMMARY  AND  IN  SECTION  (14)  OF  THIS  DOCUMENT. 

The  preccdurefer  appHottoB  is  set  out  at  the  cod  of  this  document,  together  with  u AppSatfoa  Fans.  The  application  H«  wifl  opener  IS .00  a.m.  on  Tuesday,  8th  November,  1983  nadnigy  be  closed  at  «y  time  fbertflfler. 


Aspinall  Holdings  p.Lc. 

(Incorporated  in  Englandunder  the  Companies  Ads 1948 to  1981  No.  1745060) 

Offer  for  Sale 

by 

Kitcat  & Aitken  and  Raphael,  Zorn 

of 

7,800,000  Ordinary  Shares  of  lOp  each  at  115p  per  share  payable  in  full  on  application 


Authorised 

£10,000,000 


SHARE  CAPITAL 


in  Ordinary  Shares  of  lOp  each 


Issued  and 
fully  paid 
£5,200,000 


The  Ordinary  Shares  now  offered  for  sale  rank  in  foil  for  all  dividends  hereafter  declared  or  paid  on  the  share  capital  of  the  Company. 

Preference  will  be  given  in  respect  of  amaximuiB  of 780,000 of  the  shares  now  being  offered  for  sale  to  applications  made  by  Directors  and  employees  of  the 
Company  and  its  subsidiaries. 

INDEBTEDNESS 

At  14th  October.  1983  the  Company  and  its  subsidiaries,  excluding  Howletls  and  Port  Lympne  Estates  Limited,  (the  “Group")  had  outstanding  a secured 
short  term  dotlarloan  to  finance  the  acquisition  of  certain  U.S.  Treasury  Notes  of  £25,322,9154  and  a term  loan  of  £1,100,000  secured  on  a freehold  property'. 
In  addition,  a subsidiary  of  the  Company  had  available  to  ft  a gaming  reserve  loan  facility  of 0.250, TOO  secured  by  a floating  charge , none  of  which  had  been 
drawn.  Foreign. currency  indebtedness  has  been  translated  into  sterling  at  exchange  rates  ruling  on  14th  October,  1983.  Since  that  date,  the  company  has 
createdand  issued  in  aggregate  £5  million  nominal  of  13K  percent.  Unsecured  Loan  Stock  1988/90  and  £350,000  nominal  of  13  It  per  cent.  Unsecured  Loan 
Slock  1988  of  which  all  of  the  latter  is  to  be  acquired  by  a subsidiary  andcancelled.  Apart  therefrom  and  save  for  intra-group  indebtedness,  the  Group  had 
at  that  date  no  mortgages,  charges  or  loan  capital  (including  term  loans)  outstanding  or  created  but  unissued  and  no  ocher  borrowings  or  indebtedness  in 
the  nature  of  borrowings,  liabilities  under  acceptances  or  acceptance  credits’,  hire  purchase  commitments,  or  guarantees  or  other" material  contingent 
liabilities.  At  14th  October,  1983  the  Group  had  balances  at  banks  of 01,120,665. 


DIRECTORS  AND  ADVISERS 


Directors  ' 

Richard  Norman  Darbey  Laogdon,  FCA  (Chairman)* 

John  Victor  Aspinall 

Sir  James  Michael  Goldsmith* 

The  Earl  of  Derby,  MC,  DL* 

Dennis  Austin  Franklin,  FCA  (Finance  Director) 

James  Francis  Osborne 

All  of  20(23  Curzon  Street,  London  W1Y  8HA 

•nonexecutive  direeton. 


Secretary  and  Registered  Office 

Michael  Russell  Leathers,  FCA 
20/23  Curzon  Street,  London  WIY  8 HA 


Joint  Stockbrokers 

Kilcat  & Aitken 

The  Stock  Exchange,  London  EC2N 1HB 
Raphael,  Zorn 

10  Throgmorton  Avenue,  London  EC2N  2DP 


Joint  Auditors  and 

Joint  Reporting  Accountants 

Price  Waterhouse  (Chartered  Accountants) 
Southwark  towers,  32  London  Bridge  Street, 
London  SE1 9SY 

Touche  Ross  & Co.  (Chartered  Accountants) 

Hill  House,  1 Little  New  Street,  London  EC4A  3TR 


Solicitors  to  the  Company  . 

Herbert  Smith  & Co. 

Wading  House,  35-37  Cannon  Street, 
London  EC4M5SD 


Joint  Solicitors  to  the  Offer  for  Sale 

Stephenson  Harwood 

Saddlers*  Hall,  Gutter  Lane,  Cheapside, 

London  EC2V6BS 

SJBerwin&  Co- 

Capital  House,  42  Weston  Street,  London  SE13QN- 


SUMMARY 

Thefottonvig  information  should  be  rejJ  in  conjunction  nidi  the  fid!  tat  of  ihis  prospectus from  w hick  itis  derived. 

Offer  for  Sale  Statistics 

Offer  for  Sale  price  per  share 
Market  capitalisation 


Bankers 


Barclays  Bank  PLC 

30  Sloane  Square,  London  SW1W  8AF 

Socifte  de  Banque  Occidental? 

45/47  Comhill,  London  EC3V  3PB 


Business 

The  Company  was  incorporated  in  August.  1985  as  the  holding 
company  for  Aspinall's  Club  Limited  (“Aspinall's  Club’1)  which  has  for 
a number  of  years  operated  Aspinall's  Club,  one  of  London's  leading 
and  most  exclusive  casinos  in  the  Knightsbridge  area  of  London.  In 
Spring  1984,  the  gamine  activities  are  expected  to  be  transferred  to  new 
and  larger  premises  in  the  Mayfair  area  of  London.  A gaming  licence 
has  been  granted  for  this  casino,  to  be  called  The  Aspinall  Curzon, 
which  will  have  greater  facilities  for  gaming  as  well  as  provision  for 
other  caxdroom  games  and  several  elegant  dining  rooms. 

It  is  the  intention  of  the  Directors  that  the  development  of  the 
Company  will  be  both  organic,  as  far  as  gaming  activities  are 
concerned,  and  by  way  of  an  acquisition  policy  to  give  the  Company  an 
element  of  diversification  both  within  and  outside  (he  leisure  industry. 
The  Directors  intend  to  pursue  an  active  policy  of  cash  management 
for  the  Groups  surplus  funds,  including  short  term  investment  in 
securities  and  other  markets  whenever  they  consider  opportunities 
exist,  and  will  from  time  to  time  supplement  those  resources  by  the  use 
of  external  borrowings. 

Trading  Record 

The  drop  (which  is  the  value  of  gaming  chips  purchased  and  is  the  best 
indicator  of  the  volume  of  business  for  casinos),  lumovert.  operating 
profit  and  profit  before  tax  of  Aspinall’s  Club  and  its  subsidiaries  (“the 
Aspinall's  Club  Group")  for  the  four  years  ended  30th  September, 
1982  and  for  the  9 month  period  ended  30th  June,  1983  are  shown 
below.  They  do  not  include  certain  activities  which  were  divested  prior 


115p 

£59  .S  million 


Earnings  per  share  (folly  taxed)  based  on  the 
estimated  profit  for  the  year  ended  3uth  September. 
1983  excluding  the  gain  on  investments 

Price  earnings  ratio 

Gross  dividend  per  share  based  on  an  annual  dividend 
per  share  of  3.0p,  together  with  the  related  tax  credit 
at  die  current  rate 

Gross  dividend  yield 

Dividend  cover 


4.28p 
3.7  per  cent. 
3.7  times 


Receiving  Bankers 

Barclays  Bank  PLC 

New  Issues  Department,  P.O.  Box  123,  Fleetway  House, 
25  Farringdon  Street,  London  EC4A  4HD 


to  this  Offer  for  Sale. 

Years  ended 

30th  September 

Drop 

Turnover? 

Operoling 

Profit 

Profit 

before 

Tax 

£’000 

£’000 

E'OflO 

£’000 

1979 

26,883 

4,109 

732 

597 

1980 

19,715 

3,059 

1.491 

3.276 

3981 

27,089 

7.114 

2.725 

2,512 

1982 

58,108 

15,941 

8,472 

8.985 

Nine  months  ended 
30th  Jane,  1983 

62,717 

14.940 

8,443 

32,288* 

TTtmmerconusupmkimsnatltyty  the  gross  gaming  Kin.  *-huh  it  the  drop  less  pit)  m’ 
ynnangt.  but  also  mchuin  dming  room  and  ber  soles,  house  fees  art  members'  subscriptions. 
"Inetudwr;  a net  gam  on  investments  oft), DIS.ObO  tlois  of  £104,000 for  Our )C£r  ended 
30th  September,  J9S2  and  nil  for  earlier  years}. 

1983  Profit 


Registrars  and  Transfer  Office 

Barclays  Bank  PLC 

Registration  Department,  Radbroke  Hall,  Knutsford, 
Cheshire  WA169EU 


The  estimate  of  profit  before  tax  of  the  Aspinall's  Gob 
Group  for  the  year  ended  30tb  September,  1983  is 
which  indudes  the  net  gain  on  investments  of 
Profit  before  tax  excluding  the  net  gain  on  investments  is 
The  drop  for  the  year  ended  30th  September.  1983  was 
£79.6  million. 


TOGO 

14,960 

2.S27 

12.133 


INVESTMENT  RISKS 

Intending  Investors  should  be  aware  of  the  special  risks  associated 
with  investment  in  the  gaming  industry,  and  high  stake  gaming  in 
particular,  which  may  involve  large  swings  in  drop  and  in  profit. 
Although  the  Directors  intend  to  implement  a policy  «T  diversifica- 
tion. the  gaming  operations  art  dependent  on  the  business  being  able 
to  retain  its  gaming  licence  and  its  appeal  to  the  appropriate  clientele. 
As  indicated  in  section  1 3)  of  this  document  on  The  Gaming  Act  1968, 
gaming  in  Great  Britain  is  subject  to  the  Act  and  under  the  general 
supervision  of  the  Gaming  Board.  Undertakings  with  respect  to 
certain  shareholdings  in  the  Company  have  been  given  to  the  Gaining 
Board  and  to  the  Company  and  these  are  referred  to  in  section  < 7)  of 
this  document  on  Reorganisation  and  Share  Ownership.  Opposition 
to  renewal  of  a London  casino  licence  can  be  made  by  the  Gaming 
Board,  the  Metropolitan  Police  and  other  interested  parties.  If  a 
casino  fails  to  obtain  a renewal  of  its  licence  before  the  local  justices 
or,  on  appeal,  before  the  Crown  Court,  gaming  would  have  to  cease 
and  (he  premises  either  be  used  for  such  purposes  as  are  consistent 
with  the  relevant  planning  consent,  or  sold. 

The  Directors  have  no  reason  to  believe  that  these  risk  factors 
constitute,  at  the  present  time,  a substantial  hazard  to  the  Group,  but 
the  gaming  industry  can  be  subject  to  legislative  change  and  the  , 
club’s  clientele,  many  of  whom  come  from  overseas,  may  be  affected"' 
by  political  or  economic  changes  abroad.  Up  to  now  (be  numbep'' 
members  who  play  for  high  slakes  has  been  fairly  constant'' 
small.  The  appeal  of  Aspinall's  Club  to  high  stake  players  V 
largely  responsible  for  the  growth  in  profitability,  and  tker' 
patronage  of  such  players  will  be  important  to  the  s>» 

Aspinall  Curzon. 


£ 


oy 


Particulars  of  the  Group 

Berra  use  tf the,  provisions  of the  Gaming  Aa  1968  relating  to  restrictions  an  advertising,  if  if  not  permissible  to  provide 
lite  addresses  of  either  existing  or  proposed  premises  used  for  gaming. 

1 Background  and  Hrsfory 

Jobn  Aainall  has  been  in  the  gaming  industry  in  London  over  a period  of  twenty  years.  He  opened  the  present 
Aspiiuirs  Club  a the  Knkbtsnndgc  area  of  London  in  J 978  with  financial  assistance  from  companies  asociaied 
with  Sir  James  Goldsmith.  Aspmxfl's  dub  esnbfisbed  a reputation  as  one  of  London's  mast  exclusive  and 
prestigious  casinos. 

John  Aspiaill  founded  The  demon!  Club  in  London,  which  he  opened  in  1962  and  an  successfully  until  be  sold 
it  ten  vests  Liter.  From  1972  until  opening  Asphalt's  Club,  he  devoted  himself  u>  the  development  of  hk  two 
well-known  «so  porks  ui  Kent.  These  were  owned  bv  die  Aspinall’s  Club  Group,  but  coadnionafly  an  this  Ofler  for 
Sale  were  sold  to  John  Asp! nan  m September  1983. 

In  January  1981.  A$putafl*s  Glib  Required  CurzOn  House  Gub  Limited,  which  had,  -under  other  ownership, 
operated  a casino  of  that  name  in  the  Mayfair  area  of  London;  the  Aspinall’s  Gub  Group  completed  the  acquisition 
of  ihe  freehold  of  the  premises  in  February.  1983.  This  property  a currently  being  extensively  restored,  his  intended 
w transfer  the  ft a mine  activities  of  Aspinall’s  Chib  to  the  new  premises  whim  this  work  is  complete,  which  is  expected 
la  be  in  the  Spring  or  1984  and  tire  new  chib  will  be  called  The  Aspinall  Curzon.  At  that  time  gaming  at  the 
KiMghtsbndgc  premises  will  cease,  although  the  premises  will  be  retained. 

2 The  fljuAf  Indian  fr  m London 

London  has  become  an  international  Centre  for  casno  gaming,  accommodating,  among  others,  visitors  who  wish 
to  Slav  for  subsramia!  High  sake  gaming  is  pursued  by  a relatively  small  number  of  individuals, 

oiedomina.nl  v from  overseas.  There  arc  19  casinos  in  Gnaw  London  licensed  far  gaming,  mostly  located  in  the 
West  End.  Games  available  axe  RoufeW,  Blackjack.  Porno  Banco  and  Craps. 

The  chop  (which  & the  value  of  gaming  chips  purchased  and  is  me  best  indicator  of  the  volume  of  business  for 
casinos!  for  all  licensed  easuwa  in  Greater  London  over  the  past  five. years  is  shown  below:— 


i?*79 

£090tn 


19S0 

£66lRt 


Years  to  3 1st  August, 
1981'  . 
£637m 


1982 

£702n 


1983 

£895m 


UK  ufv-r  tart*  I*n  1*L*»  Mxwvtf*  WwpM  * TV  6™*°**  *2°*  brOzfai  Bn  am. 

Th  number  id  nzsnse  in  Uiuu  Links  Eu  'Joes  iae  30  sot  W ->  w « 


Over  the  past  few  yeas foe  drop  of  casus  in  Greater  London  has  represented  approximately  70  per  cent,  of  tire 
total  drop  of  all  casinos  in  Great  Britain. 

The  Directors  of  the  Company  regard  the  top  London  casinos  among  the  leaders  m the  international  field,  and  in 
London  only  two  or  three  are  considered  by  them  likely  to  be  comparable  in  style  or  facilities  to  Aspinall's  Gub 
or  to  The  Aspinall  Curzon. 

3 The  Gaaung  Act  I9W 

Casinos  in  Great  Britain  require  a anting  licence  granted  under  the  provisions  of  the  Gaming  Act  1968.  The  Act 
utter  aha.  established  The  Gaming  Board  lor  Great  Britain  flbc  Gaming  Board"!,  which  is  the  statutory  board  with 
malic  responsibilities  in  respect  of  dubs  licensed  or  registered  under  its  provisions.  The  Gaming  Board  is  also 
charged  with  the  duty  of  maintaining  a general  oversight  of  the  extent  and  character  of  gaming  in  Great  Britain. 

’Fas  a drtowo  of  iMbi  term  used  a -jane  funof.  icr  Afpntfu  V. 

The  Act  contains  wide  powers  eontroiliiiE  the  way  in  which  gaming  is  conducted  in  Great  Britain.  The  philosophy 
of  the  Act  is  that  gaming  facilities  should  be  provided  under  appropriate  superv  ision  bui  only  on  ihe  scale  needed 
to  meet  the  uostimulated  demand  for  them.  This  is  achieved  through  three  principal  sections,  namely:— 

0)  Section  12  which  provides  for  the  "AB  hour"  rule  which  requires  new  club  members  to  wait  48  hours  before 
they  can  participate  in  the  gaming.  The  only  exception  ft  for  bona  fide  guests  of  members.  Admission  to 
membership  for  the  purpose  of  gaming  involves  making  a personal  application  in  writing  at  the  premises  of  the 
dub;  and 

(ii)  Section  1 6 which  prohibits  the  granting  of  credit,  or  the  release  of  debts,  except  that  currently  dated  cheques 
may  he  accepted  for  presentation  w-rthui  two  days;  and 
ftii)  Section  42  which,  with  certain  limited  exceptions,  probibits  casinos  from  advertising. 

A gaming  licence  is  issued  by  the  Licensing  Committee  of  the  local  justices,  and  enables  a person  or  company  to 
promote  commercial  gaming  in  premises  to  which  the  licence  relates.  Before  applying  for  a licence,  the  applicant 
must  have  obtained  a Certificate  of  Consent  from  the  Gaming  Board,  who  require  to  be  satisfied,  among  other " 
things,  on  the  suitability  and  financial  standing  of  the  applicant.  Once  granted,  a gaming  licence  has  to  be  renewed 
annually,  also  by  application  lo  the  Licensing  Committee.  Opposition  to  renewal  of  a London  casino  licence  can 
be  made  by  Ihe  Gaming  Board,  the  Meiropoliion  Police  and  other  interested  ponies.  If  a casino  fails  to  obtain  a 
renewal  of  its  licence  before  the  focal  justices  or.  on  appeal,  before  The  Crown  Conn,  gaming  would  have  to  cease 
and  (he  premises  either  be  used  for  such  purposes  as  arc  consistent  with  ibe  relevant  planning  consent,  or  sokL 

Every  employee  who  is  tmmediaidy  involved  in  the  conduct  of  gaming,  requires  a Certificate  of  Approval  which 
is  granted  only  by  the  Gaming  Board  and  nay  be  revoked  at  anv  time  on  grounds  that  be  is  not  a fit  and  proper 
person. 


4 AspiraJTs  Qnb 

The  ambience  of  Aspinall’s  Gub  is  a reflection  of  the  perwnaJiiyand  md* 
■arc  furnished  to  a high  standard  of  elegance  and  every  effort  'made  • 
atmosphere.  To  ensure  personal  and  individual  attention  John  A' 
director  is  available  at  the  premises  when  members  are  present 
The  gaming  facilities  ai  the  Knightsbridge  premises  include  «* 
and  one  Punio  Banco  table,  in  addition  to  rhe  gaming  r 
members  and  their  guests  and  facilities  to  plav  Poker  are’ 
adjacent  propenv. 

The  gaming  licence  now  held  by  .Aspinall's  Gub  vr 
objection  bang  pursued  before  the  Licensing  Co 
John  .Aspinall  has  built  around  him  an  cvpenr 
at  The  Clermont  Club.  The  continued  iov’’ 

Curzon  is  opened  ihe  same  unique  oimr 
Gub.  is  maintained. 

Aspinall's  Cub  has  approximately  * 
members,  and  subject  to  approve 
comprises  a small  and  ehanginr' 
and  average  drop  per  gamin*-' 
at  any  other  casino  in  Grr 
The  av  erage  drop  per  fr 
The  average  drop  pe* 
million  for  the  us» 

The  appeal  of  A 
The  contmui: 

Gub  has  groui. 


JK: 

* 


<£.4  0 V®  6 
_ — 


W.  • — 




WiW- — 

a The  rmhi  k rfvnnJ 


5 The  .Aspinall  Cura, 

The  application  for  3 gar„ 
that  gamine  will  start  when 
at  Aspinall  s Gub  will  be  mu 
that  club.  In  general,  memlvrs 
knighisbndge  gaming  activities  l> 


^ The  right  is  reserved  10  prevni  all 

, Ql  OPpi'cauon  monies  p-lW'.is clearance  of 

vyA 

■ ire  fa-aarced  m due  r.xiw  hy  fully  paid 
w ti\  icam  tv,  cheque  thrsugh  the  pvsl  of 

■a  am  «■  «m  m»  mm  m m 


32 


-Finaztcial  Times  Thursday  Novenifcer  3 1983 


Aspinall  Holdings  p.l.c. 


The  number  of  gaming  ubfes  at  The  AspinaU  Curzon  compared  with  AspitalJ's  dub  will  be— 

The  Aspmall  Curzon  ASpiMlTs  Club 
American  Roulcoc  5 £ 

Pnnio^BftDco  l »4  seats)  t (8  seats! 

II  6 

The  net  floor  area  oFlhe  Mayfair  premises  is  2 1 .500  square  fr^of  whK* 

compares  with  6.240  square  fed  and  MQ  square  fed  respectively  for  the  combined  gam  mg  and  office  premises  in 
TtSSS'lhciliues  and  more  scacwus  and  cKgaM  surroundings  at  The  AspinaU  Curaon  wfll  reduce  an  dement 
or  Mayfair  in  dose  proximity  to  a number  of  Loudon  s leading  hotehand 

coupled  with  Uw  provision  of  improved, facilities  is  expected  to  mn«je^ ai^  to  h^MjaM^ws. 
Snoot  however.  he  assumed  that  ihe  high  average  drop  per  table  achieved  at  Aspinall  sClub  will  necessanly  be 

^^^iJJ^^aiTh^ifanCuiron  is  planned  loimum  the  bwWing  to  its  former  deiancc  and I splendour 
regora^”1??'^,?n  .i^r>SSkD  a^EdvraS  features.  Dunne  the  wort  items  oTanntJC  rocni  have  come 

m^^^3S^rS^SSSSz 

u,  -K-nfaed  at  an  estimated  total  cost  of  apptmimaldy  £4-25  miBwn.  This  mdudes 

for  admnusnaUon.  As  at  30th  September.  1983.  some  £1.9  million  had  been  spent. 

6 Directors.  Senior  Management  and  Staff 
Directors  of  (he  Company 

All  Directors  oTihe  Company  were  appointed  in  September  or  October.  IVUJ. 

p:,i.— . i Lamshm.  aged  64.  is  [he  non-executive  CTiarnnan.  He  is  Senior  Partner  of  Spicer 

deputy  chairman  ofRret  National  Finance  Corpotalion  PLC  and  chairman  or  a director  of  a number  of  other  public 

and  private  companies. 

John  AsmnalL  ami  57.  has  been  ChiefE  wcutive  of  Aspinairs  Cub  since  its  formation  and  devotes  the  greater  part 
of  his  timeioiLHb  on!)  other  business  intcresi  is  his  zoo  company.  Howfetts  and  Pon  Lympne  Estates  Limited, 
on  which  be  spends  a small  proportion  or  his  time. 

«a_  I,— f1  Goldsmith,  ajicd  50.  » a non -executive  Director.  He  is  chairman  of  the  General  Oriental  Limited  and 
Generalc  Occidentale  groups  of  companies  which  include  Diamond  International  Corporation.  Cavenham  Limited 
•and  The  Grand  Union  Company  Inc.  He  is  also  chairman  of  Croupe  Express  in  France. 

The  Earl  af  Derby,  MC  DU  aged  65.  is  a non-et  ecu  live  Director.  He  is  a former  Lord ILieuuaamof  Lancashire, 
president,  vice  president  or  chairman  of  a number  of  public  bodies  and  a member  of  the  Jockey  Chib. 
iw  FrankHn.  aged  50.  is  Finance  Director  and  has  been  finance  director  of  Aspinairs  Club  ancc  NovcmbK1 
1981  He  is  a director  ofGenetaJ  Oriental  and  finance  director  of  a number  of  companies  m.lhe  General  Oriental 
and  Generafe  Occidentale  groups.  The  Company  win  constitute  a major  area  of  his  responsibilities. 

James  Osborne,  aged  37.  has  been  employed  by  Aspi  nan's  Club  since  1978  and  was  appointed  a director  in  August. 
1980.  Prior  to  joining  Aspinall  s Cub  he  »as  involved  in  the  m a nagemen c™* “*$"**■  J*F R resp““,bk:  f 
gammg  activities  aixf  in  particular,  for  the  gmcral  manageraeni  and  administration  of  the  chib. 

Other  Directors  and  Managers  of  AspmnlTs  CTob  . 

Michael  Leathen,  aged  41 . the  Secretary  of  the  Company,  has  been  a director  of  Aspmall  sat^smeerts  memp^- 
ration  and  a currently  its  company  secretary.  He  is  also  a director  of  a number  of  companies  m the  Generate 
Oeademale  group-  _ 

He  b responsible  for  gaming  activities  and.  in  particular,  fa  the  cause  function. 

Jwrt  Gnmun.  aged  39.  has  been  employed  by  AspinalTs  Chib  since  1978  and  was  .appointed  a director  «> 
Auoua.  1080  For  uw  seven  years  before  joining  Aspmall's  Club  he  was  a commercial  iMiugj  41  BarHjitr 
Occidentale  pour  Tindustrie  a iecomtnera:  in  London.  He  is  responsible  for  gaming  acnvracs  and,  in  paniauar, 
for  the  bonking  and  gaming  control  functions. 

Annin  BaafionL  aged  45.  has  worked  at  Aspinairs  Club  since  lv/8  and  was  employed  at  The  Ocnmmt  Ch*  in 
lb?pwjodofiiB^vvTiCTship  by  John  AspinaQ.  He  is  the  senior  manager  of  Aspmall  s Club  with  pnmmy  naponSWny 
for  gaming  activities. 

48.  has  seventeen  yean"  experience  of  management  in  the  casino  industry.  He  bas 
been  employed  by  Aspi  nail's  Dub  as  a gaming  manager  since  1981. 

The  management  team  comprises  a highly  skilled  and  experienwd  group  of  people  who  haw  worked  closely  with 
John  Aspinall  fora  number  of  years  at  either  AspinaU  s Club  or  The  Clermont  Club.  The  cohesion  and  experience 
of  Um  team  has.  in  the  opinion  of  the  Directors,  been  a significant  factor  in  the  successful  growth  and  operation  of 
the  business. 

At  30th  September.  1983.  Aspmall's  Club  cm plovcd  109  staff,  including  6 direct  ore.  Of  this  number  49  employees 
who  were  directly  involved  in  the  conduct  of  the  gaming  hold  a Ceruficaie  of  Approval  from  the  Gaming  Board  to 
carry  out  their  particular  functions  in  relation  to  the  gaming  activities.  Of  the  remaining  60  employees.  43  were 
involved  in  the  provision  of  catering  and  household  services  and  17  in  administration  and  accounting  functions. 
Once  gaming  starts  at  The  Aspinall  Curaon.  the  total  number  of  people  employed  by  the  Group  will  be  increased 
to  approximately  210  of  whom  some  90  will  be  involved  directly  in  gaming  activities. 

7 Reorganisation  and  Share  Ownership 

As  a preliminary  to  the  Offer  for  Sale,  a reorganisation  of  AspinalTs  Club  has  been  carried  out  whkh  resulted  in  the 
formation  of  the  Company  as  the  holding  company  of  the  Group's  gaming  activities.  As  part  of  die  reorganisation. 
John  Aspinall  has  agreed  to  acquire  the  zoos  and  in  conjunction  with  Ultra  bridge  Holdings  Limited  (a  Hong  Kong 
company  wholly-owned  by  Sir  James  Goldsmith)  certain  other  non-gaming  assets.  In  addition- the  interests  oT 
General  Oriental  Limited  (a  Hcmg  Kong  listed  company),  which  held  a loan  stock  of  Aspmall's  Cub  entitling  the 
holder  to  subscribe  for  50  per  cent,  of  the  equitv  share  capital  of  AspinalTs  Club,  were  reorganised  so  that  al  the 
record  date  for  the  reorganisation  iSth  October.  1983)  General  Oriental  shareholders,  other  than  John  Aspinall  and 
Uhrabridge  Holdings  Limited,  became  entitled  to  4.6  per  cent,  of  the  shares  of  the  Company.  . , . 

Following  the  Offer  for  Sale  of  7.8  million  shares  representing  1 5 per  cent- ol 

taking  account  of  the  reorganisation  of  the  interests  of  General  Oriental,  ihe  shares  of  the  Company  will  be  held  as 
follows:—  Per  cent,  of  the 

Issued  Ordinary 
Share  Capital 

John  Aspinall 

I'ltrabndee  Holdings  Limited 
The  Public 

100.0 

Both  John  Aspinall  and  Uhrabridge  Holdings  have  given  undertakings  dated  28ih  October.  1983  to  the  Gaining 
Board  and  toihe  Company  that,  following  this  Oner  for  Safe,  they  will  not  dispose  of  shares  in  the  Company 
involving  5 per  cent  or  more  of  each  of  their  then  respective  shareholdings  without  Ihe  prior  consent  of  the  Gaming 
Board,  fite  Ankle  of  Association  of  Ultra  bridge  Holdings  con  win  prov  isions  that  restrict  ihe  transfer  of  any  shares 
in  Uluabridge  Holdings  representing  5 per  cent,  or  more  of  its  issued  share  capital  without  the  poor  consent  of  the 
Gaining  Board. 

8 Trading  Record  . . 

The  trading  recoid  of  the  AspinalTs  Club  Group  since  1st  October.  1978  but  not  including  the  zoo  artivines,  a as 
follows—  9 mouths 

39th  June,  Years  ended  30th  September. 


Toodic  Rc*  * Co. 
Ha  Hone. 

1 Unfe  Np»  Street. 
London  EC4A  JT* 

. 1st  November.  1983 


APPENDIX  I 

Accountants’  Report 

ThejUhminah  rie  mi  nfihe  joint  *"*  **  “ **  * * C*W 

Price  watertxmc. 

Southwark  Tones. VunfoN^arere. 

The  Farmers  1st  November.  I9» 

Kitcai  * Aufcen 
Raphael.  Zorn 
ThcDiwcton 
ASpHfeU  HokJmpplc 

Gentlemen. 

we  report  *»  Asphair  HoWfegs  p l c.  rtbeCompany-)  *»  incorporated  on  l»  Aupa.  1 983  andsnre  that  date  roacnmM  tare 
ben  prepared  for  presentation  to  the  members  and  no  dividends  have  been  declared  or  paid. 

In  October.  l«*3.  ita  Company  acmnredtta»*ofetf  foe  issneditareeapitatfAipitiaffsaifoUraW^ 
whole  of  tbe  issued  ddreraiwri  of Uhrabrafar  Limited  -tore  pnoriml  auct  coamed  of »25JX»  nom^ofI5pert»L  Lon  Stock 
at  Xuvnall's  Club  u whkh  was  anaefacd  a warrant  ennUinx  ibe  holder  io  suWcntoe  for  SO  per  cent  or  ihe  ordinary  chare  cgvtal  of 
AsmlatftClub.  Tbeconwlera  two  conusKd  of  ihe  taue  ofaii  aagre«Mc  of£5 tnUban  I3J  per  cent.  Umerared  Lon  Suxk.  lWtrtO. 
ShwW  13!  per  cnt.  Uiueeued  Low  Stock  1988  and  52  mEmu  Onfeiary  shares  of  lOpcschu  (wr. 

wf  lure  examined  the  arotwnp  dl  AspnOT  Ch*  tad  its  mhtidiartes  (together  railed  • TIk  AqjmaB^CUbCmup'7  for  Ac  period 
Is  October.  197S  m 30ih  June.  1983.  Wc  bare  bere  joun  Mdnorv  of  Ow  AstmalTi  Club  Gtoop  race  mcorpoouoo, 

The  financial  wformatioa  which  is  see  out  bate*  is  baud  cm  the  muted  aceemwof  the  AsimullY  QA  Cmnp.  They  tereben' 
prepared  under  ihe  hoMneal  cos  ranveuuon.  and  are  after  nakmg  *kU  adjosmora  to  tbe  aoAed  aocoiais  m we  cowuder 
approprUK. 

In  our  opinion  die  financial  information  XI  am  below  pres  a true  and  Cnr  view  oC— 

ia)  t he  profit  and  snnreMdapofiraiion  of  fimd*ofiheAsiiaaB*t  Cl°b  G*0tq»  far  cucb  of  the  four  yean  ended  30th  Scpecmbff. 

1982  and  Ihe  mne  momba  aided  30lb  June.  1983.  and 
(W  the  stale  of  aStirs  of  ihe  Aspinairs  Club  Group  m 30tb  June.  19*3. 

No  audited  acniunu  of  ibe  Aspinairs  Club  Group  have  been  prepared  in  respect  of  any  period  subsequent  to  30ch  June,  1983. ' 

SLIMM  AKY  OF  ACCOL'MING  POLICIES 

The  Mtowme  are  ibe  pnneipri  aocownting  policies  adopted  by  tic  Aspkaffs  Club  Group  which  hnre  been  used  constaemly  is 
preparing  the  financial  information  set  om  in  this  report. 


CnsoHdated  ■ci.i—j 

Consolidated  aceounts  of  ihe  AspmaTi  Club  Group  hare  been  prepared  by  McteSns  the  results  pf  Ae  parern  mmuy 
subsidiaries  eiciudina  Howfens  and  Fort  Ljmpne  Esfes  Lhnned  rHo-WT.  The  parent  company's  store  of  die  feacs 
subadosy  has  been  deidt  with  in  the  CMKolidaied  profit  and  tea  accouw.  to  asreis  and  tabamo  were  not  cmaobdainl  «S-  w ibe 
ooniija  of  ibe  directors.  ■(  mndd  bare  been  mrslcifin*  because  ibe  actnmy  of  the  subudray.  which  a axsknepiag.  wasdaurmbrio 


opwuoa  of  ibe  directors,  it  mndd  bare  been  nusleadm*  becmisc  ibe  activity  of  me  suonowiy.  reuclt  tt 
Se  activity  of  ibe  res  of  tbe  Eimm.  At  30tb  June.  1983  tba  subudory  was  held  as  an  asset  for  safe. 


Turnover  represents  ihe  irass  profit  from  poring  for  the  period,  together  with  dining  roam  and  bar  rales,  btwx  lees  aad  oieofcert1 
sutnenpuons.  Value  added  ixi  ts  eududed. 

L'nduffd  dc^sii 

Fu8  provision  e made  lor  oi  mdemed  sarainseheqnes  omsfamfincaube  balance  sheet  dale  msoAr  asthey  have  ms  been  recover 
tv  the  daw  of  sqmmfi  the  accounts. 

Inmtmrrei 

Ebon  ham  investments:  ' . . , , 

Sbon  term  invesunems.  metndme  such  itess  as  oommoAlaes.  ore  diown  al  ratal  value  H nie  ontanre  Men  flare. 

Long  term  mresunems:  

Long  term  investments,  soch  as  equities,  ate  staled  al  cost,  srtject  to  any  provirioos  for  pamanoa  imianment. 

1983.  the  tong  term  Investments  and  tanaa  of  ibe  short  term  hreanirats  were  bdd  tor 
etreuiiwuiwes  are  tfaoiro  scpaneely  w dw  tafanee  sheet  as  raws  held  for  sale.  They  are  »ji°r^iy'nigS“.y|S|f 
30th  June.  1983.  plus  deposits  and  accrued  mconre.  lew  related  boirowutga  and  acoued  charges  as  at  30m  June,  mx 

favMUwmpropeniesare  statedaicoaand  wilHiesiitgecttoperioeficprofcstional  srinatiats  whiefa  wgbeMoorponied 
mo  ibe  accounts, 

D^rdatkm  is  pro^edouX  cos  of  an  fired  assets,  pgro  inv-fstiniMt 

oirr  ibe  estimated  lire  of  the  aset.  No  depreciation  npruvAd  on  the  cos  of  ibe  freehold  property  and  mtproresnentt  to  mepramses 
located  ffl  May&ir  whirti  a bang  restored  and  has  aoi  >a  been  brougbt  «to  me. 

Itacs  applied  are  as  fbBows:— 

Freehold  property  awl  improvements  —2  per  .cent  per  aiumni 

Short  term  (easenold  propaty  and  unproreneas  — prer  the  tanamay  pawd  w tore 

Other  fired  asscis  — 10  per  eem.  to  25  per  eem.  per  aaman 


—2  per  cent  per  anuam 
— over  the  remaning  period  cTthe  lease 
—10  per  eem.  to  25  per  cent,  pa  armor 


Deferred  *—-*-—* 

Deferred  motion  has  been  provided  at  the  current  rate  of  las  m inferences  arm"!)  fiom  the  todmioti 

Bxanoo  computtiKim  for  penotb  different  from  those  in  wtach  they  are  tadoded  a the  rexauatt,  cwxpe  where  the  defenal « ms  a 
expected  U continue  for  the  foreseeable  future. 

Imitaries 

lnvcMottes  cororit  oT  emaing  and  bar  stocks  and  are  anted  at  Ac  lower  of  cost  and  «!  reafinHe  votar. 

A«rooik^^[^^mniTOitedmforo«ncii»Teitdo  are  iraoslaiedai  the  rale  of  eviaoge  ruling  mtbetalaoce  sheet  dasc^oy  profits 

or  losus  on  translation  are  included  in  ifie  profit  before  tauuou. 

CONSOLIDATED  PROFIT  AND  LOGS  ACCOUNT 

Tbe  results  far  the  four  yean  ended  30th  September,  1982  and  ihe  nine  moams  aided  30lk  June,  1983  are  as  fcOowsj—  . 


TURNOVER 
Gaming  Ihaoncc  duly 
Other  operatntg  costs 
OPERATING  PROFIT 
Net  interest 

Other  net  racomoTo  penditu  rt) 
Gain  doss]  on  investments 

Subvention  of  fosses  of  Htmleus 

PROFIT  BEFORE  TAX 
Taxation 

PROFIT  AFTER  TAX 


CONSOLIDATED  BALANCE  SHEET 
The  ooitw&dated  balance  sheet  a*  at  30th  June;  1983  is  a*  foBnwsi— 

Nous  £ 

FIXED  ASSETS  5 

INVESTMENT  PROPERTY 
at  Barnwood.  Gtoarcscr 

CURRENT  ASSETS 
Inventories 

Debtors  and  ptepeymems  2- 

Invesunems 

Casta  al  bonk  and  in  hand  J™- 


9 months 

1 _ -i 

Nous 

enoca 

30th  June. 

Years  ended  30A  September. 

1979 

1983 

1982 

1981 

1980 

rooo 

rooo 

rooo 

£ 000 

rooo 

14.040 

15,941 

7.114 

1059 

4,109 

0.176) 

0-320 

(2.971) 

(4.498) 

<3.1551 

(441 

<!J24) 

(35) 

0342) 

8,443 

8.472 

2.725 

1/191 

732 

367 

508 

|76t 

(145) 

(ton 

464 

109 

037) 

OW 

D*) 

9J74 

9.089 

2J12 

1276 

597 

1 

3:014 

(104) 

— 

— 

12J98 

8.985 

“2312 

“Ew 

597 

2 

(85fo 

4924) 

(938) 

«4SS) 

(50) 

3 

11,4X2 

W»l 

L374 

821 

547 

4 

(5J00» 

5.912 

0.959) 

11.032) 

(492) 

(231) 

4.102 

— 342 

“55 

J~  316 

36ib  June,  1983 


4,  Tkxarion 

TlKChar^lfanHtiaDfeifaprofa'gDdfoKxnaKisioadeBpiFfolkfoS--' 

bfinerooafcs 


UK  onpmatkn  fox  at  52  per  oeriL 
— Om  profit  tot  the  year 
— AdjmhricM  ®r*tot  jrars 
— Provuwn  for  ttxon  amwbeldftrjale 
Defentdararfou 


— CUirem  yew 
— Prior  year 


5.  Fired  assets 

Fixed  assets  of  ihe  Aspinairs  Ctob  Gronpaunpriseds— 


Freehold  property  and  improvements  - 
Shon  term  leasotoM  property  and  improvcnentt 
Other  fixed  assets 


SOfoJrate,: 

1983 

Yore  ended  30*  Septenfore 

1982  1981  1980 

1979 

rooo 

rooo 

rooo 

- rooo 

JTOOO 

4.465 

■ 3,8)5 

i.m 

448 

210 

cioe> 

29 

(203 

— 

— 

603 

— 

•“ * 

■ai 

• .?» 

• WOO 

125 

not 

3.959 

M - 
26 
IJ332 

44 

492' 

ir 

“23? 

Net  book 
vahm 

Acnmndated  30lb  Jose, 
dcpretialfoa  1983 

«00  frooo 

— 4J058 

Hi  _« 

T«7  JM2 


Other  fixed  ameS  comprised  fnmkure.  antiques,  pumlnfs.  gamlBt  cqtdpmem  and  motor  vetneta. 

was.  a.  3«W,  J-re^  1983.  pm*  meured  by  ehatger  oror  certfou  oftee  fireeWM  k-mhofo 

guaranteed  by  Howfeuv 

7.  Amets  bdd  fcr  rode 

£yxm  ran 

Invcwienffo  rhawam  coat  m 

AnroiMm^  wafori^y.in  re^md  of  8«nq>  *U*f  »*»ului8d  “73^ 

Atpinalft  Club  has ««  nfflived  a«y  focoine  Sum  its  amemnent  in  ibe  stare  capital  of  Howfctta*ieei«siiicoip«»aiiou.  _ 

„ Tti— Vwc  W Wih  tune.  198L  tbe  nMferiyh«  net  tracts  amtbmabfe  to  Aspinari  Clulrt  condmed  iasawt 

dmi  company  £nS«iedio£6*5J100.  The  aodfowtf  Howtatstun*  beenoankla 
£ raSS3SyoSmcP^S^; SJSrfaaimnbhSS  in  the  arooumi  for  the  four  yranemled  30th  Semcmba;  1982  rad 

the  rcsufcwu  rtfcov  d any. «» the  rcaesna  foe  thore  yeret.  .. 

aduc  on  1 1th  November.  1983. 

Other  Irxmmnai  Valuation 

BOdiJmra- 

Cost  1983 

£*ooo  rooo  rwo  row 

Investments  fisted  on  stock  eretangeS  mnsidc  the  OX>- 

General  Otiemri  UmM  (representing  0J8  per  ai.  • .... 

com.  of  the  eqimy)  9,5  MTri 

US  Treasury  Notes  21.MZ  . 

Lew  US  dollar  loans  <2Pj654)  94g  (WA3g)  302 

Other  listed  mvesancnui  held  for  sale  . 31 1 381 

propeniea  beU  for  sale  , 482  M 

■ _«»  3.137 

Tbe  Sued  inregmems  and  properties  were  sold  at  mariociy^ue  before  30th  Sepaenrtu.  1983.  Of  llieie,  huer  alia.  50  promt, 
of  tbe  General  Oriental  Landed  shuts  was  sold  ro-Mr.  J.  V.  AapinaH  and  the  roreainm;  sO  pro  rear,  was  add  m 
HaUmgs  Limited.  Tbe  aggregate  oomidramou  for  the  JfiRtd  «««oeBB  .andUte  PropcroojrtdwMt  L.  V.  -Asproad  and 
UbrnfoVRe  Holdings  limned  was  JAW  mifboi).  Sctdemem  of  line  soles  u doe  on  lllfa  Noromber.  1983. 

All  of  the  aies  to  kfr.  3:  V.  Aqjioafl  aroeonditioMl  upon  pemissian  for  Ihe  Onprays  rime*  U»  be  dealt  in  the  Unbred  Securities 
Mida  being  gamed  by  Kkb  Nouembcr.  1983. 

8.  Stare  captal  ' 

Share  capital  at  30th  June.  l98Tcompriietb—  roaj 

Authorised:  . 

l(L00O  “A"  OnEnary  Shares  of£l  each  J® 

IQjOOO  "ff1  Ordinary  Stares  of  £1  euch  . . ™ 

20 

Issued  and  My  paid: 

IIL000  “A“Oafinary  Shares  of  £1  each  _ jg 

LoJ^tehrowiswl  on  3 pro  cent  Umecmed  LoimStock  1988  (taugl  on  KMt  My.  I978)aad  mUd  ^IRwJridlge  UmtadL 

whidt  at  30th  June.  1W  m a jutondfory  oTGeneral  Orremal  Lmwed.  The  toon  «odt  has  jHacbqta.wvraw  vriudt 

al  any  rune  before  I2tb  May.  1 988  to  sobinbe  for  30  per  eem.  of  the  Ofdioaiy  fin  capual  of  AspuaUts  Qub  tor  C623JM0  safaect 


U the  consent  cT  Tbe  Gant  mg  Board  for  Great  Britain. 

10.  Deferred  taxation 

An  autiyss  of  the  deferred  Inutfea  as  at  30tfa  June,  1983  is  as  follows— 


Capital  aRowances  dwnied  in  excess  of  drpwiriuiottdiaqpsl 
Sbon  term  timing  dUfertuccs 


■1.  Dividends 

No  dvitfcndsvrere  recommended  or  pfed  in  teqMrtoTany  offteforo  yean  ended  30fe  Septate*.  »»2  or  te  mot  tnombs ended 
30th  June.  1983. 

12.  OqM  i i^tahafall 

Ai  30ib  June.  1983  there  were  cqirtnl  cumminnentsaimwtfeBd  of  £3 .213.000  of  which  Q.I93JIW  related  toihe  freehold  pmpewy 
in  filayfitk.  Of  the  E3JI3J100,  tibexauuntoMincKd  for  twi  not  yet  paid  «w  £2,682,000. 

13.  Gtatfogem  BaMMes 

UhtabrkteHohfiiigi  Limited  (piaranreed  by  Sir  James  Gokhnnthl  and  Mr.  J.  V.  Aspfoafl  hweadropnred  to  indemnify  darCofntnny 
and  Aspinairs  Chib  agaiast  any  focsudferedai  the  event  bfeenam  dmms  for  group  tax  rehef  at  reateet  ofpenwk  betvrera  li«( October. 
1 WjO  and  3 1st  Aaeust  1 ?83  in  respeo  of  ihe  loesetof  Ho»5«»  aat  beiDj^dltiwed  by  the  foiand  Revenue,  Eabtay  ander  the  tadtnmny 
taefeg  on  x several  basts  as  to  M pfnmztx&fyl/ma-i  *??■:  )\ 


ki  July.  1983  Aspmall's  Club  obtaioed  a 15  wartnorttweaf  £1.1  mlKoc  secured  pn  ttfemvatmaK  property  af  Bprorood.  Cloicesser. . 
The  proceeds  taro  been  used  « iacrease  liquid  6nxfi.  tat  addition  n farther.  S 10  atilfion  UJE-Tiasray  Note  ms  porehmed  and  was 
financed  bya  matching  US  doflar  loan. 

AB  assets  held-lbr  sale  .were  sold  ou  market  «a»oe  before  30ih  Seplember,  19SL  U£- Tfeaiury  Notes  of  S41  mflfca  nfmal  were 
aoqmml  on  3rd  Qaobcr.  1983  and  were  financed  by  matching  U.S.  dollar  Imcs. 

15.  Cforem  cost  eccomu  . . 

The  cfleo  of  adjusting  the  historical  cost  accounts  » the  current  cost  basis  in  woodtnoe  with  dm  Statement  ofStatad  Aoooantag 
Practice  No.  16  is  not  mwidettd  signtficanL 

...  Yoon  faithfully, 

PRICE  WATERHOUSE  TOUCHE  ROSS  A CO. 

Changed  Accountants.  Chartered  AoanmnnaL 


Turnover  14.940  15.941  7.114  3.059  4.109 

Gaming  licence  duty  13.176)  '<2.971)  <6£2!  <44>  „ 

Other  operating  costs  (3C32IJ  14.49(1  (3.707)  (1^24)  (3.342) 

Operating  profit  TS5  8.472  2.735  1.491  732 

Nrtinurest  367  508  (7fi)  (145)  (10i: 

Other  net  incomer  (expenditure)  464  ~ 109  (337)  CIO)  (34, 

9J74  9. OB 9 2.312  1.276  597 

Gwnfflasi)  on  risvesunents  3JU4  (104)  — — — 

Profit  before  tax  12-288  8,985  2.312  1.27b  597 

Turnover  cwnsists  predominantly  of  the  gross  gaming  win.  which  is  the  drop  less  players'  winnings,  but  also  includes 
dining  room  and  bar  sales,  house  fees  and  members'  subscriptions 


Since  October.  1981  the  gaming  licence  dutv  has  been  based  on  the  gross  gaming  win  for  six  month  periods  at  rates 
which  since  la  April,  1982  rise  m gradations  to  25  per  com.  on  gross  gaming  win  in  excess  of  £2-25  million. 

The  Accountants'  Report  is  shown  in  Appendix  L 

9 Net  Assets  and  Working  Capital 

The  net  ungibfe  assets  of  the  Group  at  30th  September.  1983  os  shown  in  the  pro-forma  balance  sheet  set  out  in 
Appendix  II  amounted  to  £5-6  million.  The  assets  included  £1  i-9  million  in  cash. 

Details  of  principal  properties  held  t*y  the  Group,  which  include  a freehold  industrial  property  held  for  investment, 
are  shown  in  Appendix  IV. 

The  Directors  are  of  the  opinion  that  the  Group  has  adequate  working  capital  far  its  present  requirements,  after 
raking  iruo  account  the  Group's  existing  bunk  balances  and  facilities.  This  indudes  the  gaining  reserve  facilities 
required  for  Aspmall's  Club  under  the  prov  isions  of  the  Gaming  Act  1968.  currently  amounting  to  £2-5  million 
which  comprise  a bank  facility  of  £1-25  million  and  blocked  cash  of  a further  £1-25  million. 

The  required  gaming  reserve  is  based  on  the  number  of  gaming  tables  and  the  maximum  table  slakes.  On  tbe  loss 
that  the  current  maximum  table  stakes  at  AspinaD's  Cub  arc  maintained  at  Tbe  Aspinall  C uncon,  the  Directors  are 
of  the  opinion  dial  Ihe  above  gaming  reserve  facilities  will  be  adequate  following  the  move  to  The  Aspinall  Curzod. 

IB  1983  Profit 

On  the  basis  of  the  assumptions  set  out  in  Appendix  Iff.  the  Directors  estimate  that  (he  profit  before  lax  of  the 
AspinalTs  Cub  Group  for  ihe  year  ended  30th  September.  1983  was  not  less  than  £14-9  imOkm.  Tbts  mchtdes  the 
act  gain  on  investments  of  £2-8  million,  but  don  not  include  results  of  the  zoo  activities. 

The  pro-forma  estimate  of  the  profit  of  the  Group  for  (he  year  ended  30th  September,  1983  is  shown  bekm:— 

rooo 

Estimated  profit  before  (ox  of  the  .Aspi noil's  Gub  Group  14.960 

fan  The  net  gam  on  investments  i--8-7! 

profit  before  tax  excluding  the  net  gain  on  investments  12,133 

£rti  Taxation  al  52  per  cent.  (6J09J 

profh  after  (ax  excluding  the  net  gain  on  investments  e===* 

Earning  per  share  (fully  taxed  and  on  tbe  basis  of  52  million  shares  in  issue)  I l-2p 

The  net  gain  on  investments  is  based  on  the  realisation  for  £7-1  million  of  tbe  assets  held  for  safe  indicated  in 
Appendix  II.  namdv  certain  listed  securities  and  properties  and  the  zoos.  The  above  profit  figures  take  no  account 
of  the  amount  by  which  income  cm  surplus  cash  should  exceed  interest  on  loan  stock  issued  in  connection  with  the 
reorganise  uan. 

TS  Dividend  Policy 

If  die  Company's  shares  had  been  quoted  throughout  the  year  ended  30»h  September.  1983.  the  Directors  would 
have  recommended  a dividend  of  3-0p  per  ordinary  shore  (equivalent  with  the  trialed  tax  credit  to  a gross  dividend 
of  4-28p  per  share),  which  would  hare  cost  £1-56  million  and  been  covered  3.7  times  by  profit  after  tax. 


possible  volatility  of  iuch  profits  derived  from  high  stake  gaming,  ihe  Directors  will  follow  a policy  of  paving  a single 
annual  dividend  after  the  end  of  the  Company's  financial  year.  It  is  expected  that  the  interim  report  of  the  results 
for  Ihe  six  month  period  ending  31st  March.  1984  will  be  sent  to  shareholders  in  August,  1984. 

22  Price  Bantings  Ratio  and  Dfvidentf  Yield 

On  the  ha«fo  of  the  above  earnhus  per  share  oT  ihe  Group  for  the  year  ended  30th  September.  1983  and  the  Offer 
fix  Sale  price  of  1 1 5p  per  share,  tire  fully  taxed  mice  earnings  ratio,  excluding  the  net  gam  on  investments,  is  10-3. 

Tbe  gross  dividend  yield  at  tbe  Offer  for  Sale  price  based  on  a dividend  per  share  of  3-Op,  together  with  the  related 
tax  credit  at  the  current  rale,  is  3.7  per  eem. 

13  Corporate  Smtegy 

It  is  Ihe  intention  of  the  Directors  that  the  development  of  the  Company  win  be  both  organic,  as  far  as  gamma, 
activities  ore  concerned,  and  by  way  of  an  acquisition  policy  to  give  the  Company  an  demem  of  diversification  both 
within  and  ouLstde  the  leisure  industry.  Tbe  Directors  have  no  immcdiaie  acquisition  in  mind  but  they  are  likely 
u sekn  businesses  with  a strong  asset  base. 

Tbe  Company  bas  a strong  cash  flow  and  tbe  acquisrtiou  policy  will  take  advantage  of  both  tbe  easting  substantial 
cash  balances  and,  when  appropriate,  tbe  issue  of  further  securities  of  ibe  Company. 

The  Directors  intend  to  pursue  an  active  policy  of  cash  management  for  ibe  Group's  surplus  funds,  including  abort 
lorn  investment  in  securities  and  other  markets  whenever  they  cooartr  opportunities  cusl  and  will  bom  tone  to 
tunc  supplement  those  resources  by  ihe  use  of  external  borrowings. 

14  Investraod  Risks 


gaming  licence*  and  iu  appeal  io  (he  appropriate  clientele.  The  Directors  haw  no  reason  to  believe  Uni  either  of 
these  factors  coram  me.  as  the  present  time,  a substantial  risk  to  ihe  Group,  but  the  gaming  mdnsu?  can  be  subject 
to  legislative  change  and  the  dub's  clientele,  many  of  whom  come  from  overseas,  may  be  affected  by  political  or 
economic  changes  abroad.  Up  to  now  tbe  number  of  members  who  play  for  high  stakes  has  been  fairly  constant, 
but  small.  The  appeal  of  Aspmall’s  Club  to  high  stake  players  has  been  largely  responsible  for  the  growth  m 
profitability,  and  ihe  continuing  pommage  of  such  players  win  be  important  to  toe  success  of  The  AspinaU  Cuizml 

• 5cr  aba  Scruw  I*  at  bu  denmeat  <*«fe  i*fc»  w TV  Gnu  Aa  194*. 


CURRENT  LIABILITIES 
CreOnorj  and  accrual! 
Taunon 
JBank  overdraft 


NET  CURRENT  ASSETS 
ASSETS  HELD  FOR  SALE 
Howktts 

Other  imesunents 

TAXATION  PAYABLE  AFTER  1 YEAR 


CAPIT  AL  EMPLOYED 
Share  capital 
Bournes 

Shareholders'  finds 
toon  capiul 
Dcfcnred  luarioa 


CONSOLIDATED  SOURCE  AND  APPLICATION  OF  FUNDS 

Tbe  oansaMued  wura  and  at^Jkatiaa  af  famfc  Mncmctt  for  the  far  ytna  coded  30th  Septemba,  1 982  ud  the  nine  months  ended 
30lh  Jooe,  I98J  areas  follows. — 

Pfint  mourns 
ended 

30th  June.  Years  ended  30  September 

I9«J  1983  1981  1980  1979 

_ rooo  moo  rooo  raw  rooo 


FUNDS  GENERATED  FROM  OPERATIONS 
ProW  before  u< 

heats  f*x  mvolsing  movement  of  foods: 
Ainorusmoo  and  depredation 
Re*atuaDoa  of  auets  held  for  safe 
Changes  in  nortung  capita] 

Nn  movement  on  lends  from  operatiraa 
TAXATION  fPAIDvREPAiD 

FUNDS  APPLIED  IN  PURCHASE  OF  ASSETS 
Purctu*  of  investments 
Purchase  of  rived  assets 
Anjunmoo  of  subodiancs 


Net  movement  on  funds  o43 

Represented  by: 

Increase  tdrereasc)  in  bank  and  cash  1.234 

(Incteases  decrease  m overdrafts  and  short  terra  loons  (541) 
(UWeuuQal  repajmenl  of  iamsug  guarantee  freshly  — 


APPENDIX.  II 

Pro-Forma  Balance  Sheet  at  30th  September,  1983 

Tbe  foHowiag  is  a pro-forma  balance  sheet  of  tbe  Gnrep  ns  at  3<Rh  Sepsec*cT.  1983  reflneripp— 

ft)  The  issue  of  jfaoics  of  the  Company  to  General  Oriental  Limited  mareholden  in  exchange  for  tbeir  100  per  cent.  baidiaR 
in  intrabodm  Unshed,  which  rants  100  per  com.  of  tbe  low  mxk  In  AspmaD^  Ctab. 

(E)  Tbe  issue  of  stares  and  lass  stock  of  the  Company  to  Mr.  J.  V.  AspioaH  in  earkanne  for  Hs  100  per  cam.  hokfiag  In 
Aspioa&VChab. 

<S)  Tta  coats  moortrri  with  ita  capital  tcociaitmTirm  amd  the  Qflfcr  fiat  Sale  lobe  boraebydre  Company. 

(b>  Hw  coosofidated  balance  shea  of  Aqnnafl'n  Oob  as  k XMi  June,  1983  athoned  foe— 
fa)  Ttafimond  the  netased  taxation  for  thr  three  months  coded  30th  September,  1983. 

(b)  tale  of  assets  bdd  for  sale. 

(c)  Increase  in  liquid  funds  from  additional  bag terra  bon  owing. 

(d)  Farther  restoration  costs  of  the  property  located  in  Mayfaic- 

- £*000  ■ £"000 

FIXED  ASSETS  SJWT 

INVESTMENT  PROPERTY 

ai  Bamwood,  Gloucester  IJM 

CURRENT  ASSETS 

favreuriu  400 

DetnoO  and  prepayments  • *72 

Investments  . • ...  16* 

Proceeds  of  tstea  sold  reoeivstde  on  Ufa  November,  1983  7.096 

Gah  at  tank  and  in  tan*  ...  life 

20.008 

CURRENT  UABtUTIES 

Crottuort  and  accruals  WHO 

Taxation  .*046 

' 15.116 

NET  CURRENT  ASSETS  4,892 

TAXATION  PAYABLE  AFTER  I YEAR  ( 47M 

- urzi 

‘ CAPITAL  EMPLOYED 

Stare  espial  4, 300 

DtaritwteMe  reserves  441 

Stantiotdera’fonds  SMI 

Loro  capita  6.100 

Deferred  nation  380 


03)  (1.156) 

800  (934) 


'FurchBe  of  invsomems  includes  £3 1. 603 /W0  of  U S.  Treasury  Notes  after  dodaoint  matched  finaaan*  connKtsui* 
£2uA54XKW  US.  dolls  loans. 


wpS5HisS^S ^ssssssas&ssB 

for  ibe  safe  of  rase,  in  Cfe)  «bdw 

C«3  Tta camraiiomted  wiib  £83°X 


NOTES  TO  THE  ACCOUNTS 

.1 . Can'lta)  m huitiBMB 
The  gam(k»)  on  mcesunems  is  made  up  as  foOowc— 


Gam  on  the  resateraent  of  assets  hrtd  for  sale  (fee  note  7): 
— Stares  w General  Oriental  Unused 
— Oibcr  ttvesnaents 
— Hen*  lens 


I Sale  oT  foe  stares  in  Gcnnal  O 
6A87SJM0  so  be  natfed  on.l  Ifo  I 


9rao«ta  Year  ended 
ended  30th 

30tb  June.'  Septrmtyr. 
1983  1982 

rooo  ran 


■dfoifoc  sale  of  foe  Interest  in  I 
I on. ltib November;  1983,  ms 


cased  k Mayfair  amonotiag  to  straw  £806^00  in  foe  fotee 
loo  3rd  Oraober;  i983  and  were  finanewd  by  "«vHl  US, 


Gatnllsgs)  on  investments  void 
Gain  on  investment  teamed 


2.  Sstnefes  of  fosses  of  HonttRi 

The  knsrs  of  Hcwtem  have  been  imalnscd  by  i 

coapaled  for  taxation  asloUo*s>— 


Group  re  fief  curreui  year 
— prior  jear 


i ef  payment  for  group  relief  at  a me  of  100  per  fieri,  of  the  maUbfc  teas 

Ntaemonfos 

ended 

30fo  June.  Yean  ended  30fo  September, 

1983  1982  1981  1980  1979 

f«n  rooo  rooo  rooo  rooo 

764  924  885  455  SO 

8J6  ”5S  _ ■)}«  “45 5 50 


The  estimate  of 
September.  198: 


appendix m 

Profit  Estimate  Assnmptioiis  and  Letters 


rafa  before  tax  of  ArairedTs  Oob  aed  its  rebtit&ries,  .i>0t  hri 
as  shown  to  seawc  (lOL  is  based  on  the  iodised  neconsRs  for 


. — nranrenraeMaeaMns  foe  the  ttramoulis  ended  30fo  September  1983.  The  estimate  is  made  on  thebatalkMooeonac 

a taken  radjr  orinoma  received  op  to  2 1st  October,  1983  m roped  of  uodexnrt  gantiaecbeqBes  at  3(WiSniBufog,  19*3  ud 
on  foe  prinapll  assumpUau  fowl  foe  ale  of  the  assets  held  far  ole  prior  to  30th  September.  1983,  which  si  randitioiifo  won 
pcnntsswnfiK  foe  Company  a stares  to  bedsit  ia  <»  tta  Unfan)  Secmhia  Marta  befog  grtraS  brlOtiiNovanhsi;  iSD, 


3,  Profit  btfsre  tax 

Profit  before  ui  b arrived  ai  after  feta 


Ntaemonita 
ended 
30th  June. 


1983 

1982 

1981 

moo 

moo 

rooo 

pemciition  and  amaRhatioo 

1 meres  pavable 

Interest  icctnabk: 

(1691 

186) 

453 

(147) 

(1091 

617 

1129) 

h 

Price  waterbou*. 
Southwark  Tawen, 
32  London  BridreJ 
London  SElffiY. 


The  ffitecwo 
Aqmfol  Hsidfass  pic. 


Dear  Sm, 

Wc  tare  tnfewed  foe 
rAxpstraTi  Oub' 


Touche  Rob  A Ox, 
mhoR, 

1 Ltato  New  Street, 
London  EC4  3TR- 

. IstNowmber.  1983 


id  efomtaiems  for  tiwealnate  of^ profit  before  taxation  of  AtomalTs.Clab  Linrittd 
1 Bdafow  Howfens  and  Pnt  Lympne  Emits  -{jemud:  for  die  year  ended  30® 


swf  X varirty  ^ df™  inctatlinE  wrod  inconie.  ctirreacy  movenmiU.  hnerv<»eBp»ny  chw»». 


September.  19W.  Thn  esusaie.  foft  ir  set  oat  mtoc  Offer,  for  Sale  .of  AqmB  Hnlfongs  pJx.  Hta  GsmpanjQ  dmod  Is 
Novetober.  1983  ■id'  far  which  ttaDireaois  ofttuCorepany  Me  safely  ndpoMiMc.it  bared  on  ihe  atnfited  accounts  foe  the  mao 
Bouts  ended  30th  June  and  foe  mandUEd  management  aocoams  for  foe  three  ntowbs  ended  JOfo.  September;  19*3. 


1 S ' • 

I !v.  ' ■ 


r.  * 


33 


Financial  Times  Thursday  November  3 1983 


Aspinall  Holdings  p.l.c. 


Detafaofitajrtseipir  bsH^  IW3MBahoinMm»- 

I'wtt  Dili  liixlon 

GAMING  PROPERTIES  ' 
ft)  to  Kragtnftridp 


Details  of  Prindpal  Properties 


ft}  in  Mayfair 


INVESTMENT  property 

The  Baniwood  Industrial  Earn. 
Boon  Way,  Gtainncr, 


tu*  Staling 

T~"7T  «««i 4sr raucnmi  aceoaunodafsoD  on  Ihe remain- 

der  of  (he  accood  and  Hurt  md  fatutli  Soon.  Totnl  net  floor  ana  is  3430  sq. 


“*®e*y  VM  *9-  0,  and  tbc  residential  aocomnEsdatioa  2,100  *j.  t 
Two  wercommtBitCTtiiig  period  budding.  originally  constructed  b hm 

arsas:  siss***!;-  t*  «^5 


Sun^.^  ** lbe  ““"J  h'SSS  *"^*“*‘*  wmfa* mad  lenunu 

t^aBra^gsaagj€5gir.fe 

fxmises.  17k  tex^l  oei  Boor  area  a about  2 1,500  sq.  fi. 


w a very  ntgn  sqjkurL 


leasehold— Wd  for  atom  expirinj^on  (he  29th 


September,  1986,  at  i fixed  teat  of 
cutaivc. 


I per  arumm 


Leasehold— held  for  a mi  «, 
September.  1986,  fa  > fi*d  rm 
cxctafric. 


exptrinx  on  the  29th 
an  ef  £296  per  nmm 


FreehtAl-ewept  oaeoftbe  mm  buikJmes  which  a 
leasehold,  held  for  9J  yanffoai  25th  December,  1982 


it  a peppeman  iuil 


Freehold. 


APPENDIX  IV 

TMsaf 

None 


The  third  and  Couth  Soon  arc  sabjea  to  rcubtod  reddcatial  tenancies  at 
regHtered  tons  of£150jw  month  in  respect  ofthelhstd  Boos  fiat  and  El  54  per 
month  in  respect  of  the  fourth  Poor  Oil  la  each  ease,  the  karat  b respondMc 
forjaymenx  of  wee  and  the  rent  is  radoaae  of  services  provided  by  the 

The  net  amnol  rents  movable  uxal  0.000. 

None 


The  property  5s  let  to  United  B&eui»(UK)  limited  for  item  of  25  wan.  from 
UK  29th  September.  1982.  mi  W repairing  and  unarms  terms,  and  with 
upward  endy  rent  reviews  at  each  5th  year.  The  net  annual  reel  rrcnvubte  a 

£125.000. 


j"  » "PS0"  *e  estimate,  » for  as  the  account**  pofida  aad 
Yoon  faithfully. 

. PRICE  WATERHOUSE  . TOUCHE  ROSS  * CO, 
Chartered  Accountants  Chartered  Accountants 


Kites i & Ankcn. 

The  Stork  Eirtnme. 
London  EC2N  IHB, 


The  Directors 
AspmaD  Holdings  pJx. 


'Raphael  Zero. 

ID  Thros morion  Avenue, 
lOodon  EON  2DP. 

IstNovtortw;  1983 


Dear  Sin. 

Xf  !SrC  r and  Touche  Ross  A Co.  the  eHinme  oTpro&bdbre' taxation  for 

ELEfJ  J***  Spjgy?:,1”3  of  fognafl's  Otto  Ltmricd  and  it*  robwtanes,  not  mdodraE  HoSfews  and  Put  Lympne 

l^PfL*!£!f!E,wn  *•»*“«  based.  as  set  out  unite  Offer  for  Sale  ofWnaB  HoMrogs  pXc dared 
toe'aSdTeuSiil  Siwy  lhM  ™e  .proft  eBunMe  *»  »*«*  5™.  » Dnreaws,  are  solely  responabk : tasbeta  made  after 

Yoon  faithfully  , . • 

KIT CAT  & AITKEN  RAPHAEL,  ZORN 


APPENDIX  V 

A Glossary  of  Terms  Relating  to  Casino  Activities 


A came  both  of  s£  ill  and  chance  for  two  players  whereby  each  player  tries  to  get  aPhis  pieces  off  the boanj  before  ha 
Dice  are  used  » detenninc  bow  often  and  to  what  extern  pieces  arc  hmdored  or  advanced.  Backgammon  is  often 
"caidtoom"  game  m casnos. 


Bfarfcjark 


to  the  family  of  card  games  wfoeh  tadude  beccaiaL  chcnwMlc-forand  punto  banca  Blackjack  b a hoase  banker  gantev 
The  object  b to  auembk  cards  tourting  as  neatly  as  paanUe  up  to  the  number  21.  It  is  a game  in  which  the  player  is  capable 
of  eutrens  a significant  degree  of  skw  and  is  one  which  is  played  in  man  British  casinos. 

CMnwCmh 

These  ore  games  of  equal  chance  such  as  poker,  bridge  or  kaloaki  which  are  often  played  in  arinos.  The  house  takes  an  part 
in  these  games  but  may  set  aside  a mom  for  them  and  may  make  a jmional  charge. 


Crept 


Drep 


A house  JmnXer  game  pb*cd  with  two  dice.  This  game  is  permitted  m British  casinos  hut  is  one  of  the  less  popnlar  games. 
The  mooey  that  players  in  s casino  exchange  fir  chips  to  enable  them  to  partkjpaie  in  the  gaming. 


Edge 


The  margin  by  which  odds  in  home  tanker  games  ace  set  in  finmar  of  the  houie.  The 
game  depends  on  the  rules  by  which  the  game  splayed.  Rules  for  tanker  games 
regulations  made  under  the  Gaming  Act  1 96L 


...  sin  i particular 

I in  British  casinos  art  prescribed  m 


The  proprietor  of  a casino,  fat  a home  tanker  game  the  term  describes  the  proprietor  of  a casino  or  a croupier  of  dealer  acting 
as  be  representative  who  BpMiicmating  as  a tanker. 


Honse 


Games  in  votvinf  staking  against  a hank  hdd  by  the  boose.  Most 

banco,  provide  the  tank  with  an  edge  over  the  other  players  and  are  therefore  not  games  of  equal 


belongs  to  the  family  of  card  games  which  mdnde  baccarat.  Maefijactc  and  chemuMte-ftr.fi  ita  bouse  tanker  gtneihe  object 
of  which  is  to  assemble  cuds  totalling  as  near  as  potable  to  the  revs  of  9. 

Bsideftc  (Anerkaa  and  French) 

A bouse  banker  game  in  which  played  bet  on  which  number  or  numbers  Bout  0 to  36  win  he  dwen  at  random  on  a spin  of 
a roulette  wheel,  nayecs  havr  several  diflocm  sores  of  bet  mnilabie  which  pay  out  at  different  oddL  The  tanker's  ndgi  thriven . 
front  the  foci  ibai  the  odds  paid  on  winau^asecaicalaied  as  if  ibere  were  no  wo  on  die  table  and  air  therefore  leas  than  the 
true  odds  There  arc  twostfsionsofrwdtttc  preyed  in  tfritain— Amcoesacoiricoc  and  French  rtnricnc.  The  former  is  much  more 
com  moc  i two  ihc  laita  in  Btinli  enpnos  The  rate  of  the  two  versions  are  statical  bat  Arecrirnmoulcnc  proceeds  at  a foaer 
pace  and  dispenses  with  the  French  tcnnmolQgg. 

. APPENDIX  VI 

Statutory  GeneraTlnforiiiation 

A.  THE  CTMvfFANY  "AND  ITS 'SHARE  CAPfTM. r ! V • ?' 

1.  The  Company  te»  mcbrpmted  in  Engtsnd  ou  lOdi'  Angus.  1983  «s  a private  company  (Number  1749060)  under  the  name  of 
Castpacc  Limited  with  Unwed  habdny  under  the  Com  paries  Acg  1948  to  1981  witli  an  amhnnsed  share  capital  of  £100  divided  bMo 
100  Ordinary  Shares  of  £1  each.  It  is  the  faokhng  company  of  the  various  sutaidancs  in  the  Group  toed  m parapaph  C below. 

2.  (i)  By  resohiuMis  passed  at  an  Extraondraary  Gmcrd  Meeting  ofiheGompxny  hdd  on  21s  September.  1983: — 

(a)  the  share  capital  of  the  Company  was  sub-divided  into  Ordinary  Shares  of  lOp  each;  and 

(b)  the  authorised  share  capiml  was  increased  to  £52  nuffion  by  the  creation  of  SI.1 999  2K)0  pew^ Ordinary  Stares  of  I Op  each 
and  lbe  Duecure  were  authorised  lo  allot  and  issue  26  million  Onfinmy  Shares  oT-lQp  each  credited  as  fully  paid  to  Mr. 
}■  V.  Atpinair.  punuam  lo  the  Agreements  referred  tom  paragraph  F bdow.  and  26  miBioa  Ontoary  Shares  of  I Op  each 
rrrdocd  as  fulh  pnidtothesharehoblcncf  Uhrabri>to  Investments  (1983)  Li  nritedpursmnt  so  the  Agtemicmmiwiofitd 
in  paragraph  F bdow. 

(ii)  By  rejoin  lions  passed  at  an  Extreordmaty  General  Meeting  of  the  Company  hdd  on  21st  October.  1983? — 

(a)  the  authorised  share  capital  was  (briber  increased  to  £10  milluMi  by  the  nation  of  48  railKonm  OntonySbares  of  lOp 
each;  and 

(M  new  Articles  oT  Association  of  the  Company  were  adopted. 

rm)  By  a resolution  passed  asm  Euracodtnaiy  General  Meeting  of  the  Company  hdd  on  24th  October  1983,  the  Memorandum 
of  Association  of  tbc  Company  wns  ahoed  so  » to  enable  h to  be  re-regbured  as  a public  company. 

3.  Under  lbe  new  Articles  of  Association  of  the  Cbmpany  lire  Directors  are  authorised^- 

(i)  unciMdituxaQs  for  the  purposes  of  Section  (4  of  the  Companies  Act  1980  lo  aflat  farther  rimes  op  lot  aummimnaitMiit 

amount  of  £4, 800*00  ai  arior  or  limes  before  20th  October,  1988,  or  the  date  of  dKAnoualCcnend  Meeting  of  the 
Company  to  be  hdd  in  1988  if  emficr.  and  ... 

(ii)  to  allot  shares  of  ihc  Company  pursuant  to  the  authority  conferred  by  paragraph  ft  above  as' if  Section  17(1)  of  the 
Companies  Act  1980  did  nosampiy  b«  this power  is  fimued  ia— 

(3)  the  allotment  of  eqmiy  securities  in  connection  whim  rights  ~osoe  in  favour  of  hoUcn  of  Ordinary  Shares  where  the 
equity  sectiraics  atuibuutde  lothe  holders  of  all  the  Ordinary  Shares  are  proportions*:  (as  ncvlyas  may  be)  loibc 
numbers  of  Ordinary  Shares  hdd  by  them;  and 

(b)  otherwise  than  pursuam  lo  (a>  the  aBoi  mem  of  canity  securities  up  to  an  aggregate  nominal  amount  of  £500*00  at 
any  lime  or  umes  before  20th  October.  1988,  or  lbe  date  of  the  Annual  Gesemf  Meeting  of  the  Company  to  be  hdd 
in  1988  if  earlier. 

4.  The  Conuuny  was  re- registered  as  a public  company  under  the  nine  of  Aspinall  Holdings  public  limited  company  on 
26th  October.  1983. 

5.  The  lool  issued  Jare  capital  of  the  Company  cunenrij  comprises  52  mJBioo  Ordinary  Shares  rftOp  eadu There  is  no  present 
mrenljon  id  issue  any  of  lbe  areboosed  but  unissued  Share  capital  and  without  the  prior  approval  of starehaUcn  in  General  Meeting 
no  matmal  uaue  of  shares  (Other  than  to  boWere  of  Oahuan^  Shares  pro  rata  to  dieri  eaatuig  holdings}  wsfl  bC  made  jrilbin  one  year 
from  the  dare  of  tins  Prospectus  and  no  awe  of  shares  will  be  made  which  would  cweuvdy  aher  the  mmol  of  the  Oxnpany  or  the 
nature  of  ns  bosiiKU- 

6.  Save  as  aforesaid,  thane  has  bceonoatoaiioasotbc  share  capital  trf  the  Company  within  the  two  years  preceding  the  date  of  this 
Prospectus. 

B.  THE  £5  MILLION  I3i  PER  CENT.  UNSECURED  LOAN  STOCK  W88/90 

The  £5  million  nominal  13!  per  ctm.  Unsecured  Loan  Sock  1 988/90  (the  “Stock")  of  the  Company  was  created  by  a resofamon  of 
the  Directors  on  24th  October.  1983  and  reeomtiiMed  by  an  Instrument  of  ttai Company  dated  24th  October.  1983.  which  coauuns 
no  resUKtmns  au  lbe  amount  of  borrowings  (secured  and  unsecured!  by  the  urmpany  or  renJisponisoTassmby  the  Coopany  or 
so  a change  in  the  nature  of  the  basmess  of  lbe  Company  but  conams  provtsjons.  utter  atia,  to  the  foUowh*  efieccr- 

1.  Intend 

The  Company  shaB  pav  to  the  StocUoldm  by  wo  equal  half  yearly  imtahw»a  on  31a  March  and  30th  September  in 
each  vear  meresi  at  the  rate  oT  131  per  cent,  per  annum.  The  firet  payment |ofimeren  wiB  be  made  on  31s  March,  1984 
in  respect  oT  lbe  period  Trota  1st  October.  1983  to  3 1st  March,  1984  (both  dates  mdurivejL 

2.  tcdrepiM  aad  Purchase 

(a)  The  Company  or  an*  subsidiary  may  at  any  time  purchase  S«ck  m the  open  market  br  by  tender  available  to  all 
Stockholder*  ahLe  or  h>  pmatc  treaty  many  price  (exclusive  of  expenses  and/or  accrued  mured)  mx  eaneediiigi  1 10 
per  £109  nominal  of  Suck  but  not  otherwise. 

(b)  The  Company  stall  redeem  31  par.  together  with  accrued  interest,  one  third  oT  the  nominal  amount  of  lbe  Stock  ou 
3Uth  September  m each  of  ibr  jeans  1988  to  1990  inclusive.  The  Company  shall  be  emitted  lo  credit  at  par  Suck 
nrewomly  purchased  m accordance  with  2(a)  above  luoiwithnanda*  prior  eaneetenion)  in  satisfaction  of  tins 
obtigation.  wineh  will  otherwise  be  satisfied  ly  redemption  at  par  of  Suck  (to  be  sdeaed  by  dmwntgs). 

(cl  AR  Stock  pwduscdmieitoetncd  in  jcerndanrewtfo  any  of  the  above  provisioiis  shall  be  cmtcenerifoiiliwttii  and  nmy 
not  be  re- issued  or  resold. 

(dl  Whenever  a drawing  of  Stock  Ibr  repayment  is  required,  such  drawing  stall  be  made  in  tow  wot  «acee<ing£l  00  in  such 
manner  and  at  men  pta  as  the  Company's  tabcitots  may  approve  as  appropr  iate  and  fair  fot  refecting  ibt- amount 
of  Slock  required  to  be  down. 

3.  Eientsof  Defimh  • • . . 

The  Instrument  contains  usual  provisions  retuing  D events  of  default  and  upon  the  occur  id  me  of  inch  an  even,  upon  the 
request  m miungof  *e  resatcmJ  bokfcn  ofa  kas  dmefetmlom  aommri  ‘£“2“  ^ifeSiockor.irow  dm  pawns  of 
»ji  flunor dinar)  RcsoJution  bv  Stoddwldcn  j8S  dtfihtd  4 the  Isstronm),  the  &odt  stall  be  immedfaldy  fqwya&c. 
together  wnh  unpaid  imam,  if  any.  accrued  thereon.  1 

4.  Transfer 

The  Sioei  is  regjsiend  and  tnnsftnhie  in  atnouna  or  multiples  of  £L 

5.  Cmoiaairm  «I  Arktttiooul  tjaaecuced  Loon  Suck 

Power  ij  revved  u the  Company  to  create  and  issue  additional  UnmcuiiBd  Loan  Stock,  whether  identical  In  alj  respect* 
wim  ihc  Vuck  or  haMngmwfaed  thereto  such  osher  provtsionsmidconduioiB  as  the  Directofitttay  as  the  tune  of  tta  tssoe 
thereof  determine,  aim  such  atkjrticmal  Unsecured  Loan  Stock  may  be  crwsmncd  by  an  btantotem  eaptesoed  to  be 
supplemeiaal  io  the  btstnunem. 

6.  Modificaricaaf  Rigba 

The  movBions  of  the  InstntnwM  and  the  rights  of  the  Stockholder*  are  rol^ect  to  modiliptfon  or  compromae  In  any 
iBpeet  with  the  sanction  of  art  Exuaonhnary  RcsotuiiOtt  of  lbe  Stockholders  as  psovitiod  form  ihcisstnnncnt. 

7.  Derigaatiaa  of  Stock  - 

The  Slock  P kflowB  as  "1 3)  per  eWL  Unsecured  Loan  Stock  l988/9(r. 

No  application  is  bong  made  for  petmaaou  W dal  nvihe  Sock  in  the  Unlisted  Securities  Maria. 

C SUBSIDIARIES 

There:  are  set  out  bdo«  deuib  of  the  itibridflrie*  of  fte  Cotnpwy,  all  of  Much  are  wholly  ewimfc— 


Name 

AswnaWi  Club  Limited 
The  AsrenaS  Cmon  Limited 
Muih-nopiufl  Umded 
Ultobridfie  Limned 
Gurams  Home  Gub  Limited 


focHwt  and 
fall}  paid 
. Stare  Capital 

£20.900 

£500.0)0 

£2 

£606.985 

£1.000 


Nature  of  batiweg-  - 

TTOdtng 
Trading  ' 

Property  holding 
Investment  bourne 
Dormant 


- Date  of  (ncotporaiioo 

25th  May.  1977 
f3Jh  July,  1981 
2 1st  Jammy.  1981 
16th  October.  1980 
2nd  May.  1962 


All  the  satwiiharics  are  pntate  companies.  wggascdaiEngbad. 


D.  WRECTOfiS"  AMD  OTHER  INTERESTS  ^ 

r.i  Tir  n.i.,  of Ordman-  ShuTSiC-k1  l7v'i^DL,|Xtgr3ndbabtnily  mttreslK^l^wh^  were  b^beneildfllly.  MdtlK  Birmbg 


Number  of  Stare* 
wbebdd 

v after 


Same 

R.  N D.  Laaefeu 
r.  Y.  ASffiaB 
. Sir  Jauac*  GaMsimih" 

The  Eari  of  Derby 
D.  A.  FranUiu 
j.  F.  Otberoe 

'AU  offer  Jama  GoWicroh's  imaes&  « 


Sold 

j.mooo 

J^DJNO 


20.921,312 

3UKH4I2 


ravtm-ef 

Issued 

ftaSale 

' 4PJ5 
402 


— ' M»  — 

hdd  through  UhmbridBt  Holriinfi  T hnitwl,  a company  wholly  mused  by  ban. 


In  sJdtttoc,  certain  of  ihc  Directors  Intend  io  apply  for  an  aggrepic  of  235,000  Odwary  SharaporsiHm  to  ite  Offer  Ibr  SaitTbe 
Earl  cf  Derby  has  option  rights  to  acquire  . 50.000  OrdiaarySares  fa  the  Company  from  each  Cf  Mr.  J.  V.  AstanaU  and  Ultmbndgc 


JHnkHngs  LnnJtedai  I ISp  per  share  exermahte  by  3 ls>  October.  1984. 

Save  as  disclosed  above,  tbe  Dueewre  ame  not  aware  of  anv  other  tbs 
to  5 per  ecut.  or  more  of  the  usual  stare  capital  of  the  Company. 

£5 


Mr.  J.  "V.  Asphalt  is  bsnefieaUy  interested  m the  whole  of  the 
of  the  Company  and,  subjed  to  the  con*  Bonn)  comma  referred  to  in 
Stock  1988  of  the  Company. 


after  this  Oiler  for  Sale,  wifl  amount 


Miner eeoL  Unsecured  Loan  Stock  1988/90 

F (A  betow.  £350.900  1 H pet  cent.  Unsecured  Loan 


of  the  Dirreaors  of 'die  Company  in ^reqm  orihccurrati  Sndalyeirof  UreCOmpiny  ewfii»9«3dih  SeptemBwMW  will,  under 
the  anangements  in  fort*  at  the  date  of  tins  Oftr  ibr  Sate,  be- approximately  £230,000,  excluding  pension  ooombuuoos. 


(c)  The  faflowliig  tmmactioM  have  taken  place  between  Directon  and  compaohs  in  ihc  Group  since  3 1st  October.  1981: — 

ft  During  the  year  ended  3Dtb  September.  1982  AspinaU's  Club  Limited  purchased  from  Mr.  I.  V.  Aspinall  at  mariei  values 
chi  tun  for  £33*00  and  pud  £8,000  reoial  for  cenau  fuiuiuac. 
ft)  On  21a  December.  1982  AxpinaiTv  Cub  Limited  agreed  to  scfl  5,000  shares  fa^  General  Oriental  Limiled  to  Mr.  J.  F. 
Osborne  for  £5*00  in  cash. 

(Hi)  The  several' contmcB  mentioned  in  notes  (al  to  (g)  inclusive  of  paragraph  F set  out  Mew. 

Following  payment  for  the  vwrioiw  assets  acquired  to  be  made  « 1 lih  November.  1983  out  of  the  rate  proceeds  of  this  Ofa  for  Sate, 
neither  Mr.  J.  V.  Asptnall  nor  Sr  James  GoMsmidi  oorUltrahndge  Holdings  Limited  will  be  indebted  for  any  nones  to  the  Company 
or  any  other  company  in  the  Group- 

Sava  as  aforesaid,  no  Director  has.  or  has  had,  any  interest  in  any  reacts  which,  within  two  patra  bifore  ihc  date  of  this  Oflb-  for  Sale, 
have  beta  or  are  proposed  to  be  acquired  or  disposed  of  by  a based  to  tbe  Company  or  atrt  of  its  snbsidnna  and  no  cmtraa  or 
arrange  mem  at  present  exoW  m which  a Director  is  materially  interested  which  is  significant  m reutionto  the  business  of  the  Group 
taken  as  a whole. 


EL  ARTICLES  OF  ASSOCIATION 

The  Articles  of  Association  of  fhc  Company  contain  provisions,  inter  alia,  la  the  following  effect— 

Share  Capital 

The  authorised  share  capital  of  the  Company  all 0*00*00  divided  into  100*00,000  Ordinary  Shares  of  I Op  each.  Subject 
lothe  provisions  of  ihe  Companies  Acts  1948  lo  1983  and  of  »fty  resolution  of  the  Company  in  general  meeting,  the  issue  or 
scares  H at  lbe  discretion  of  ttie  Director*. 

Shore  Rights 

The  rights  attached  IO  any  does  of  shares  may  be  varied  or  abrogated  either  with  the  cement  in  writing  of  the  holders  of 
Ihree-founhs  m value  of  lbe  issued  shares  of  the  relevant  chn  or  with  the  sanction  of  on  EMnumfinarv  Resolution  passed  at 
a separate  General  Meeting  of  Die  holders  of  the  shares  of  that  class. 

Vaco;  Rights 

Every  shareholder  who  (being  an  individual)  is  present  in  person  orfbcio?  j corporation)  is  proem  by  rerrotaiLrirve  tw  proiy 
not  bring  hi msdf  a member  shaB  have  one  vote,  and  on  > poll  every  member  present  in  penon  or  by  proxy  shall  have  one  vote 
for  every  share  bdd  by  him. 

Directors 

(а)  The  ordinary  remuneration  of  the  Directors  shall  be  such  sum  « may  from  time  to  time  be  determined  by  the  Directors 
subtea  to  any  limit  imposed  by  Ordinary  Resolution  c*Tihe  Company  and  shall  accrue  cm  a day  today  basri.  The  Directors 
shall  be  entitled  ro  be  paid  all  expenses  properly  incurred  by  them  in  attendmg  meennia  of  the  Board  or  Committees  of 
the  Board  or  general  meetings  or  otherwise  m or  about  the  business  of  the  Company.  Any  Director  who  performs  services 
which  in  Use  opmioa  of  the  Director*  are  ouisde  the  scope  of  the  ordinary  dtnksoTa  Director  riall  be  entitled  io  inch  extra 
remuneration  as  the  Board  may  determine. 

(fa)  The  Board  may  from  lime  to  time  appoint  one  or  more  of  their  number  lo  be  the  bolder  of  any  executive  office  on  such 
terms  as  ibey  may  determine.  Tbe  remuneration  of  an  Execulive  Dmeior  (induditK  the  Chairman)  shall  be  fixed  by  the 
Board. 

(c)  The  Directors  shall  have  power  to  pay  and  agrer  topay  pensions  or  other  retirement,  superannuation,  death  or  disabihly 
benefits  io  (or  to  any  person  in  respea  often;  Director  or  ex-Direaor  and  (or  the  purpose  of  providing  any  such  pensions 
or  other  benefits  to  conlnbutt  to  any  scheme  or  fond  or  to  paiy  premiums. 

(id)  A Director  mav  apt  vole  or  ta  counted  in  a quorum  in  napera  of iny  contraa  transaction  arrangeineiu  or  proposal  in  whidi 
be  hat  a material  intens.  but  this  prohibition  dora  not  apply  ra- 
ft the  giving  toanv  Director  of  an?  security  or  mdemniiy  m respect  of  money  lent  or  obligations  incurred  by  bimat  die 
request  of  or  for  tbe  benefit  of  die  Company  or  any  of  ns  subudiaiKs; 

(ii)  the  pvnw  of  anv  security  to  a third  puny  in  respect  of  a debt  or  obiigauoa  of  ihe  Company  or  any  oChs  subsidiaries 
for  which  the  Director  himself  has  assumed  responsibility  fa  whole  or  in  pan  under  a guarantee  or  indemnity  or  by 
die  griing  of  security: 

fair)  any  contract  by  a Director  to  underwrite  shares  or  debentures  or  other  securities  of  the  Company  or  any  of  its 
sutetd  runes: 

(it)  any  proposal  concerning  any  other  company  in  which  he  is  interested,  directly  or  indirectly  and  whether  as  an  officer 
or  starehoUerarMberu-oe  howsoever.  patMded  itai  be  itoacther  with  persons  connected  with  him  within  the  meaning 
of  Section  64  of  the  1980  Act)  is  nol  the  holder  or  or  beneficially  interested  in  [ per  cent,  or  more  of  ihe  issued  shares 
of  any  class  at  the  equity  share  capital  of  any  such  corporauon  lor  of  any  thud  company  through  which  his  interest 
is  derived)  or  of  the  voting  rights  available  lo  members  of  the  reteiant  company  (any  such  interest  being  deemed  for 
the  purpose  or  this  Article  to  be  a material  uueresi  in  all  arcumsnmccsk 

(v)  any  proposal  concerning  the  adoption,  modification  or  operation  ofa  superannuation  fond  or  retirement  benefits 
scheme  under  which  he  may  benefii-auid  which  has  been  approved  by  or  « subject  to  and  cundiuoimi  upon  approval 
by  the  Board  of  the  Inland  Revenue  for  taxation  purposes; 

(vi)  any  proposal  concerning  the  adoption,  modification  or  operation  of  an  empidyeel'  share  scheme  or  any  employees" 
moentrur  or  stare  option  scheme  under  which  he  may  benefit  and  which  relates  both  ro  Directon  and  employees  and 
does  not  accord  to  any  Directors  any  privilege  or  advantage  not  generally  accorded  to  ihe  employees  lo  wham  such 
scheme  relates,  other  man  ihc  allocation  to  him  of  any  share  or  the  grant  to  bun  of  any  option  over  any  share  or  any 
other  matter  concerning  ha  radmdoal  participation  m any  such  scheme. 

(б)  A Director  may  himself  or  bv  his  firm  act  in  a proiemiona]  capacity  for  the  Company  (otherwise  than  as  auditor)  and  shad 
be  emitted  lo  remuneration  for  professional  services  as  if  he  were  not  a Director. 

(j)  A Director  shaB  not  be  required,  to  hold  ray  shares  of  the  Company  by  way  of  qtaidicatioiv. 

(g)  The  proviriimregroimB  retirement  of  Directors  under  an  age  limit  referred  to  bisection  185  of  the  Companies  Act  1948 
will  apply  io  the  Company. 

Borrowing  IWl 

The  Directors  may  exetrisc  all  the  pawns  of  the  Company  to  borrow  money  but  stall  restrict  the  borrowings  of  the  Company 
and  exercise  all  toting  and  other  rights  or  powers  of  control  exercisable  by  the  Company  in  rekuion  to  iu  subsidiaries  to  as  to 
secure  (bin  as  rcprds  subsid umes  only  in  so  far  as  by  the  exercise  of  such  rights  or  powers  of  control  the  Di reel ots  can  secure) 
that  tbe  aggregate  amount  for  ihe  lime  being  remaining  outstanding  of  all  monies  borrowed  las  such  expression  is  defined  in 
the  Articles)  by  lbe  Group  and  owing  lo  penom  ouuhte  the  Group  shall  not  al  any  time  without  the  previous  unction  of  on 
Ordinary  Resolution  of  ihe  Company  exceed  ihe  greater  of  £5U*0B*00  or  a sum  equal  to  5 limes  ihe  aggregate  op. — 
la)  the  amount  paid  up  of  the  issued  stare  capital  of  the  Company,  and 

ft)  the  amount  sanding  u the  credit  of  reserves  of  the  Group-  including  any  stare  premium  account,  capital  redemption 
reserve  fund  and  the  amount  Banding  to  the  credit  of  the  profit  and  teas  account  (afl  aodhown  by  the  bus  audited  balance 
sheet  of  the  Group  but  adjusted  as  more  parucutariy  set  out  m the  Andes). 


F.  MATERIAL  CONTRACTS 

The  fonowmg  contracts,  not  being  contracts  in  tbe  ordinary  course  of  business,  have  been  entered  into  within  two  yens  prior  to  the 
date  hereof  and  are  or  may  be  material:— 

(a;  tbc  Offer  for  Safe  Agreement  dated  1st  November.  1983  between  Mr.  J.  V.  Asphull  and  UhrabndpcHoWirjgs  Limited  (The 
Vendors'")  ( I k Sir  James  GoMsmilh  [2k  lbe  Directors  i3l  Knot  A Aitken  and  Raphael,  loro  rthe  Brokers"  1 14),  and  the 
Company  15)  bans  the  agreement  referred  io  in  paragraph  G bdow  and  a Deed  of  Indemnity  dated  1st  November.  1983 
between  Mr.  J.  V.  Aspinall  (Ik  UFtrabndgc  Holdings  Limited  (2),  Sir  James  Goldsmith  (3k  tbe  Company  (4)  and  the 
Brokets  (S>  which  is  oho  reform]  to  in  paragraph  G Wow; 

ft)  the  Undenakinps  each  dated  2ftth  October.  l*W  J fiom  Ultrabodge  Holdings,  Limited  (guaranteed  by  Sir  lames  Gokkmiiht 
and  from  Mr  J.  V.  Aspinall  io  The  Gaming  Board  for  Great  Britain  and  to  the  Company  in  relatioa  io  the  disposal  of  duns 
in  the  Company  following  this  Offer  for  tate, 

(cl  ihe  I (tree  Agreements,  two  of  which  ore  daicd  24th  October.  1983  and  Ihc  ihiid  doled  25ih  October.  1983.  between  the 
Company  and  Mr.  J.  V.  Aspinall  for  tile  purchase  ot  Ihe  whole  of  the  issued  share  capital  of  Araxoafl's  Club  Limned  in 
exchange  for  on  aggregate  Of26  million  Ordinary  Shares  of  I Op  each  credited  as  ful»  paid.  £5  million  nominal  or  13!  per 
cent.  Unsecured  Loan  Stock  1988.-90  and  £3  5U*0Q  nominal  of  1 3i  per  cent.  Unsecured  Loon  Slock  19B8  of  tbc  Company - 

(d)  lbe  roudiiional  agreement  dated  26tb  October.  1983  between  AspinaU's  Club  Limited  and  Mr.  J.  V.  Aspinall  for  the 
purchase  bv  AspinaU's  Qub  Limited  of  £350.000  nominal  of  I3j  per  cent.  Unsecured  Loan  Stock  ] 988  of  lbe  Company 
from  Mr.  j.  V.  Aspioall  at  par 

(t)  the  Agreement  dated  29ih  September.  1983  between  AspmalTs  Chib  Limiled  and  Mr.  J.  V.  Aspinall  foe  the  conditional 
purchase  by  Mr.  J.  V.  AspinaB  of  the  whole  of  AspmaH  t Club  Lrmi red's  laretrst  in  How  kill  and  Port  Lympne  Estates 
Limited  for  £2.22 1 -DM  in  cash.  The  sale  price  represents  the  book  value  of  the  mieament  m Howfctu  and  Port  Lympne 
Estates  Limned  and  is  regarded  by  the  Directors  os  being  not  less  than  the  open  market  value  of  the  stares: 

(Ft  Ihe  Agreement  dated  29ih  September,  19S3  between  Mr  ).  V.  Aspinall  and  AspmalTs  Chib  Limned  for  the  coodhtonal 
purchase  by  Mr.  J.  V.  Avpinill  i\f  lbe  IrcehcikJ  of  I LyaJJ  Suea,  London  S W I .mad  the  leasehold  of  Flat  D.  I Bins  Gardens, 
London  S.w.7.  for  £562.500  in  cash.  The  sale  price  represents  the  open  market  value  of  these  properties 

(g)  the  Agreements  each  dated  29th  September,  1983  between  AspinaU's  Gub  Limiled  and  each  or  Mr.  J.  V.  Aspinall  and 
Uhrahndcc  Holdings  Limited  for  lbe  conditional  purchase  by  Mr.  J.  V.  .Aspinall  and  Ihe  unconditional  purchase  bv 
IftiRibridae  Holdings  Limned  of  an  aggregate  oTSIOJOO  shares  m the  capital  of  General  Oriental  Limited  and  28.000 
shares  in  the  capital  of  Calmar  Inc.  for  on  aggregate  consideration  of  £4.305.340  in  cash.  This  figure  is  the  aggregate  cunem 
market  value  of ^ihose  shares  based  on  Ihe  middle  marker  prices  an  die  London  and  New  York  Stock  Exchanges  respccuvdy 
on  28th  September.  1983.  and  the  mid-fle  market  rate  of  exchange  of  U-5.  dollars  into  sterling  on  ihc  same  date: 

ft)  the  Agreement  dated  22nd  September.  1983  between  the  Company  and  Ulirabridge  Investments  1 1 98 3i  Limited  PUIL'T 
for  the  purchase  of  the  uhote  of  the  business  and  undertaking  of  UIL  m contiderauofl  of  ihe  assumption  by  the  Company 
of  ail  tabilnira  of  UIL  and  ihe  issue  credited  as  folly  mud  of  26  rmUion  Ordinary-  Shares  of  lOp  each  direct  io  the 
shareholders  of  UIL  and  lbe  Warranty  Agreement  dared  31a  October.  1983  between  ihe  Company  and  General  On  anal 
Limited  containing  renaut  warranties  in  relation  to  ihe  assets  and  labilities  of  UIL  and  its  subadtary  Ultrabridge  Limned 
in  favour  of  Uk  Company,  and 

(i)  the  Agreemeni  dated  29th  September.  1 982  between  AspinaU's  Gub  Limited  and  United  Biscuits  (UK)  Limiled  r*UBl<K“l 
for  the  purchase  of  ihe  freehold  ar  Bamwood  Rood  industrial  Estate.  Barn  wood.  Gloucestershire,  by  Aroi  nail's  Gub 
Limited  1.185.000  and  the  lease  rimed  29lh  September.  [982  between  Asptnall 's Club  Limited  and  UBUk  for  the  lease 
of  the  premises  to  UBUK  on  the  terms  referred  io  m Appendix  (V. 


Cbntraets  referred  to  in  jektf)  and  (elibotc  ate  conditional  on  the  gnat  of  permission  for  the  Company's  stares  io  be  deoil  in  on  Die 
Unlisted  Securities  Market  by  10th  November,  1983,  foBowiag  whidi  completion  will  take  place. 


G.  OFFER  FDR  SALE  AGREEMENT 

By  the  Offer  Sot  Sole  Agreement  and  Ihe  Deed  of  Indemnity  both  of  wtfafo  we  referred  to  fa  paragraph  F fa)  above:— 

ft  the  Broken  agreed,  conditionally  upon  lbe  Council  oTTfce  Stock  Exchange  Granting  f*rotissmn  for  tij  the  «uedj*arc 
capita]  jjf  the  Company  to  be  deah  in  on  the  Unlisted  Scomocs  Mattel  not  bux  than  10th  November,  1983,  to  purchase 
7300*00  Ordinary  Smra  from  the  Vendors  at  I ISp  per  share 
Gil  ibe  Company  agreed  to  pay  to  the  Brokers,  a fee  as  brokers  ro  the  Offer  for  Sale  and  the  Broken  agreed  to  pay  ihor  own 
legal  expenses  and  any  underwriting  comm rsaon  payable  in  respect  of  tbe  Offer  (br  Sate; 
fti)  the  Comjany  urecd  to  pay  *8  other  fees,  costs,  charge*  md  expenses  mddenial  to  the  Offer  foe  Sale  ndudiug  the  cost  of 
printing  and  advertising  tins  prospectus; 

frv)  the  Directors  and  the  Vendors  gave  cenoin  wananties  to  the  Brokets  reganfing.  truer  aha,  the  contents  of  this  prospectus 
and  taxation  matters: 

(v)  Sr  James  Goldsmith  guaranteed  the  performance  by  UluabridBe  Holdings  Limited  Of  in  obligations  trader  the  Offer  for 
Sale  Agreement  and  the  Deed  aT  tademnityr.  and 

fti)  iW  Vnuinn  raw  .an  imrimaking  w the  Broker,  notto  acfl  or  daoqw.of  anv  of  that  shares  ta  tbe  Company  foflQwntfethis 
Offer  for  Sale  before  1st  May.  1984  without  iheur  prw  consent. 


H.  TAXATION 

(a)  The  Directon  tare  been  adrised  that  upon  disposal  of  shares  Of  the  Company  pursuant  lo  Ihc  Offer  for  Safe,  the  Company  will 
remain  a dose  company  as  defined  iatta  Income  and  Cotporaunn  Taxes  Act  1970. 

04  Mr,  i,  V.  Aspioall  and  Uhrabndge  Holdings  Limited  (guaranteed  by  Sir  James  GoMsmith)  bare  severally  given  to  tbe  Company 
an  indemnity  fa  respect  of  capital  transfer  tax.  income  lax  shonfaU  md  certain  other  motion  liabilities. 

Id  Clearances  tare  been  received  ia  respect  of  iD  campiaed  accounting  periods  of  Aipmair*  Gub  Limiled  up  to  and  taefodrog 
30th  September,  1981  pennant  to  paragraph  ig.  Schedule  18.  Finance  Act  1972.  in  refaucm  u>  sbonfalL 
Id)  Clearances  hare  been  received  under  Section  464  of  the  Income  xnd  Corporation  Taxes  Act  1470  and  under  Section  88  of  ihe 
Capital  Goins  Tax  Act  1479  in  respect  of  tire  Company's  aajuraiion  of  the  stare  capital  of  Aspsnair*  Chib  Limited  and  LUtrabndge 
Limited  and  in  respect  of  this  Offer  for  Safe. 


L'  GENERAL 

(a)  (!)  No  share  or  loan  capta)  rf  the  Company  or  any  oriis  .subsidiarie3  is  under  option,  other  than  a*  dodosed  berem,  or  agreed 

coodufanaliy  or  uoreuditioaelly  to  be  pm  under  option; 

(6)  Since  31st  October  1481.  are  as  disclosed  trenan— 

(a)  ucapital  ofthe  Company  tre  any  ofta  suhstdunies  (tafiept  faraphal  dsned  to  ortahted  ta  dwCfanpany  or  a irtioUy 

owned  subsidiary  of  the  Companyl  has  been  issued  for  cash  or  otireiwh*  or  tv  f»«P«4  B>  to  be  issued  rave  ttat 
fton  24ih  Oaober.  1983  the  camtol  of  Anxnall'i  Gub  Limited  w»  increased  to  i-XLOOO  by  tire  crcanoo  of  10.000 
” A"  Ordinary  Stares  of  i I cadi  and  |O.OOO^B“  Deferred  Stajp,  of  winch 

» the  roembersof  tint  company  cttdised  as  fufly  paid  by  way  of cantalmroon  of  teserveaandlitita  fmhhrareh.  ‘Wf 
intrabridv  limiled  aBotted  by  way  of  oopittiiration  of  K*svc*i^2U  ordtaxiy  sta«s  of  £1  each,  no  12th  September, 


1983  Ulnabrida!  Limited  allotted  by  way  of  capitalisation  of  reserves  1.25*  ordinarv  shares  of£I 
September.  1983  Ultrabridge  Limited  issued  479,48$  ordinary  stares  off ! each  for  cash  ai  par. 


each  and  on  16th 


ft)  no  conunisaons,  discounts,  brokerages  or  other  special  terms  tare  beta  granted  in  connection  with  the  issue  or  safe 
of  any  pan  of  lire  capital  of  Ihc  Corapuy  or  am  of  its  subsidiaries. 


ft)  The  Group  tax  no  litigation  or  drums  of  raaicrul  importance  pending  or  threatened  jpinw  it  aai  mi  facts  ore  known  to  tire 
DmetoR  which  are  hksly  i*  gjvt  rue  to  any  such  litigation  trt  claims. 


(c)  Savt  as  dddoted  herein,  there  has  been  no  material  duns:  in  tbe  Hading  or  financial  poniion  oTtireCompaiti  and  ussotodiaris 
sface  3IHh  June,  1983. 


(tf)  Price  U-'aieriuuse.  Touche  Ross  & Co . Kiicai  & Aiiien  and  Radiari,  Zom  have  given  and  tare  nc-t  w-itiidranu  their  respective 
written  contents  ro  the  issue  of  this  proifcctus  with  the  mduawn  tbncin  of  tinar  reports  and  or  kum  and  ihcrdcrnna  [hereto  tn 
the  form  and  context  in  which  they  are  included. 

fe)  The  above-mentioned  written  consents,  copies  of  tbc  material  contracts  referred  io  in  paragraph  F ahm*  die  Statement  of  Pricr 
Waterhouse  and  Touche  Rou  * Co.  setimf!  out  the  adiustmaiu  made  in  amweg  at  Ihc  hsnres  conLuned  m iheu  report  as  set  out  herein 
and  giving  the  reasons  therefor  and  tire  forms  of  appticiuion,  were  attached  » Ihc  copies  of  this  dOcumcal  dehvered  toibc  Rccsuar 
of  Compazues  for  registratioa. 

ffl  Mr.  J.  V.  Aspinall  and  Ulirabridgr  Holdings  Limited  are  tire  promoters  of  tire  Company  Save  as  dockecd  herein,  no  amount  or 
benefit  has  been  paid  or  given  to  the  promoters. 

(c)  Io  the  opinion  of  the  Directors,  no  amount  must  be  provided  in  respect  ofany  of  tire  matters  set  out  in  paragraph  4 (a)  of  the  4th 
Schedule  u>  the  Companies  Act  1948. 

(hi  The  preliminary  expenses  of  tire  Company  ore  £250  and  WC  payable  by  (he  Company. 

(ii  The  expenses  of  this  Offer  for  Sate,  inctoding  the  capital  reorganisation,  are  estimated  lo  be  appro uma teW  £$50,000  winch  will  be 
payable  by  tbc  Company. 

01  No  pin  of  the  proceeds  of  tbe  Offer  for  Sate  will  be  received  by  the  Company. 


J.  DOCUMENTS  FOR  INSPECTION 

Material  contracts  ici  and  ft)  mentioned  in  paragraph  F above  and  copies  of  the  follow ing  documents  mav  be  inspected  al  tbc  offices 
of5tephenwn  Harwood.  Saddlers'  Hall.  Gutter  Lane.  Gxapude.  London  EC2V  bBS.  and  S J Berwtn  £ Co.  Capital  House.  42  Weston 
Street,  London  SE I 3QN.  during  usual  business  hours  cm  any  urrL  day  iSj'.unliji  and  Bank  Holidavsrxvvptedifwaperwd  offouneen 
days  from  the  dare  of  this  document: 

Ii)  the  Memorandum  and  Articles  of  Association  of  the  Company, 

(ii)  ihe  audited  etmsoiidaied  accounts  of  Aspinall':  Gub  Unuud  and  msubsdiaries  for  the  three  tears  ended  50th  September, 
1982  and  ibr  nine  months  ended  30th  Jane.  I®8  j. 

(nil  ihe  audited  accounts  of  Lftrabnitee  Limited  for  tbc  period  from  incorporation  to  31*  Mafch.  1 982  and  for  lbe  year  ended 
310  Mereh,  1983; 

(jv)  tire  rerun  of  Price  Waterhouse  and  Touche  Ross  & Co  set  out  in  Appendix  I above  and  tire  statement  of  adjustments 
referred  io  above; 

fv)  the  letters  of  Pnce  Waterhouse.  Touche  Boss  * Co.,  Kitcal  £ Aitken  and  Raphael,  Zorn  in  rctauan  io  tbe  profit  estimate 
as  set  out  in  Appendix  111  above; 
fvi)  tbe  nutcnal  coo  irons  referred  ro  above; 

(viil  the  written  consents  referred  ro  above; 

tvntt  the  Instrument  constituting  the  £5  miUian  13)  percent.  Unsecured  Loan  Block  1988-90  of  Ihe  Company: 

(ix>  vaJiuuioBi  or  the  freehold  house  at  I Lyall  Street,  London  S.W  I and  tbc  lease  hold  of  FLu  D.  1 Bum  Gardens,  London 
S^-7. 

Dated  la  November,  1983 

Procedure  for  Application 

NopcrwNireceirlagxropyof  ibis  O&r  for  Sate  ud  or  an  Application  Fora  in  any  IcrriMTy  otber  tium  tire  L asted  Ktecdom  may  treat 
the  same  as  cwtstfaxtioq  u inritatiao  to  him.  dot  should  be  ia  aaj  near  use  sach  Aat&caiioa  Form,  unless  in  tire  nrirrui  terriiory  such 
n laiiuttaa  canid  lawfully  be  made  to  him  or  such  Farm  mold  lawfully  br  used  wifaoui  caaoptiaaoe  wfib  on)  legbxroiiaa  or  oihn  Inal 
require  meals  It  b the  respooalbllily  of  any  person  outside  ihe  L'mled  Kingdom  wtshfaq;  to  make  an  application  her* router  lo  sarislyr 
biarvrif  as  ro  fuH  observuaer  of  the  laws  of  lbe  relevul  territory  in  coiurecfhw  dwrowilb.  imiediaft  o'uatamg  any  garoniDeiiul  or  other 
nauxa  wtuch  may  be  irqwirrd  or  obseniaxa  any  ochrr  formalities  needing  lo  be  observed  ta  neh  territory. 

Appticuioia  iwhich  mus  be  fora  minimum  of  MO  Shares  wiib  applications  for  irol  more  than  1 .000  shares  bring  in  muluplesoftOO 
stares.  Tor  over  1 .000  stares  and  not  nuvre  duo  5.000  dares  in  multiples  of 500  shares,  for  over  fi.UCO  shares  and  not  more  itun  10.000 
shares  in  multiples  of  1,000  shares,  for  over  1 0.000  shares  and  noi  more  than  50.000  diam  m multiples  nf  5 00o  shares  and  ibr  over 
50,400  shorn  in  midnpta  of  lO.OOi)  stares  i must  br  made  on  the  ApplKaiion  Form  pre-v  ided  and  forwarded  or  banded  in  to  Barr  lays 
Bank  PLC  New  Issues  Department.  P O Box  123.  Fteetwav  H ouse  25  Famngd-.-n  Si  reel.  London  EC4  A JH  D io  arm  e ool  later  itan 
10*0  a.oi.  on  Tuesday.  8ih  November,  >983.  Ptiowwai  copes  of  Appiicslron  Forms  wiU  noi  he  acoepted. 

A separate  cheque  or  bonkers  draft  must  accompany  each  Application  Form. 

Cheques  or  bankers  drafts,  wtuch  must  be  drawn  in  sterling  on  a branch  in  England.  Scotland.  Woles.  Northern  Ireland,  the  Channel 
blonds  or  tire  fate  of  Mon.  of  a honk  which  n either  a member  of  ihe  London  or  Scottish  Clean  hr  Houses  or  which  has  arranged  for 
hs  cheques  and  bonkers  drafts  to  be  cleared  through  the  loaliurs  provided  for  the  members  ot  those  Clearing  Houses  and  mist  hear 
Ihc  appropriate  sorting  code  number  in  the  lop  nght  hand  corner,  must  be  made  payable  to  "Sareiaix  Rank  PLC  and  crossed  'Not 
Negotiable"  and  must  represent  payment  m full  ■■  the  Offer  for  Sale  price.  No  afTticauca  util  be  considered  unless  these  condjiioos 
are  fulfifled. 

Preference  will  be  given  in  respect  of  i maximum  of  10  percent,  of  ihe  stares  being  offered  for  sale  to  applications  mode  by  Directors 
and  employees  of  the  Company  and  iu  subsidiaries  on  ihe  speed!  pink  farms  provided  fee  ihe  purpose. 

Kiicai  St  Aitken  and  Raphael.  Zorn  reserve  ihe  righi  io  presenl  all  cheques,  bankers  drafts  for  pas-mem  on  rrccipv.  io  retain  tellers  of 
accepuncr  and  surplus  application  monies  pending  ihe  clearance  of  all  cheques,  ro  accept  in  par:  only  or  lo  rctect  or  scale  down 
applications  and.  in  parucabr.  multiple  or  vuspecied  mulupte  applications  and  applicaiions  for  on  undue  number  of  shores.  C-ue 
complruon  and  delivers-  or  an  Application  Form  accompanied  bv  a cheque  will  eonsuiuu'  a representation  liul  ihv-  cheque  will  be 
honoured  on  first  pieaauaium,  anennon  iv  drawn  lo  ihc  declaration  in  nic  Appiteauon  Form  io  ihoi  effect. 

irony  applksuioti  is  noi  accepted,  the  amount  paid  can  application  will  be  returned  in  full  and,  if  anv  application  is  accepted  for  fewer 
shares  than  applied  for,  the  balance  of  ihc  amount  paid  on  application  will  be  returned  by  cheque  through  Uh-  post,  in  euher  case 
wrthooi  imeresl  and  at  ibe  appheani's  risk. 

RCManeabte  tenths  afacrrpuncewiU  he  seni  losuccesolul  applicants  by  notlaieritao  1 1th  November.  1983  and  will  be  rennimce- 
xbie  up  in  I Jrb  December.  IJ83.  The  shorn  now  being  offered  for  vote  will  be  regnured  free  cl  stamp  duiv  and  repstranon  fees  m 
the  names  of  Ihc  purchasers  or  persons  in  whose  favour  Inters  of  acceptance  have  hern  renounced,  provided  Itau  in  tbe  cose  of 
remmciMion.  kraers  of  acceptance  duly  completed  m accordance  wnh  the  instructioiu  contained  therein  air  bodged  for  rcgrsuauon  on 
or  before  llih  December,  1981.  Share  cemlvcaiev  » ill  be  despatched  un  lOih  January.  NSa. 

Acceptance  of  applications  will  be  conditional  on  Ihe  Council  of  The  Slock  E xchangc  granting  permission  to  deal  m the  issued  ordinary 
shares  of  the  Company  in  ihe  Unlisted  Securities  Market  b«  no  later  than  tilth  November.  1483.  Monies  collected  in  respect  of 
applications  will  be  mumed  if  such  condition  is  not  satisfied  by  italdatc  and  in  ihc  meanumrwiTl  be  retained  by  Barrby^  Bank  PLC 
in  a separate  account.  It  a expected  Ital  dealings  will  commence  not  later  ihm  lath  November,  1983. 

Availability  of  Copies 

Copies  of  this  Offer  for  Safe  are  available  front— 


Kite*!  4 Althea. 

The  Stock  Exchange. 

London  EC2N  IHB. 

Baidayw  Bank  PLC. 

New  Issues  Deparrmcnl. 

P.0  Box  123. 

Fleetway  House. 

25  Forrinedon  Si  reel. 

London  EC4A  4HD. 

and  at  the  foUnwinc  brandies  of  Barclays  Bank  PLC  — 


Slock  Exdunee  Branch. 
8 Anggi  Court. 
Throgmorron  Street. 
London  EC2R  7HT. 

54  Lombard  Street. 
London  EC3P  3AH. 

Sunhope  House, 

46  Park  Lant 
London  WIA  4EF. 

30  Skane  Square. 

• London  SWlWHAF.  ' 


P.0  Bo*  No.  34. 
b3  Col  more  Row. 
Birmingham  B3  2BY. 

P.O  0ox2O7. 

40  Com  Sireer. 
Bristol  BSww  7.VJ. 

PO.  Box  Nn  69. 
121  Quren  Sired. 
Cardiff CFl  ISG. 

6 Rose  Lane. 

Canterbury  CTI  2FN'. 


RapharL  Zen. 

10  ThtoonorMl  Avenue, 
London  EC2N  2DP. 

Socteit  At  Bum  Ocridcmate. 
45  42  Comltdl. 

London  EC3V  3PB. 


35  Si  Andrew  Square, 
Edinburgh  EH2  2AD. 

90  Si  Vincent  Street, 
Glasgow  G2  5UQ. 

3'  PaiV.  Row. 
Leeds  LSI  IHS. 

PO  Box  No  10", 

4 Water  Stie:». 
Luerpovtl  Lb9  2DL'. 


F O.0o*  No.  357, 

I ? York  Street. 
Manchester  M60  2AU. 

P.O.  Box  IDA. 
Collmpxood  Street 
Ncwcasite  -upc-n-T  yne 
NE'W  IDA. 

P.O  Box  No  2. 

30  Hiyh  Sinn. 
Southampton  509  7.AB. 


Application  Form 

The  Application  List  win  open  at  10a.m.  on  Tuesday,  fiih  November,  19fi5,  and  may  be  closed  41  any  lime  thereafter. 

This  Form  when  completed  should  be  fomnlnl  w Bnrcfays  Bank  PLC.  New  (sues  DepnrrenenL  P.O.  Box  123.  Fkctwny  House.  25 
Furiugdua  Street.  London  EC-kt  4HD  and  ihouM  arrive  not  later  than  10  j m on  Tuesday.  8th  November.  1983.  logeihet  with  a 
cheque  or  bankers  draft  (drawn  in  sterlingon  a branch  in  England  Scotland.  Wales.  Nonhrm  Irrland.  the  Chanrel  Islands  or  the  Isle 
of  Man  ora  bank  which  is  cnbrr  a mem  bereff  Ihe  London  or  Scon  nhOeannp  Houses  or  which  has  arranped  for  its.  cheques  and  bankers 
vfrafts  to  beckared  through  ibe  {acilma  provided  for  ihe  mem  bets  of  those  Gearing  Ho-oses  and  beanng  the  appropriate  sorting  code 
Dumber  io  the  lop  nglu  band  comer)  mode  payable  to  "Barclays  Bunk  PLC"  and  vTiMiol  "Not  nepc-tiibk".  A separate- Lhcque  or  draft 
must  accompany  each  application,  which  win  not  be  considered  unless  ihese  conditions  ore  fulhDcd. 


Aspinall  Holdings  p.l.c. 

(/ravqwnsAf  in  England  under  the  Ci^npar.iet  Acts  194$  .V 1981  Xv  l74fxn0) 

Offer  for  Sale 
by 

Kitcat  & Aitken  and  Raphael,  Zorn 

of 

7,800,000  Ordinary  Shares  of  lOp  each  at  1 1 5p  per  share 


'Applicaiions  must  be  for  a minimum  of  500  stares.  Applica- 
tions for  not  more  than  1.000  stares  most  be  in  multiples  of  100 
stares,  for  over  1.000  shares  and  nw  more  than  5.000  shores  in 
multiples  of  500  stares,  for  O'er  5.000  stares  and  not  more  than 
10,000  stares  m multiples  of  1,000  stares,  for  over  10.000  stares 
and  not  more  itan  50,000  sham  in  multiples  of  5.U00  shares 
and  for  over  50.000  starts  in  muhipte  of  10,090  stares. 


Number  of 

Orel  man.  Shares 

Amount 

applied  for* 

Enctoscd 

Tie  Kkcsr  it  Althea  and  Raphael,  Zorn 
Gentlemen. 

Having  paid  to  Barclays  Bank  PLC  the  above-mentioned  sum.  bang  ihe  amtauu  t of  1 1 f p per 
shore  payable  on  application  for  the  above-stated  number  of  ordinarv  stares  of  top  each. 
I we  offer  u purchase  that  number  of  shares  and  ] we  agree  to  accept  tire  same  or  any  smarter 
□ i/mber  of  shares  in  rejpcci  of  which  this  application  may  be  accepted  upon  ihe  terms  of  the 
Offer  for  Sale  dated  Is  November.  1983.  and  subject  to  ihe  Memorandum  and  Articles  of 
Association  of  Asptnall  Holdings  p lx. 

I/We  authorise  you  to  send  a fully  paid  renounccable  letter  of  acceptance  in  respect  of  surti 
shares  and  or  a cheque  representing  the  return  of  any  applrcaiioa  monies  due  ro  me  us  by 
post  at  my  our  nsk  to  the  (first)  address  written  below . 

I'W*  deetore  and  nma  xhxl  fate  temptettem  ti  tbs.  appticatisq  (ora  accompanied  by  a 
cheque  will  constitute  an  mferahlng  by  me  n*  that  the  cheque  sem  herewith  will  be  paid  on 
first  .presentation  and  any  xUimncnt  to  me  ns  is  strirtij  on  this  undemanding. 


For  Offire  use  only 

I.  Lrrrer  of  Acceptance  No. 

1 

1 

2.  Number  of  shares  allotted 

1 

1 

1 *•  Amounl  remind 

Ml  zppitouun 

r 

I 

4.  Amount  pa  table 
on  shares  arrepled 

f 

“ I 

1 

Date- 


..  I9S3  Signature. 


PLEASE 

USE 

BLOCK 

LETTERS. 


5.  A moor  l returned 


6.  Relumed  Cheque  No. 


AH  Jouil  Applicants  must  sign  below. 


Sunurre  and  Designation 
iMr.  Mis,  Miss.  Title  or  Rank] 

Fcrenamnv  m fufl 

Address  in  foil 

I A corporation  should  complete  ibis 
Form  under  the  rLUvl  ofa  dull  aoUioris 
official  who  should  a ue  bis  apocitjj 


(21  Sipulure. 


Surname  and  Designation 

(Mr.  Mrs.,  Miss,  Title  or  Rank) 
FoKumetst  in  foil 


Address  fin  fort). 


(3)  Signature. 

Surname  and  Designation  - 


(Mr..  Mis . Miss.  Title  or  Rank! 
Forename's)  m fort 


Addres  (in  full) . 


(41  Signaiure. 


Surname  and  Dcslgnaiion 

rMr . Mrs.  Miss.  Tide  or  Rani) 
Forenameivl  in  full  — 

Address  (m  foil) 


Appircanis  ore  advised  to  allow  two  davs  for  ddnrrx  through  me  posi  and  to  me  fir.i  cbw  mail.  The  nyii  « rraervod  ro  pieseni  all  * 
cheques  and  drafts  fat  pa.'mem  un  receipt  and  to  withhold  kucix  of  accept aace  aed  #w»  apjriiiUtem  momr.  .,t  Jearaovc  of  I 

applicanu'  chequrs  “ 

No  receipt  will  he  issued  for  ihe  amount  paid  on  apjforation  bm  qn  acknowlcdyrmeni  win  he  forwarded  in  due  enune  t«  rully  paid  I 
KfloUAceable  letters  of  accdptanre  in  respect  of  all  or  some  oi  ihe  sham  applied  for  and  ot  t-;  ic:ura  bv  chcq-jj  -.tirougMhc  pusl  of 
Ihe  appbeaboo  motues  or  any  surplus  ftenof,  ui  each  ease  at  the  applicant's  roi 


J 


■Financial  Times  Thursday  November  3 1983 


Accountancy  Appointments 


Accounting 

Operations 

Manager 


Beds 


c£16K+car 


This  is  an  influential  position  at  a 
senior  level  in  a large  and  progressive 
retail  company  currently  undergoing  a 
period  of  significant  development  within 
tiie  accounting  and  financial  control 
functions. 

Responsible  for  over  100  staff  and 
accountable  for  all  aspects  of  the  bought 
ledger,  company  payroll  and  retail 
accounts,  you  will  report  directly  to  the 
Chief  Accountant 

To  gjve  an  idea  of  the  scale  of  this 
role  we  nave  123  stores,  a sales  turnover 
of  £500  million  per  annum  and  payments 
toa  large  number  of  suppfiere. The  main 
responsibility  is  to  provide  an  efficient 
operation  to  these  areas,  prepare  books  of 
original  entry  and  provide  the  associated 
administration  in  line  with  set  standards. 

Most  systems  are  computerised 
within  a sophisticated  environment  with 
new  systems  being  developed  and 


enhanced  to  facilitate  the  interchange  of 
information.  This  will  caA  for  working 
dosely  with  the  Accounting  Development 
Team  and  the  DP  Department 

You  should  be  an  Accountant; 
qualified,  ideally  ACA,  with  the  ability  to 
control  a large  department  and  effect 
change  where  necessary.  Commercial  and 
managerial  experience  is  essential 
and  the  preferred  age  is  between  mid  30's 
and  mid  401s. 

We  are  offering  a first  dass  range  of 
benefits  induding  subsidised  meals,  staff 
discount  share  participation  scheme  after 
a quafifying  period  ana  free  life  assurance 
cover. 


Please  write  with  fuD  cv  to: 

G.  CockbiK,  Chief  Accountant 
British  Home  Stores  PLG,  Amdale  House, 
Amdale  Centre,  Luton,  LU1 2TG  Beds. 
Telephone:  Luton  (0582)424242. 


m 

3 

1 

urn 

Director  of 

Finance  and  Administration 

North  Bucks.  c £25,000  + car 


A subsidiary  of  a mqjor  international  group,  our  dient  distributes  commercial 
equipment  Trading  in  a highly  competitive  market,  the  quality  of  the  company's 
products  has  led  to  rapid  growth  to  a turnover  of  £50  million.  Continuing  expansion 
in  turnover  will  occur  as  the  company  alters  new  business  areas. 

Due  to  the  impending  retirement  of  the  present  incumbent,  the  company  wishes  to 
recruit  a Director  of  Finance  and  Administration.  A member  of  the  small  executive 
team,  the  Director  will  be  responsible  for  the  finantial  and  administration  functions. 
Managing  a smaU  staff,  he  or  she  wifl  negotiate  siistarrtialftmcfing,  overview  systems 
development  liaise  dcsely  Wfth  the  company's  parent  and  wfl  I be  a Director  of  two 
adisicfiafies.  The  administration  tasks  will  include  negotiations  with  dealers  and  tire 
management  of  both  personnel  and  data  processing.  The  Director  wfli  participate  in 
all  commercial  decisions. 

Aged 35-40.appEcants  should  be  qualified  accountants  with  a record  of  commercial, 
admirastrative  anti  financal  responsibility.  Please  write  enclosing  a career  history  and 
day-time  telephone  number  to  David  Hogg  FCA,  quoting  reference  1/2185. 


EMA  Management  Personnel  Ltd. 

Hatton  House,  20/23  Hoi  bom,  London  ECIN  2JD 
Telephone:  01-242  7773  (24  hour). 


FincmceDirector- 

designate 

WestLtmdon  c£22JS00+careta 


Oof  client,  Kango Wolf  fbwer Tools  Limited,  a wholly  owned  subsidiary  belonging 
to  the  Dobson  Park  Industries  Group,  manufactures  and  distributes  elecbrical 
tods,  electrical  hammers,  generators,  transformers  and  associated  products. 
Following  the  merger  of  theKango  and  Wblf  companies,  there  is  now  a need  for  a strong 
business  minded  accountant  to  join  the  new  company  in  this  key  and  dialhaTgingrcte. 

The  Finance  Director  - designate  win  repeat  to  the  Deputy  Chainnan/Managing 
Director  and  will  quickly  assume  total  responsihiKty  for  afl  aspects  of  the  finance  and 
accounting  functions.  In  additigi  the  successful  applicant  will  farm  an  integral  part  of 
the  senior  management  team  and  will  be  expected  to  make  a significant  contribution 
towards  the  successful  operation  and  performance  erf  the  company. 

Preferred  candidates  must  be  in  possession  of  a major  accounting  qualification,  aged 
35  to  45,  and  be  able  to  offer  well  developed  accounting  and  financial  skills.  Equally 
important  is  thp  necessary  character  to  wigwiHw  mH  pshihKah  credibility  within  an 
early  period  of  joining  the  company. 

In  addition  to  salary,  benefits  will  include  a fully  expensed  car;  pension,  life  and  private 
medical  schemes  and  5 % weeks  holiday  per  yeaETtedegignatory  period  ia  not  luae(y  to 
be  more  than  one  of  6 months. 


Candidates,  mate  or  female,  can  make  amrficatiani! 
by  quoting  MCS/7126  and  requesting  a Ftersanal 
History  Form  from  Michael  B.  Andrews, 
Executive  Selection  Division,  Southwark  Tbwgrs, 
32  London  Bridge  Street,  London  SEl  9S1E 


nee 

/aterhouse 

r.  Associates 


CHEADLE  HULME,  CHESHIRE 

As  a successful  U.K.  subsidiary  of  a major  international  chemical  group,  our  aim  is 
continuous  improvement  of  our  systems  and  approach  to  modem  accounting  methods  and 
philosophy.  To  strengthen  this  approach,  we  intend  to  develop  a distinct  treasury  function 
reporting  to  the  Chief  Accountant. 

Please  contact  us  if  you  are  qualified  lo  ACA  or  ACMA  with  several  years  post 
qualification  experience  outside  the  profession.  You  should  have  acute  entrepreneurial 
awareness,  experience  of  evaluating  optimum  financing  and  banking  arrangements  and  be 
competent  in  the  German  language.  The  successful  candidate  will  probably  be  aged  between 
30  and  3S.  . ..  . . ...  . 


If  successful,  you  will  be  offered  a competitive  salary  and  benefits  package  including  a 
ny  car  and  BUPA  membership-  Relocation  expenses  will  be  considered 


company  car  and  BUPA  membership-  Relocation  expenses  will  be  considered 
sympathetically. 

Please  contact  our  Personnel  Department  For  an  application  form,  which  may  be 
submitted  with  your  prepared  c.v.  to:  , , „ _ 

The  Personnel  Department,  BASF  United  Kingdom  Limited.  P.O.  Box  4,  Earl  Road, 

C beadle  Hulme,  Cheshire,  SK8  6QG.  Telephone  061-485  6222. 


BASF 


CCQOSaHCY 


TAX  ACeitSTAiT 


c£14,50ff 


An  opportunity  for  a young  qualified  ACA  with  good 
tax  experience  to  join  the  International  Head  Office  of 
this  multi-million  industrial  group.  Responsibilities  will 
encompass  UK  corporate  tax  compliance  work  plus 
individual  projects,  together  with  some  international 
exposure.  Candidates  can  expect  excellent  prospects 
within  a stimulating  and  lively  environment  CENTRAL 
LONDON.  Ref:  SC. 


MANAGEMENT  ACCOONTANT  c£1 4,000 


Prestige  service  company  offers  a broad  commercial  role 
to  a smartly-presented,  qualified  accountant  looking  to 
promote  their  inter-personal  skills.  Immediate  respon- 
sibilities are  for  the  day-today  running  of  the  accounts 
department,  production  of  management  accounts  and 
budgets.  The  successful  candidate  will  also  initiate  the 
transfer  from  bureau  to  in-house  computer  facilities. 
WEST  LONDON.  Ref;  VMD. 


FINANCIAL  PLANNING 


c£1 1,500 


An  excellent  career  opportunity  for  a highly  ambitious, 
young  chartered  accountant  If  you  are  newly  qualified 
and  are  contemplating  that  critical  first  move,  this  U.S. 
multi-national  can  offer  a varied  accounting  role,  el-tie 
contact  with  marketing  management  and  excellent  career 
progression  to  a controllership  position.  Initial  respon- 
sibilities embrace  budgets,  forecasts,  marketing  {dans, 
etc.  WEST  LONDON.  Ref:  JG. 


LEE  HOUSE.  LONDON  WALL.  EC2.  0T-805  O' 


FINANCE  & 

ADMIN  MANAGER/ 
COMPANY  SECRETARY 


Cambridgeshire  £1 5,000  + Car 

Our  client,  Schmidt  Manufacturing  Equipment  (UK)  Ltd, 
a dynamic  and  rapidly  expanding  Company  needs  a 
fully  qualified  Accountant  (ACA.  or  AC.CA),  with  a 
minimum  of  three  years'  relevant  experience  in  a 
manufacturing  environment,  to  join  a small 
management  team  dedicated  to  test  and  profitable 
growth.  (£0-5m  to  £5m  in  3 years  with  £8-9m  projected 
for  1984). 

Applicants  must  be  fully  conversant  with  computerised 
systems  for  Ledgers,  Management  Accounting, 
Budgeting  and  Resource  Planning/Modelling  and  with 
currency  dealings.  The  successful  Applicant  would 
head  a small  department  and  be  responsible  to  the 
Managing  Director. 

Please  forward  fun  details  of  your  career  to  (fate,  * ■ 

quoting  ref.  na  119/30  to  David  J.  Wickes, 
SeniorConsultan.t;.-  . 1 

Professional  Personnel  Consultants  Limited, 

Orchard  House,  1 0rchard  Lane,  Huntingdon,  Cambs. 
Telephone:  Huntingdon  (0480)  55333/55334. 


"a/7  equal  opportunity  vacancy" 


0 1 


V* 

I 

► 

► 


Assistant  Director 
of  Accounts 

based  SE  London  to  £2 1 ,290 


The  Royal  Ordnance  Factorial  area  br^Bchemial  and 
engineering  grotf>  of  13  factories  engaged  in  che  design,  development. 
manufacture  md  rroriq;tjrg  of  a wtie  range  of  defence  equipment  and 
suppfcn.  Turnover  in  I9S2/B3  w£44flLSmfiiOR  with  trading  profits  of 
£6RB  rmBon.  Under  kgttboen  planned  for  carl)*  presentation  bi  die 
new  Parliament,  the  ROFiwifl  become  a Companies  Act  Compaiqt  In 
preperioioa  (or  the  bn-oduedon  of  prWase  sector  capital. 

In  a cbmace  of  radtad  change,  this  senior  appointment  presents 
apartioibrijr  onereszing  chaftenge.  Reporting  to  die  Director  oT 
Accounts  die  successful  earKkbtewifl  he  responsible  for  die  tads  of 
the  Headquarters'  financial  and  management  accounting  sections. 

These  wM  (ndude  the  devefopmenc  of  corporate  accounting  poSde* 
practices  and  procedures;  maintenance  of  faanciai  accounts  and  the 
preparation  of  accounts  far  pubfcadoni  flnandal  input  to  the  corporate 
budget  and  forward  pfan:  and  the  provision  of  a financial  information 
service  to  management 

Aged  40-55.  candidate  must  be  profesdoraBy  quafified 
accountants  who  have  broad,  senior  level  experience  appropriate  to 
die  pease  A knowledge  of  the  naqoireniein  far  pubfished  account*  and 
taxation  is  required. 

Salary  vrtR  be  in  die  range  aT£l6BQ0-£2J290fndudbix  outer 
London  wcfrhting  For  fufldcgfls  led  an  ^iptation  farm  (to  be 
returned  (y  25  Ncwendier  IW3)wrtca  to  Ovd  Sendee  Conantoton. 
Aieneon  Link.  Batiqgstofae.  Hants  RG2I  IJB.  or  telephone  Bastagicoke 
(0256)68551  (answering  service  operates  outside  offiee  hours). 

Phase  quote  refc  G/607*. 


H Royal 
; Ordnance 
li  Factories 


Finance 

Manager 

RA.  Senior  Partner 

C.  £25, 000 


Audit 


Management 


r iiallongp  & international  involvement 
with  the  world’s  favourite  airline 

We  have  a number 'of  openings  for  outstanding  young  qualified 
accountants  who  wish  to  realise  their  ambitions  by  seeking 
career  development  in  a particularly  stimulating  environment. 

Successful  candidates  will  not  only  manage  a variety  of  audits 
in  the  UK  and  undertake  some  overseas  assignments,  but  also 
will  find  opportunities  to  lead  project  groups  in  investigative 
and  other  studies  at  senior  level.  This  varied  experience  will 
provide  the  background  .of  expertise  intended  to  lead  to  more 
senior  appointments  in  the  future. 

Applicants  will  ideally  have  had  about  three  years’  post  qualifi- 
cation experience  preferably  in  a large  multi-national  organis- 
ation or  large  professional  accounting  firm. 

The  positions,  all  based  at  Heathrow  Airport^  will  attract  people 
in  their  mid-to-late  twenties  who  can  command  a senior  staff 
salary  of  not  less  than  £11,500.  In  addition  our  extensive 
benefits  package  includes:  ’ 

* Favourable  holiday  air  travel  opportunities 

* Holiday  pay  supplement 

* Index  linked  pensmn  scheme 

* Varied  sports  & social  facilities  M 


For  an  application  form  please 
write  to  or  telephone 
Trevor  Austin,  Manager  _ — 
Employment  Services,  British 
Airways,  P.O.  Box  10,  Heathrow 
Airport  - London,  Hounslow 
TW6  2JA.  Tel.  01-750  5471. 


airways 


Senior  Management  in  Retail 


Currys  is  a highly  successful 
national  multiple  with  a 
turnover  of  over  £300M  and  an 
Outstanding  record  of  growth  In 
profits.  Considerable  expansion 
in  their  business  continues  and 
they  are  seeking  an  Accountant 


to  take  responsibility  at 
corporate  level  for  the  c 


corporate  level  for  the  co- 
ordination of  accounting 
activities  within  the  Group. 

Specific  tasks  will  be  the 
consolidation  and  monitoring  of 
management  information,  financial 
accounts  and  corporate  plans; 
preparation  of  the  Group  s 
published  accounts;  treasury 
activities;  taxation  matters  and 


early  to  mid-30's,  who  ideally  will 
have  worked  for  several  years 
after  qualifying  in  a large 
professional  firm  and  as  a result 
will  have  developed  a high  level 
of  technical  competence.  You  will 
then  have  moved  to  a significant 
commercial  or  industrial 
organisation  where  you  will  have 
sharpened  your  business,  creative 
and  mter-personal  skills. 


In  addition  to  a starting  salary  of 
around  £20,000  + an  executive 


car,  there  is  a generous  big 
company  package  of  benefits  and 
assistance  with  removal  expenses 
to  the  Home  Counties  if 
necessary. 

Please  apply  with  full  c.v.  to: 

Mr.  A.  R.  Young, . 

Group  Personnel  Controller, 
Currys  Group  p.l.c.(- 
46/50  Uxbridge  Road, 

LONDON  W5  2SU 


undertaking  important  financial 
studies  for  the  Group  Board. 


studies  for  the  Group  Board. 
Assistance  will  be  given  by  a 
small  but  well  skilled  team. 


We  are  therefore  looking  for  a 
Chartered  Accountant  aged  in  the 


Currys 

A rewarding  place  to  shop.  A rewarding  place  to  work. 


Intelligence  UK  pic  is  a high  profile  company  engaged  in  marketing 
microcomputer  hardware  and  software.  Its  policy  of  broad 
diversification  has  enabled  it  to  maintain  an  outstanding  growth 
record  in  a business  in  which  today's  new  technology  is  obsolete 
tomorrow. 


The  company  now  wishes  to  strengthen  its  management  team  by 
recruiting  a Finance  Director  who  will  be  expected  to  contribute 
directly  to  profitability. 

Applications  are  invited  from  energetic  qualified  accountants  in 
their  early/mid  thirties  with  experience  in  a rapidly  expanding 
safes-driven  environment  Total  commitment  is  essential  and  will  be 
rewarded  by  a generous  package  which  includes  a share  option 
scheme.  r 


Please  send  a comprehensive  career  resume  including  salary 
history  and  day-time  telephone  number,  quoting  reference  2133, 
to  G J.  Perkins 


CHIEF  ACCOCMTANT/COMPANY  SECRETABY 

auired  for  Drivatehr  ownwi  ■ " 


SdS^SS  group  turnover:  (£2m  export)..  Based 

WtaSShSPST  iMtallati0“ 

B0X  A8354,  Financial  Times. , • 

W Cannon  Street,  London.  EC4P.4BY 


Financial  Times  Thursday  November  3 1983 


f 


y 


A^ai*?**  ^ 


■:\ 


33 


Accountancy  Appointments 


BOND  DRAWINGS 


Financial  Controller 

Kamuzu  International  Airport,  Malawi 


This  position  exists  in  Airport  Develop' 
merits  Ltd.,  a small  self-contained  company 
set  up  to  manage  and  administer  the  newly 
built  Kamuzu  International  Airport,  the 
major  airport  of  Malawi.  Responsibility 
will  be  for  the  preparation  of  annual 
budgets,  cash  flow,  control  of  cash  receipts 
and  Che  production  of  monthly  management 
accounts  as  well  as  the  normal  statutory 
year-end  accounts.  There  will  be  consider- 
able liaison  with  Government  Departments 
in  the  provision  of  funds.  The  Financial 
Controller  will  also  be  expected  to  exercise 
financial  control  over  the  airport  catering 
unit 

The  essential  requirement  is  for  a qualified 
accountant  (ACA,  ACCA  or  ACMa)  with 
at  least  3 years'  experience  in  a commercial 
or  industrial  enterprise  where  the  duties 
have  been  similar  to  those  described.  The 
number  of  supporting  staff  is  minimal  and 
a “shirt-sleeve’*  approach  to  the  job  is 


Malawi. 


therefore  vital,  including  a willingness  to 
he  personally  involved  right  down  to  book- 
keeping level.  Age  is  not  important  pro- 
vided health  is  excellent 
The  appointment  will  be  on  contract  for 
30  or  36  months  and  during  this  period 
the  successful  applicant  win  be  expected 
to  train  a local  resident  as  his  successor. 
An  attractive  salary  and  terminal  gratuity 
will  be  paid,  together  with  free  medical 
aid,  appropriate  housing  and  generous  leave 
arrangements.  Malawi  has  much  to  offer 
in  terms  of  its  climate,  living  conditions 
and  social/leisure  amenitfes. 

Piease  write  m the  first  Instance  with 
details  of  career  to  date  to: 

Secretary  for  Transport  and 

Comm  tml  cations 
Private  Bag  322,  Capital  City 
Lilongwe  3.  Malawi. 

Closing  date  for  applications:  18th  Novem- 
ber, 1983. 


the  warn*  heart  of  Africa 


A FINANCIAL  MANAGEMENT  COMPANY  REQUIRES  A 

Qualified  Accountant 

to  be  responsible  roe  managing  diems’  affairs,  to  Include  book-keeping 
credR  control,  monthly  nunagantenis  accounts  and  the  computerisation  of 
accounts  systems.  Salary  CIO. 000  per  annum 

Please  reply  to  FMP  LTD., 

139/141  St  Margarets  Road,  Twickenham,  Middlesex;  TW1  IRG. 


COMPANY  NOTICES 


N011CETO  HOLDERS  OF PEKEMAOY 

8%%  Guaranteed  Bonds  due  1986 

NOTICE  IS  HERfflV  GIVEN  S85&000  aggregated  prfnctod amount  of  the  Bonds  bearing 
the  serial  numbers  Baled  bekm  raw  been  dam  tar  redemption  on  1 December  1983  at 
the  redemption  price  of  100%  Of  the  prindpai  amount  thereof  porauant  to  Gondtoon  4 Of 
V*  term*  and  conduces  d tha  Sonia,  "the  SWfiOD  balance  ot  the  1983  SirAkig  Fund 

requfrsmcre  **—  *— « *v  •*-^rjy  r*  ""*•**"  tjt#i  “y  *♦—  ^tr-ptr  *ir 

permitted  by  Bio  said  Condfeon  4.  The  redemption  payment  of  each  Bond  drawn  tor 

redemption  wU  become  due  and  payable  on  1 December  1983 on  and  aDarwhich  Mamet 

on  each  such  Bond  wfl  cease  to  accrue. 


BONDS  DRAWN 

389x$l,000 


02 

« 

S44 

154 

ise 

165 

190 

220 

220 

23S 

281 

306 

334 

3*9 

354 

361 

sea 

36* 

367 

364 

446 

433 

480 

494 

545 

6 56 

687 

SOI 

eon 

ear 

644 

656 

707 

904 

s*o 

1017 

YOlB 

5 £ 

wee 

1074 

1103 

1113 

9115 

11  m 

1747 

1184 

1105 

1TO5 

1199 

1330 

1335 

m 1 

1731' 

1630 

1833 

1925 

B-lI 

* , ■ 

20Z7 

20*9 

2052 

2167 

2341 

■ M 

2ao 

2287 

2773 

2274 

2287 

2312 

3914 

2345 

2347 

23*8 

2931 

SODS 

3019 

9079 

3005 

3152 

3162 

3183 

3184 

3167 

3253 

3X17 

3617 

XK 

v- 

*W T 

*099 

4100 

41  TO 

■4119 

-4115 

*177 

4363 

4420 

4426 

45*3 

45*4 

4545 

4564 

4559 

<797 

■4810 

*aii 

*612 

4614 

*618 

4830 

*aa 

*901 

5184 

3160 

5773 

5X1 

5309 

5396 

so 

5*97 

€122 

813*' 

6201 

on 

ST  <9 

8252 

6362 

eaes 

6077 

8283 

8264 

8131 

■ H31 

6634 

• , ■ 

6829 

7307 

7424 

7(UJ 

7802 

79*9 

«a» 

r 

- - * 

6057 

8060 

4KM 

it.  i 

0W D 

8562 

Bfl 

8871 

0873  • 

,0900 

.8H8  ■ 

-68V7 

8670 

«TSl  1 

9160 

SJ70 

.V 

8209 

8390 

0391 

1WI5 

■ ■ 

If. 

ws 

m 

9657 

MB 

-66717 

.6873 

-ms 

07or 

9716 

B774 

0756 

9778 

zn 

9736 

MB2 

90H 

■ 8BS4- 

9907 

6973 

SB75 

9684 

10006 

10020 

HU32  - 

100*5 

10076 

10077 

10093 

10094 

lain 

10113 

10144 

sn 

10180 

10161 

10107 

10172 

ions 

10230 

10290 

10233 

10234 

10255 

10068 

10271 

10272 

10275 

10262 

T0298 

rnt 

HJS19 

1033* 

1032S 

10X1 

10378 

10*17 

10424 

10*39 

iotas 

I0W4 

10564 

10556 

M'  -'- 

■'  ^ 

M577 

T0583 

10569 

10666 

10860 

10670 

10680 

-i  - , 

«T« 

ItJTSO 

10753 

10767 

Ei  . ■ 

E. M 

•0838 

10343 

U0SO 

If Tr  ■ 

10860 

30865 

10887 

5xUS$100,000 

1 3 12  27  39 

The  abo«  rtimbored  Bonria  ba  redeemed  at «»  onoa  at  fte  Oeposttesv  and  the 
Principal  Agent  Choral  Bank,  5S  Utter  Street  New York.  NY  10041.  USA  or  at  any  of 
the  Mowing  Sub-  Deposdaries  Chemical  Bank.  London.  Mk  KredWbank  N.V,  Brusaela; 
Kredetbantc  SA.  Lurembourpeoma.  Luxembourg;  Skandmwiata  Banfcen.  Sfockho&n: 
Srectthoims,  EmUda  Bank.  Stockholm;  OnsMr  Bank.  Rankfuri/Maia  Each  Bond 
redeemed  wffl  be  wMi  Coupon  No- 134  &CA . 


ACCOUNTANCY 
APPOINTMENTS 
Appear  Every 
THURSDAY 
Rate  £31.50 
per  Single  Column 
Centimetre 


INTERNATIONAL  AIRLINE 

A vacancy  will  arise  on  the  1st  April  1984  for  an 

ADMINISTRATION/FINANCE 

PERSONNEL/MANAGER 

The  senior  position  is  based  in  Central  London. 
Applicants  should  be  fully  bilingual  English/French 
and  will  have  had  several  years’  Airline  experience. 

He/she  should  be  fully  conversant  with  Accounting 
procedures,  Budgetary  Control,  Personnel  Manage- 
ment, Credit  Control,  Commercial  and  general 
administration.  Salary  in  the  region  of  £12,000/ 
14.000  p.a.  according  to  experience.  B.U.PA. 
membership,  usual  airline  facilities.  Please  write 
with  C.V.  to: 

Box  A8351,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


COMPANY  NOTICE 


UROhUN  COAL  AND  STEEL 

COMMUNITY 

S'.%  STERLING/ U-S.  DOLLAR  OPTION 
BONDS  DUE  1st  DECEMBER.  1989 
The  Commission  of  t be  European 
Connminttttt  announces  that  the  annual 
Instalment  of  Bonds  amounting  to 
£050.000  nominal  value  has  been  pur- 
chased for  the  redemption  doe  on  1st 
December,  1903. 

3rd  November.  1903 


ENTERTAINMENT 


BARBICAN 

01-620  07SS  ee  01-630  0891 

(Moa.-Sat.  io  am-9  am) 

ROYALSKAKESPEARE  COMPANY 


Nor.  4.  S (m*e).  21.  ZE: 
MAYDAYS  by  De»KJ  EOaar 
Nov  A.  5 (ffilA).  21-  23'-  _ 

M,JSJ .VLWOTHT" 

N0V.*SLC-fiHra&e>. 

Eves.  7 SO.  matinees  ZOO  pm 
Day  seats  £4  from  IO  am. 


NOTICE  OF  REDEMPTION 

EUROPEAN  COAL  AND  STEEL  COMMUNITY  (E.C.S.C.)  U.S.$2Q,000,000 
6%%  20  Year  Bonds  of  1966 
due  1st  December,  1986 

The  Commission  of  the  European  Communities  informs  the  Bondholders  that  a selection  by  lot  far 
a principal  amount  of  U.S.S1  ,250,000  ha*  been  made  for  redemption  In  the  presence  of  a Notary  Public 
on  24th  October,  1983  by  Banpue  Internationale  a Luxembourg. 

The  Serial  numbers  of  the  Bonds  selected  by  lot  are  as  follows:- 


1 to 

4 

9 

12 

13 

22 

23 

42  to 

44 

49  tO 

55 

65  to 

83 

92  W 

105 

110  to 

115 

117  to 

122 

169 

194  to 

201 

214 

223to 

234 

241  TO 

255 

271  to 

330 

341  to 

356 

369  to 

362 

41 2 to 

418 

433  TO 

453 

488  to 

495 

523  to 

535 

638  to 

547 

638  to 

649 

722  to 

772 

786  to 

S10 

814 

828 

879 

898  to 

909 

916 

934  to 

943 

946  to 

952 

979  to 

984 

990  to 

993 

996  to 

998 

1015  to 

1017 

1030 

1039 

1040 

1046  to 

1053 

1094  to 

1118 

1149  to 

1158 

1 167  to 

1170 

1274  to 

1295 

1301  TO 

1313 

1330 

1347  to 

135S 

1361  to 

1367 

1376  to 

1378 

1383  to 

1389  . 

1418 

1423 

1 51 5 ts 

■1621 

1530  to 

1536 

1547  to 

1614 

1636 

1641  to 

1649 

1679  to 

1682 

1691 

1 701  ts 

1706 

1730  to 

1747 

2051  to 

2054 

2062 

2105  to 

2107 

2119 

2130 

2131 

2145 

2161  to 

2153 

2160  to 

2169 

2191  to 

2197 

2201 

2202 

2207 

2230  to 

2234 

2237 

2247 

2250  to 

2259 

2263  to 

2272 

2301  to 

2398 

18324X0  19359 

19376  to 

19418 

19420  to  19495 

19506  to  19525 

19527  to 

19555 

19570  to  19630 

19635  to  19641 

1964S  to  19672 

19677  to  19710 

10712to  19723 

19842  - 

19051  to  10860 

19876 

19879  to  19972 

19974  to  19980 

19985X0  20000 

Principal  amount  of  Bonds  purchased:  U.S. $100,000. 

Principal  amount  called  for  redemption:  U.S.$1 ,350,000. 

Principal  amount  unamortised  after  1st  December,  1983:  U^. S3 ,800,000. 

The  Bonds  selected  by  lot  twill  be  reimbursed  on/or  after  1st  December,  1983  with  the  coupon  due 
1st  December,  1984  and  following  attached,  in  accordance  with  the  terms  of  payment  mentioned  on  the 
Bonds. 


MOTOR  CARS 


TAKE  THE  PROFIT 

ON  YOUR  NEW  CAR  INVESTMENT 
BUY  VIA  MYCAR  0895  39990 
Painless  import.  You  cake  the  profit.  We  do  the  work, 

MYCAR 


GENEVA 

FULL  SERVICE  IS  OUR  BUSINESS 

• Law  and  Taxation 

• Mailbox,  telephone  end  telex 

services 

• Translation  and  secretarial 
services 

• Formation,  domiciliation  and 
administration  of  Swiss  and 
foreign  companies 

BUSINESS  ADVISORY 
SERVICE  SJL 
7 Rue  Muzy.  1207  Genova 
Tel:  38.06.40  - Telex:  23342 


BOND  DRAWINGS 


BANK  LEUMI  LE-ERAEL  B*L 
LEUMI  INTERNATIONAL  INVESTMBYIS  N.V. 
notice  ee  re*  !»»#«  of  the**  of  cTiV 

Convertible  Bood*  1907  of  Lcoml  International  Investments  N.V.  presently 
outstanding  une  “ Bonds  “I. 

The  attention  of  holders  Of  th*  Bond* lsd<V">  *■.*»  P2L$*>p£22t2 
b spec  III  Resolution  of  Built  Leu  ml  le-lsraef  8.M.  (me  Bink  j panto  on 
?7th  oUotoT  1983  tlw  BaniTs  U^  Oni'raor  Sh^r  «P»N  to 
nmuiiMMed  into  mv  Ordinary  Shares  of  15.  TOO  each  mtn  rtea  wom 
31  at  October  ItU  on  wt  bua  ot  1 new  Ordinary  Share  tereve^  1.MO 
Ordinary  Shares  uf  IS.  0.1  each  then  few.  Accordingly.  wWi  effacr  fraw  1st 
November  1983.  toeti  Bonds  will  he  coovcrtlt>le  into  new  Ordinary  Shares  of 
IS.  100  each  of  ttw  Bank. 

Conversion  may  be  effected  during  the  . j*^*,***!..  ayfMhj|?lt£iS? 
November  In  cadi  calendar  yop  up  to  Pad  Including  30th  June  -in  tlu  next 
3l£3!?Vt£  5»  lid  inctoSSp  June  19 07 1 Bet  at  aa  «rirer  tfo  w«l 

as  referred  to  re  Condition  4 printed  on  the  reverse  of  the  Bonds. 

The  Conversion  lUteu  P™*"*  appMcatf*  .to.  7<>-*4gS?7 L<mSLi°7mS!S 
Sham  of  IS.  io O each  of  the  Bank  lor  every.  UA-  J1JW0  nonHoal  amount 
Of  Bonds  conve-ted. 

The  attention  of  hoklrrs  of  the  MB  to  «£*»" to  tire  » aag 

lit  particular  to  parwapta  tA)  OK  IAJ  i4K  tAl  (S)  and  Uj  Col  tnerepf. 

Holders  of  Bondi  who  wish  to  exercise  I****1*, 
to  any  ol  the  Conversion  Agents  named  below  for  a necessary  Conversion 

r4iKKe-  CONVERSION  AGENTS 

BanK  Leu  ml  (U.K.)  pic 
4-7.  WoodstoeV  Strew. 

London  W1A  2AF 

BanK  Leuml  le-lsrael  IS-rlOerlamO  Bank  Leuml  le-lsrael  fFrancet  SA. 

34.  Clarldenstrasse 
CH  8022  Zurich 


BANK  LEUMI  LE4SRAEL  B-M. 

LEUMI  INTERNATIONAL  INVESTMB4TS  N.V. 

Mf\T»rr  to  ttie  holdfri  of  thofc  of  tfio  U,S3lO,OOOiOOO  7 per  ttfit 
Guaranteed  Convert -re*  BoM»  1*9*  01  Uewnl  Intenu^kirul  Investments  N.V. 
presently  outstanding  tthn  ■■  Bonds  1- 

The  anentten  of  holders  of  restore*  to  draw,  rette  L*gg»S 

S5SS  Ansn. 

fSSTwrt^BiSris^ni  B*”o5«rt*Dle  Into  new’onUnanr  Shares  Of  15.  100  WCh 
referred  W hi  Condition  A printed  on  the  reverse  of  the  Bonds. 

SnavrTL  CjT^n^?Wo,“ree^  f^JSS?  W^lJEfSSSL 

Bonds  cnn verted. 

The  attention  of  hohtars  of  the,**"*!?.  SSeS?"  * 

In  particular  to  paragraphs  UU  H>.  tAl  i4i.  tA)  <»  *hd  tci  rn  merest. 

n.  --nd-  -Hh  to  exerdae  their  conversion  rights  should  apoly 
„ .Jy^thJ  %SSU&  Atom”  named  below  tor  a ne««arv  Convereloa 

N<rtl<e’  CONVERSION  AGf  MTS 

Ban*  Leuml  fU.K.)  pic 
4(7.  Woodstoch  Street 
London  W1A2AF 

onna  Leure,  ^fsjwei  (SwK^rfandl  «to-k  U-rel 

a-  senssr  »“• parb 


THE  SCOTTISH 
agricultural  SECURITIES 

CORPORATION  pJx. 
INTERIM  STATEMENT 
FOR  SHAREHOLDERS 

*■  2X120* or”* 

£»« s3»CrS 

Loans  reUU-ng  £^-1f  8.000  had 
Bern  anwoved  ov  tn«  Dtrenara  »no 

awaited  eompiethre- 
a.  Reductions  totaihnp  ‘905JB6W are 
mjoe  in  the  principal  areovnts . M 
Loans  dur.np  tne  naH-vear . ot  which 
L2D0.772  rroreaenwdi capital  repay- 
ments as  provreea  rer  ie  tne  toao 
Agreements  and  £696.014 
reductions  and  ref*  MienTS-  tne 
total  a mo  uni  of  Loans  «n“tanoi"2 
at  30th  Septentoer  19B3 


t,d'|wh2  Ktooer  is®*,  w Cor- 


tenkum  pc*  annum. 


3 On  . 
psrati 
Loans 


I*1*  GliAJWNTW  NOTES 

NOTICE  TO  BOND  HOLDERS 
NOTICE  IS  HEREBY  GIVEN  ol 

SSSFn.v.  AFSTtSSI 

A^RwStS  sharehgWera  gJAnhereer- 
BitsCH  Cnmpanlea.  ine_  tor  the  calendar 
year  1902  at  the  oWces  o(  Manu- 
fae  rerun  Hanover  Trust  Conuarer.  7. 
princes  Street  London  6C2P  2 LB 

ManOfWturen  Hanover  Tnnt  Company. 

Louden,  as  Lordon  Paying  Agent 

Novemner  1983. 


ANHeUKR-BUSCH  INTERNATIONAL 

* FINANCE  N.V. 


llluhfc 


Guaranteed  bonds 

NOTICE  TOUBWf2° HOLDERS 
NOTICE  IS  HERESY  GIVEN  of  If*  avah- 
iMliiy  at  the  statement,  of  financial 
soslHon  aM  statement  ot  Income  and 
retained  earning*  of ..  Anheuser-Bmch 

7’ 

Manufacturer*  Hanover  Trust  Company. 

London  as  London  Pavi"9  ABwt 
November  1983. 


TELEFONAKTIEBOLAGET  L M ERICSSON 
U^^30,000^00  9%%  Bonds  1985 

S.  G.  WARBURG  & CO.  LTD.,  announce  that  the  redemption  instalment  of  U.S.52,250,000  due 
1st  December,. 1983  has  been  met  by  purchases  in  the  market  to  the  nominal  value  of  U.S.$50,000  and 
by  a drawing  of  Bonds  to  the  nominal  value  of  U £.$2,200,000. 

The  distinctive  number*  of  the  Bonds,  drawn  in  the  presence  of  a Notary  Public,  are  as  follows:— 


11 

16 

26 

31 

51 

57 

63 

77 

83 

89 

96 

140 

147 

157 

164 

173 

186 

203 

220 

244 

249 

280 

289 

305 

314 

338 

361 

382 

410 

415 

426 

431 

438 

448 

452 

462 

489 

496 

502 

530 

543 

658 

567 

574 

602 

614 

645 

678 

691 

698 

711 

720 

731 

747 

756 

760 

771 

781 

795 

801 

812 

822 

831 

848 

865 

875 

902 

949 

954 

985 

991 

997 

1755 

1766 

1792 

1811 

1830 

1846 

1851 

1870 

1877 

1896 

1906 

1914 

1922 

1933 

1940 

1974 

2237 

2243 

2265 

2272 

2283 

2297 

2310 

2341 

2355 

2360 

2373 

2388 

2410 

2421 

2434 

2448 

2462 

2471 

2500 

2554 

2565 

2577 

2586 

2614 

2629 

2663 

2672 

2691 

2710 

2743 

2754 

2770 

2777 

2782 

2795 

2803 

2831 

2837 

2845 

2854 

2873 

2884 

2897 

2910 

2922 

2938 

2950 

2966 

2976 

2985 

3010 

3015 

3042 

3049 

3055 

3141 

3686 

3693 

3724 

3739 

3763 

3770 

3780 

3832 

3843 

3856 

3873 

3883 

3892 

3901 

3908 

3920 

3935 

3943 

3948 

3973 

4025 

4034 

4041 

4049 

4073 

4350 

4410 

4427 

4481 

4500 

4510 

4517 

4555 

4572 

4579 

4589 

4605 

4619 

4626 

4631 

4640 

4650 

4656 

4665 

4677 

4689 

4703 

4721 

4743 

4771 

4780 

4788 

4806 

4810 

4832 

4839 

4845 

4855 

4861 

4867 

4875 

4883 

4889 

4899 

4905 

4913 

4921 

4932 

4946 

4951 

4960 

4972 

4985 

5008 

5013 

5027 

5034 

5039 

5049 

5057 

5067 

5077 

5085 

5107 

5139 

5143 

5160 

5167 

5174 

5189 

5193 

5202 

5208 

.5217 

6252 

6257 

5267 

5273 

5280 

5294 

5298 

5307 

5320 

5330 

5337 

6343 

5353 

5360 

5370 

5379 

5388 

5394 

5399 

5409 

5418 

5424 

5434 

5440 

5449 

5459 

5475 

5482 

5494 

5500 

6507 

5514 

6524 

5533 

5550 

5660 

5573 

5583 

5590 

5603 

5636 

5642 

5651 

5666 

5674 

5681 

6692 

5711 

5729 

5742 

5770 

5779 

5789 

5794 

5803 

5808 

5820 

5831 

5841 

5942 

5994 

6063 

6068 

6076 

6183 

8191 

6197 

6260 

6268 

6274 

6283 

6287 

6297 

6304 

6310 

6321 

6326 

6333 

6341 

6349 

6356 

6364 

6372 

6377 

6384 

6401 

6411 

6417 

6425 

6430 

6438 

6446 

6456 

6464 

6470 

6478 

6488 

6497 

6528 

6536 

6545 

6553 

6559 

6569 

6575 

6583 

6596 

6600 

6618 

6625 

6632 

6643 

6652 

6659 

6669 

6676 

6683 

6689 

6700 

-6707 

6713 

6722 

6729 

6737 

6744 

6750 

6760 

6766 

6773 

6781 

6787 

6795 

6803 

6812 

6818 

6825 

6831 

6840 

6847 

6855 

6883 

6868 

6877 

6884 

6892 

6901 

6905 

6921 

6927 

6935 

6942 

6950 

6955 

•6978 

7002 

7008 

7017 

7028 

7035 

7043 

7051 

7059 

7066 

7076 

7085- 

7093 

7098 

7107 

7119 

7152 

7165 

7172 

7177 

7187 

7195 

7227 

7237 

7242 

7249 

7281 

7266 

7276 

7293 

7311 

7318 

7327 

7343 

7353 

7362 

7377 

7382 

7395 

7400 

7412 

7422 

7430 

7446 

7456 

7462 

7473 

7480 

7491 

7499 

750S 

7514 

7522 

7536 

7596 

7602 

7624 

7639 

7646 

7651 

7661 

7686 

7695 

7701 

7710 

7716 

7723 

7732 

7745 

7755 

7761 

7769 

7776 

7784 

7793 

7798 

7809 

7817 

7822 

7832 

• 7844 

7848 

7860 

7868 

7875 

7886 

7890 

7897 

7910 

7915 

7938 

7942 

7951 

7959 

7963 

7972 

7980 

7987 

7994 

8002 

8010 

8016 

8026 

8032 

8039 

8049 

8055 

8063 

8076 

8084 

8097 

8105’ 

8121 

8139 

8145 

8159 

8172 

8178 

8187 

8195 

8201 

8216 

8220 

8229 

8245 

8252 

8261 

8276 

8285 

8292 

8299. 

8308 

8313 

8323 

8332 

8337 

8367 

8374 

8388 

8396 

8403 

8413 

8423 

8428 

8437. 

8444 

B449 

8461 

8466 

8473 

8491 

8497 

8512 

8517 

8536 

8544 

8552 

8560 

8566 

8577 

8582 

8589 

8620 

863S 

8640 

8651 

8661 

8670 

8677 

B685 

8691 

8899 

8706 

8712 

8722 

8733 

8742 

8748 

8753 

8760 

8772 

8777 

8787 

8792 

8799 

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23201 

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29135 

29144 

29150 

29182 

29191 

29198 

29205 

29215 

29351 

29356 

29401 

29407 

29414 

2942B 

29432 

29442 

29450 

29456 

29465 

29470 

29491 

29497 

29511 

29518 

29527 

29534 

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29582 

29586 

29597 

29604 

29610 

29619 

29827 

29841 

29850 

29880 

29904 

29913 

29919 

On  1st  December,  1983  there  will  become  due  and  payable  upon  each  Bond  drawn  for  redemption, 
the  principal  amount  thereof,  together  with  accrued  interest  to  said  date  at  the  office  of:— 

S.  G.  WARBURG  & CO.  LTD., 

30,  Gresham  Street,  London,  EC2P  2EB., 

or  one  of  the  other  paying  agents  named  on  the  Bonds. 

Interest  will  cease  to  accrue  on  the  Bonds  called  for  redemption  on  and  after  1st  December,  1983 
and  Bonds  so  presented  for  payment  must  have  attached  all  coupons  maturing  after  that  date. 

U-5.S7.950.Q0Q  nominal  amount  of  Bonds  will  remain  outstanding  after  1st  December,  1983. 

The  following  Bonds  previously  drawn  for  redemption  on  the  dates  stated  below  have  not  as  yet 
been  presented  for  payment. 

1st  December,  1982 

2880  ES7S  11426  16216  20S18  23G26  26276  2772B 

1st  December,  1979 

23714 

1st  December,  1978 

2800  6868  12089  16312  22868  23625  23702  23712  25720  25734  28652 

1st  December,  1977 
5516  6657  23624 

1st  December,  1979 
23701  29728 

1st  December,  1975 
6860  16314  25721 

1st  December,  1974 
3474  6807  8303 

1st  December.  1973 
8054  24241 


2108 


3071 


3394 


9383  11647  26805  29942 


6865 


28034 


N.B.The  Bonds  drawn  1st  December,  1973  become  prescribed  1st  December.  19B3. 
N.B.  The  following  Bonds  have  become  prescribed 

23623  23715 

No  further  payment  will  be  made  on  thesB  Bonds  or  Coupons  therefrom. 


30,  Gresham  Street,  London,  EC2P  2EB. 


3rd  November,  1983 


36 


Financial  Times  Thursday  November  3 1983 


THE  MANAGEMENT  PAGE:  Marketing 


EDITED  BY- CHRISTOPHER  LORENZ 


Reaching  the  young  drinker 


Pernod  looks  for  fresh  pastures 


LE  PLUS  GRAND  FRISSON 
VEPUISLESDE  NTS  DE  LAMER 


THE  LAUNCH  of  a new  product 
is  something  of  an  event  for 
Pemod,  the  French  drinks 
manufacturer.  The  last  occasion 
was  32  years  ago  when  the 
company  brought  out  an  anis- 
based  aperitif  named  Pastis  51 
after  the  year  of  its  birth.  lr 
Is  still  a household  word  in. 
France. 

Now  Pernod  is  in  the  throes 
of  a major  marketing  campaign 
to  tempt  the  French  Into  the 
habit  of  drinking  its  new 
product  — Pernod  Light,  a long 
drink,  weak  in  alcohol  but  still 
with  the  anis  flavour  beloved 
of  the  French  and  which  is 
Pemod’s  speciality. 

“ Our  target  group  ”,  says 
Andre  Roch,  director  of  market- 
ing. "is  young  adults  in  the 
25-30  age  group,  who  want  some- 
thing new,  with  a modern  image. 
Their  tastes  are  evolving  and 
here,  as  everywhere  in  the 
world,  they  are  looking  for  a 
long  drink,  light  in  alcohol 
conrent  and  something  like  the 
cocktails  based  on  gin,  vodka 
or  whisky  that  have  been 
developed  in  the  U.S.  We  have 
no  competitors  in  France  at  the 
moment.  We  are  carving  out  a 
new  segment  of  the  market," 


The  concept  flows  logically 
from  Pernod’s  own  interests  and 
from  the  French  taste. for  anis. 
Anis-based  aperitifs  account  for 
40  per  cent  of  the  market  for 
aperitifs  In  France.  Almost  all 
of  that  is  In  the  hands  of  the 
Pernod  Ricard  group,  of  which 
Pernod  is  a subsidiary.  It  pro- 
duces the  three  major  brand 
names  of  Pernod,  Pastis  51  and 
Ricard. 

After  expanding  steadily  in 
the  1960s  and  1970s.  the  market 
for  anis-based  aperitifs  has 
begun  to  flatten  out  in  recent 
years. 

w It  is  saturated,”  says  Roch, 
who  adds  that  anis  aperitifs 
with  their  much  higher  alcohol 
content  of  between  40-45 
degrees,  have  a more  popular, 
traditional  Image.  "Our  aim  is 
not  to  displace  this  established 
market  but  to  position  our- 
selves to  appeal  to  a new  group. 
We  have  in  mind  A and  B cate- 
gories, both  women  and  men, 
town  dwellers  and  in  the  25-30 
age  group.”  He  says  this  is 
die  fastest  expanding  part  of  the 
spirits  market,  with  a potential 
audience  In  France  of  12m. 

They  are  people  whose  tastes 
are  evolving  and  who  are  on  the 
lookout  for  something  new.” 


BY  DAVID  HOUSEGO 

Sales  since  the  formal  launch 
in  June  on  a boat  on  the  Seine 
festooned  with  balloons  to 
emphasise  the  "light”  in  the 
Pernod  have  been  ahead  of  tar- 
get By  August-September  Per- 
nod Light  was  being  stocked  by 
60  per  cent  of  hypermarkets — 
the  most  important  sales  point 
in  France — and  the  proportion 
has  risen  since  then  to  SO  per 
cent.  The  company  set  itself 
the  goal  of  selling  lm  bottles  In 
the  first  year  representing  re- 
tail sales  of  about  FFr  45m 
(£3. 8m).  “ We  are  ahead  of  our 
targets.”  Roch  says. 

One  of  Pernod  Light's  strong 
points  Is  that  it  is  being  mar- 
keted not  only  as  an  aperitif 
but  as  a drink  which,  because  of 
its  weak  alcohol  content,  can  be 
drunk  throughout  the  day.  Each 
bottle  and  advertisement  dis- 
plays prominently  that  it  has 
only  a 20  degree  spirit  content. 
Mixed  with  five  parts  of  water 
or  fruit  juice  as  recommended 
it  is  twice  as  light  as  a high 
quality  beer  and  three  times  as 
light  as  wine. 

Pemod,  which  accounts  for 
about  a third  of  the  Pemod 
Ricard  group’s  FFr  7bn  turn- 
over, has  spent  several  years  in 


developing  the  product.  It  had 
to  overcome  two  difficult  tech- 
nical problems.  The  first  was 
that  the  taste  of  anis  is  de- 
veloped by  the  alcohol  so  that 
reducing  the  alcohol  content 
would  normally  weaken  the 
taste.  The  second  was  that  the 
opalescent  character  of  an  «nig 
aperitif  only  comes  after  water 
has  been  added.  But  an  Impor- 
tant feature  of  Pernod  Light, 
however,  is  that  it  is  already 
opalescent  in  the  bottle  and 
needs  to  remain  stable  in  tex- 
ture after  water  or  fruit  juice 
has  been  added. 

Pernod  is  one'  of  the  French 
companies  which  has  adopted 
U.S.  style  marketing  practices. 
It  took  the  decision  to  involve 
the  advertising  agency  CFRP 
from  the  start  in  the  elabora- 
tion of  the  product,  its  packag- 
ing and  marketing.  CFRP  came 
up  with  the  slogan  “le  grand 
frisson”  under  which  Pemod 
Light  is  being  publicised  to  em- 
phasise its  freshness.  The  basic 
campaign  relies  on  two  ele- 
ments: the  first  a “ teaser ” 
showing  a submerged  shape  and 
the  second  where  the  shape  is 
revealed  to  be  a bottle  of 
Pemod  Light  emerging  from 
the  water  as  the  shark  did  in 


the  poster  for  Jaws.  (The 
French  version  of  the  film  was 
distributed  under  the  name 
uLes  dents  de  la  mer.”> 

BSN.  the  diversified  and 
food  group,  won  the  contract  to 
design  the  bottle.  “ We  wanted 
a 70  cc  bottle,"  Roch  says  “ be- 
cause this  is  the  most  widely 
used  for  aperitifs  and  whiskies 
and  it  enabled  us  to  keep  the 
price  lower.  But  it  also  allowed 
.us  to  style  the  bottle  in  a more 
modem  image." 

Aperitifs  have  a long  life  in 
France,  which  is  mainly  why 
Pemod  has  not  brought  out  a 
new  product  for  so  long.  (It 
has  re-launched  existing  pro- 
ducts in  its  family  including  the 
aperitif  Sure  which  has  subse- 
quently seen  a sharp  pick-up  in 
sales.) 

The  publicity  campaign  will 
cost  about  FFr  10m  in  the  first 
year,  says  Roch.  There  are  no 
plans  for  the  moment  to  launch 
Pemod  Light  abroad  though 
longer  term  the  plan  Is  to  ex- 
port a similar  product..  Per-, 
nod's  first  aim  is  to  strengthen 
the  market'share  of ' anis-based 
aperitifs  in  those  countries  like 
Britain,  the  U.S.  and  West  Ger- 
many which  have  already  shown 
a taste  for  them. 


Advertisements  for  Pemod  Light  capftallso 
film  “Jaws* 


on  ' tfie  posters  -for  die 


Local  fall-out  from  the  international  shake-up 


TALK  ABOUT  advertising  as  an 
international  business  with  in- 
ternational brands,  advertising 
agencies  and  manufacturers  has 
been  increasingly  fashionable 
over  the  last  few  years.  So 
what  effect  does  it  have  on  the 
agency  league  table  in  the 
UK? 

Events  of  recent  weeks  — the 
SISOm  swap  of  accounts  by 
Young  and  Rubicam  in  drop- 
ping Procter  and  Gamble  and 
taking  on  Colgate-Palmolive,  the 
Beecham  choice  of  Ogilvy  and 
Mather  and  Grey  Advertising 
as  its  two  international  agencies, 
the  move  of  Silk  Cut  to  Saatcbi 
and  Saatchi  for  an  international 
campaign  — would  appear  to 
confirm  the  current  orthodoxy. 

But  underlying  the  lip  ser- 
vice being  paid  to  inter- 
nationalism. there  Is  a strong 
countervailing  view  that  it  is 


local  rather  than  international 
strength  which  counts  in 
London.  “ The  facts  of  the 
matter.”  says  Michael  Cooper- 
Evans,  managing  director  of  J. 
Walter  Thompson,  “are  that 
stability  in  a market  derives 
from  your  reputation  In  that 
market,  not  across  frontiers.  So 
JWT  in  London  has  been 
successful  because  it  is  a 
successful  local  agency,  not 
because  it  is  the  UK  arm  of  an 
American  multinational.” 

Adds  Peter  Warren,  chairman 
of  Ogilvy  and  Mather:  “There 
is  movement  (of  accounts) 
which  doesn’t  necessarily 
amount  to  great  change  in 
London.  The  surprising  thing 
is  the  amount  of  attention 
attached  to  internationalism 
recently — it  has  been  going  on 
for  20  years  to  my  knowledge.” 

Of  all  the  American  multi- 


national agencies,  the  most 
“ international  ” is  probably 
McCann  - Erickson.  Giant 
accounts  like  Coca-Cola.  Exxon 
and  General  Motors  (handled 
in  the  UK  by-  Lowe  Howard- 
Spmk  Campbell-Ewald,  another 
Interpublic  agency)  are  run  in 
a very  disciplined  manner  from 
the  centre.  Yet  this  did  not 
stop  the  London  office,  which 
was  going  through  a very 
troubled  patch  with  serious 
management  problems,  falling 
from  second  place  in  the  MEAL 
(Media  Expenditure  Analysis 
Limited)  billings  tables  in  1979 
to  seventh  in  the  year  to  Jane 
2988. 

Being  part  of  a multinational 
probably  stopped  McCann 
dropping  any  further  down  the 
league  table  and  its  billings  this 
year  should  have  stabilised  at 
around  £72m — much  the  same 


BY  HOWARD  SH ARMAN 


MEAL  TOP  TIN  AGENCIES 
FOR  1992 

L J.  Walter  Thompson 

2.  Saatchi  & Saatchi  Gar- 
iand-Compton 

3.  D’Arcy  MacManos  Marius 

4.  Ogilvy  Sc  Mather 

5.  Allen,  Brady  & Marsh 

6.  Young  Sc  Rubicam 

7.  McCann-Ericksen 
8-  Leo  Burnett 

9.  Doriands 
10.  Davidson,  Pearce 

as  they  were  in  1980.  But  a 
successful  local  agency  like 
JWT,  for  example,  has  lifted 
its  billings  by  50  per  cent  since 
1980.  from  £82.5m  to  an  esti- 
mated £130m  this  year. 

And  Saatchi  and  Saatchi. 
boosted  by  the  British  Airways 
win,  will  have  done  even  better. 


From  being  equal  with  JWT  in 
1980  its  billings  tins  year  will 
probably  be  over  £140m. 

One  major  loser  in  London 
resulting  from  the  Colgate/ 
P and  G switch  was  former 
Colgate  agency  D'Arcy- 
MacMinus  and  Marins,  which 
will  part  with  around  £8m  of 
Colgate  business  at  the  end  of 
this  year,  "I  don’t  anticipate 
that  these  changes  will  make 
any  difference  to  the  rank 
order,”  says  Marius  chairman 
Bert  de  Vos.  "It  is  a tremor 
rather  than  a shudder.”  He  is 
looking  at  billings  of  £100m 
this  year,  which  will  keep  him 
comfortably  in  third  place  In 
the  UK,  ahead  iff  Ogilvy  and 
Mather— estimated  billings  for 
1983  just  over  £90m. 

OgHvy*s  Warren,  though,  has 
his  sights  set  on  Masius^s- third 
place. in  .the  billings  table  and 


hopes  he  might  get  it  in  1984. 

Elsewhere,  the  rising  agen- 
cies appear  to  owe  very  little 
to  the  effects  of  international- 
ism. Leo  Burnett,  while  about 
to  receive  a boost  from  its 
appointment  as  a Procter  and 
Gamble  agency  In  the  UK— a 
win  which  roughly  balanced  out 
its  Beecham  losses  — owes 
much  of  its  recent  surge  up 
the  table  to  that  very  British 
company  BL. 

' And  Allen  Brady  and  Marsh, 
which  will  be  fighting  it  out  for 
fifth  place  this  year  with  Leo 
Burnett  and  McCann,  owes 
nothing  to  international  awnnwt 
wins. 

Davidson  Pearce,  a newly 
anglicised  agency  following  its 
management  buy-out  from  the 
Ogilvy  and  Mather  group,  is  also 
nn-  tibe  rise.  According  to  MEAL 
it  Is- a top  ten  agency  j the  Cam- 


paign figures  for  the  year  will 
probably  show,  it  to  be.  just 
outside  .the  top  ten  with  billings 
of  over  £50m.  Another  agency 
to  benefit  from  the  boom  in  oar 
advertising;  it  has  -gained  from 
winning  the  Fiat  account — a 
non-aligned  tnnltihfltioaal  and 
from  other  essentially  * UK 
business. 

.Indeed,  the  most  significant 
move  of  recent  weeks  may  not 
have  been  on  the  client  side 
but  on  the  agency  side. . The 
worldwide  merger  of  Foote 
. Cone  and  Belding  with  NCK 
. does  nothing  dramatic  to’  FCB’s 
London  ranking  following  the 
loss  of  British  Airways,  but  ft 
is  a pointer  for  next  year.  1 - 

The  way  that  agencies  manage 
. and  plan  their  own  businesses 
may  well  have  much  more  bear- 
: ing  on-toe  -UKrieague  table  than 
anything  clients  can  doL  • 


ON  MONDAY  night  in  the 
prime  "News  at  Ten”  com- 
mercial break,  viewers  of  TV 
South  might  have,  seen  the 
first  ever  TV  advertisement 
for  a firm  of  stockbrokers. 
Cape  1-Core  Myers  discreetly 
offered  Its  -services  as  invest- 
meat  advisers  te  the  privately 
wealthy,  the  small  company 
planning  to  go  public,  and  flee 
major  institutions. 

- It  was  a very  soft  selling 
commercial,  partly  because  of 
DBA  restrictions  ou  what 
financial  advertisers  can  say; 
partly  because  of  traditional 
‘ Stock  . Exchange  reticence. 
Cape  1-Cure  is  basically  frying 
to  familiarise  Its  name  among 
Its  prospective  audience.  Waif 
its  clients  live  in  the  south- 
east. Hence  the  month-long 
campaign  on  “TV  South. 

The  stoekhroking  firm  b 
among  the  most  marketing 
conscious  on  the  Stock 
Exchange.  Its  research 
suggests  .that  half.  Its  new 
'private  business  comes  from 
personal  recommendation,  but 
freon  recommendation  bol- 
stered by  advertising  which 
makes  its  name  familiar  to 
potential  customers.  Capel- 
Cure  is  to  toe  forefront  la 
toe  drive  for  private  invest- 
ment business,  a sector  that 
many  stockbrokers  ignored  . in 
the  1970s  as  unprofitable.  It 
believes-  that,  with  modem 
technology.  It  can  profitably 
handle  clients  with  Just 
£10.009  to  invest 

There  are  other  reasons  for 
spending  toe  £150,000  now  (It 
includes  support  advertise- 
ments In  the  Press,  an  area 
where  Capri-Core  was  also 
a traOblazer  In  the  past). 
Other  brokers  are  thinking  of 
using  - television,  and  . rivals 
for  ■ surplus  wealth,  like 
Hambro  Life,  are  believed  to 
be  advertising  conscious. 
Capel-Cure’s.  research  says 
that  stockbrokers  have  lost 
out  to  banks,  insurance  com- 
panies, and  even  solicitors  as 
advisers  on  personal  invest- 
ment. 

The  first  response  to. the 
advertising  . . has  been 
encouraging  for  by  Tuesday 
morning  five  callers  had  dis- 
covered the  Canel-Cure 
telephone  number.  Since  on 
average  they  each  had 
£106.000  to  Invest  their 
approaches  were  of  great 
interest  to  a firm  which  will 
be  'disappointed  If  the  adver- 
tising has  not  paid  for  itself 
within  six  months. 

. Antony  Thomcroft 


[is  direct  response  advertising  really  effect 

To  find  out  you’ll  have  to  send  in  this  coupon,  won’t  you?  Or  better  still,  telephone. 

You  will  end  up  talking  to  an  advertising  group  with  more  expertise  in  direct  response  than  most 
So  what  have  you  got  to  lose? 


Name 


Position 


■ 

i 


Company  Address 


Telephone  Number 


■ 

1 


Brunning  House,  London  El  IJBTrevor  Shonfeld  01-247  6525,  Manchester  Charles  Parry  061-236  5636,  Birmingham  David  Sutton  021-236 439L 
Bristol  Tony  J Male 0272-23211,  Leeds  Tony  F Male  0532-445741,  Liverpool  Geoff  McNefli  051-256  6681,  Swindon  John  Ciyer  0795  47171,  Personnel  David  Springhalt 01-247 6525. 


4 


NEW  YORK  STOCK  EXCHANGE  3&-40 
AMERICAN  STOCK  EXCHANGE  39-40 
WORLD  STOCK  MARKETS  40 
LONDON  STOCK  EXCHANGE  41-43 
UMT  TRUSTS  44-« 
COMMfflJTTlES  46 
CURRENCIES  47 

INTERNATIONAL  CAPITAL  MARKETS  48 


SECTION  III  - INTERNATIONAL  MARKETS 

FINANCIALTIMES 


37 


World  weather 
watchers  say  heat 
is  on,  Page  46 


Thursday  November  3 1983 


TOKYO 


Poll  fears 
erode 


WALL  STREET 

Debt  delay 
proves  a 
dampener 

THE  PROTRACTED  delay  by  the  U.S. 
Senate  in  approving  an  extension  of  the 
Treasury  debt  ceiling  continued  to  over- 
hang Wall  Street’s  financial  markets 
yesterday.  The  trading  session  Haij  bare- 
ly opened  when  the  Treasury  announced 
the  postponement  of  the  two  further 
funding  sales  planned  for  this  week, 
which  left  the  entire  S16bn  quarterly 
funding  programme  on  the  sidelines, 
writes  Terry  Byland  in  New  York. 

Credit  markets  started  the  session 
firmly  on  the  view  that  the  postpone- 
ment would  create  a short-term  short- 
age of  supply  in  the  market.  But  bond 
prices  topped  off  as  the  professional  in- 
vestors weighed  the  pricing  outlook  for 
the  new  30-year  bonds  to  be  issued  when 
treasury  funding  is  resumed. 

The  stock  market  started  off  very  cau- 
tiously but  took  heart  when  an  initial 
round  of  price  falls  seemed  to  choke  off 
the  sellers.  Leading  stocks  then  began  to 
move  forward,  led  by  bank  and  rail  is- 
sues. 

Stock  prices  continued  to  move  ahead 
throughout  the  session,  which  , ended 
with  the  Dow  Jones  industrial  average- 
8.03  higher  at  1,237.30.  Turnover  showed: 
a welcome  increase  at  95.6m  shares. 


traded  but  dealers  said  the  recovery  in 
stock  prices  was  largely  technical. 

Selling; pressure  has  died  down  for  a 
while  and  the  appearance  of  a few  buy- 
ers was  enough  to  push,  the  market 
ahead.  Both  NASDAQ  and  the  American 
Stock  Exchange  turned  higher,  reflect- 
ing gains  in  prices  across  the  broad 
range  of  the  market 

The  more  optimistic  turn  in  the  mar- 
ket reflected  internal,  technical  factors 
rather  than  any  change  in  long-term  in- 
vestment views.  A shake-out  in  second- 
line  issues,  which  has  been  a sign  of 
overall  weakness . in  the  market,  was 
checked.  Both  NASDAQ  and  the  Ameri- 
can Stock  Exchange  showed  a majority 
of  small  gains. 

A steadier  tone  in  the  high  technology 
stocks  brought  a gain  of  $%  to  $33%  in 
Wang  Laboratories  which  benefited 
from  an  agreement  to  match  communi- 
cations equipment  with  AT  & T.  Commo- 
dore International  gained  $%  to  534% 
and  Tie-Communications  put  on  $'/«  to 
$34%. 

IBM,  however,  dipped  $%  to  $126%  as 
the  excitement  over  introduction  of  its 
Peanut  product  calmed  down.  NCR 
jumped  $3%  to  $i29%,  Control  Data 
added  $1%  to  $46%  and  Digital  Equip- 
ment at  $68  lost  $1  after  a downgrading 
by  one  of  the  major  debt  rating  agen- 
cies. 

Assurances  on  the  outcome  of  the  Arg- 
entine elections,  together  with  calmer 
news  from  Grenada,  helped  bank  shares 
- Citicorp  putting  on  $1  to  $33%  and 
Chase  Manhattan  $%  to  $44%. 

Rail  stocks  came  back  into  fashion  as 
investors  assessed  the  implications  for 
profits  of  a sharp  rise  in  freight  traffic 
reported  from  the  industry.  Burlington 


Northern,  stock  which  has  risen  25  per 
cent  since  its  September  bid  for  the  out- 
standing equity  in  El  Paso,  put  on  $1%  to 
9106%.  Norfolk  and  Western  at  965% 
gained  $1%. 

Retail  issues  firmed  up  behind  sales 
figures  from  Toys  R Us,  the  biggest  of 
the  specialty  stores.  It  gained  $%  to  940% 
with  investors  encouraged  not  only  by  a 
16  per  cent  sales  gain  to  date  but  also  by 
a disclosure  that  video  games  and  home 
computer  sales  were  playing  a reduced 
role  in  turnover. 

Stock  in  Toys  has  been  hit  recently  by 
fears  that  the  misfortunes  of  the  home 
computer  industry  might  rub  off. 

Coca-Cola,  the  soft  drinks  and  film 
group,  added  5%  to  $52%  after  results. 

Leading  industrial  stocks  to  improve 
included  Exxon,  $%  up  at  $39%;  General 
Dynamics;  5%  ahead  at  $56%;  General 
Electric,  $%  better  at  $52%.  Monsanto 
-gained  £2%  to  $109%. 

Institutional  buying  was  seen  in  Cat- 
erpillar Tractor,  which  jumped  $1%  to 
$40%,  and  in  Union  Carbide  $%  higher  at 
$65%.  But  a weak  spot  in  pharmaceuti- 
cals was  Merck,  which  dipped  $1%  to 
$97%. 

Treasury  bills  had  a quiet  session  with 
discounts  slightly  easier.  The  three- 
month  bills  dipped  two  basis  points  to 
8.47  per  cent  while  the  six-month  bills  at 
8.70  per  cent  lost  one  basis  point 
The  Federal  Reserve  helped  short- 
term liquidity  with  Slbn  in  customer 
repurchases  when  Federal  Funds  stood 
at  97/ia  per  cent  It  later  re-entered  the 
market  to  buy  $4 00m  in  bills,  also  for  a 
customer  account  and  with  funds  at  9%. 

The  key  long  bond  opened  at  102%:, 
later  shading  down  to  1012%i,  yielding 
11.76  per  cent  and  showing  a net  price 
fall  of  %=  on  the  day.  Dealers  predicted 
that  the  new  30-year  bonds  to  be  sold 
when  auctions  are  resumed  could  be 
priced  at  101. 

LONDON 

Eagle  Star 
heads  for 
the  skies 

THE  largest  ever  UK  bid,  BAT  Indus- 
tries’ surprise  £796m  agreed  offer  for 
Eagle  Star  Insurance,  was  the  all-con- 
suming influence  early  yesterday  on 
London  stock  markets.  . 

Eagle  Star  - already  in  receipt  of  an 
unwelcome  500p  per  share  partial  offer 
from  Allianz  Versieherung,  owner  of  a 
near-  30  per  cent  stake  - soared  to  610p 
before  closing  57p  up  at  585p. 

Blue  chip  industrials  meanwhile  con- 
tinued to  trade  firmly,  although  values 
went  lower  when  retailer  Marks  & 
Spencer's  interim  results  failed  to  match 
some  optimistic  market  estimates.  It  fell 
6p  lower  to  206p,  while  the  FT  Industrial 
Ordinary  index  closed  1.6p  up  at  707.8. 

Details,  Page  41;  Share  information 
service,  Pages  42-43. 

HONG  KONG 

AN  UNEXPECTEDLY  large  1.5  point  cut 
in  local  prime  lending  rates  was  the  sig- 
nal needed  to  send  shares  higher  in 
Hong  Kong.  The  Hang  Seng  index  ad- 
vanced 20.16  to  866.90  during  the  moder- 
ately active  regular  half-day  session. 

SINGAPORE 

UNCERTAINTY  OVER  future  trends 
kept  investors  away  from  the  Singapore 
market  and  the  Straits  Times  industrial 
index  drifted  0.94  lower  to  end  at  937.32. 

Cerebos  was  again  at  the  centre  of  the 
limited  activity,  ending  1 cent  lower  at 
SS1.97  while  K L Kepong  also  shed  1 
cent  to  end  at  SS2.89. 

AUSTRALIA 

FOREIGN  DEMAND  for  Broken  Hill 
Proprietary,  following  several  bullish 
recommendations  by  brokers,  dominat- 
ed activity  in  Sydney.  But  although  trad- 
ing in  BHP  was  relatively  heavy,  the 
price  ended  unchanged  at  AS  12.50. 

The  remainder  of  the  market  was  de- 
pressed and  the  All  Ordinaries  index 
dipped  2.7  to  685.4. 

SOUTH  AFRICA 

IMPROVED  DEMAND  as  the  bullion 
price  recovered  above  $380  an  ounce 
took  gold  shares  sharply  higher  in  Jo- 
hannesburg.  Among  the  heavyweights,  : 
Randfontein  added  R6  to  R128  while  ' 
President  Steyn  rose  R4  to  R47. 

Mining  financials  »nd  other  precious 
metals  sectors  also  benefited  from  the 
recovery.  Anglo  American  Gold  rose  R4 
to  R114,  while  in  diamonds,  De  Beers 
and  Rustenburg  were  each  20  cents 
firmer  at  R8.0O  and  R11.10  respectively. 

Industrials  ended  mixed  where 
changed. 

CANADA 

A REVIVAL  in  world  gold  values  pro- 
vided the  spur  to  a broad-ranging  Tor- 
onto advance  in  which  base  metal  and 
mineral  issues  also  drew  benefit  and  the 
oil  and  gas  sector  maintained  its 
strength. 

This  was  founded  partly  on  an  ana- 
lyst’s forecast  of  dramatically  improved 
prospects  for  the  oil  industry  next  year. 

The  non-resource  areas  of  the  market 
trailed,  as  did  Montreal,  where  a good 
showing  by  banks  was  again  partly  off- 
set by  weakness  in  the  papers  sector. 


firmness 

AN  EARLY  rise  on  the  strength  of  Wall 
Street’s  overnight  firmness  evaporated 
in  Tokyo  yesterday  as  investors  became 
concerned  again  about  continuing  politi- 
cal confusion  and  a possible  election  loss 
by  the  Liberal-Democrats,  writes  Shigeo 
Nishiwaki  of  Jiji  Press. 

The  Nikkei-Dow  average,  which  had 
eased  5.88  on  Tuesday,  shed  another  6.79 
to  finish  at  9,344.12.  Volume  remained 
slow  at  310.63m  shares  against  the  previ- 
ous day's  315.36m.  Declines  slightly  out- 
paced advances  335  to  318,  with  197  is- 
sues unchanged. 

Medium-capital  stocks  with  the  likeli- 
hood of  quick  price  fluctuations  were  se- 
lected, but  trading  was  generally  spirit- 
less, with  no  specific  shares  or  indus- 
tries acting  as  market  leaders. 

Renewed  talk  of  a general  election  by 
the  end  of  the  year  and  a possible  set- 
back for  the  ruling  party  heightened  in- 
vestor cautiousness,  together  with  con- 
cern about  the  tapering-off  of  foreign 
buying. 

Large-capital  steels  continued  to  at- 
tract foreign  interest  but  turned  lower  in 
late  profit-taking.  Kobe  Steel,  the  sec- 
ond most  active  issue,  dipped  Y1  to  Y159, 
Nippon  Steel  Y1  to  Y170  and  Nippon  Ko- 
kan  Y3  to  Y147.  But  shipbuildings  were 
firm,  with  Mitsubishi  Heavy  Industries 
rising  Y2  to  Y255  and  Ishikawajima- 
Harima  Y8  to  Y165. 

Among  motors,  Isuzu  Motors  declined 
Yll  to  Y400  but  Toyota  Motor  gained 
Y20  to  Y1.300.  Honda  Motor,  which  has 
an  assembly  plant  in  Ohio  excluded 
from  a new  Japan-ILS.  agreement  to 
curb  Japanese  car  exports  to  the  Up- 
market to  1.85m  units  in  fiscal  1984,  rose 
Y30  to  Y1.040. 

Pharmaceuticals  were  steady.  Dai 
Nippon  Pharmaceutical  advanced  Y150 
to  Y3.230  and  Asahi  Chemical  Y5  to 
Y373,  both  on  the  reappraisal  of  their 
new  anti-cancer  drugs. 

Blue  chips  mostly  remained  out  of  in- 
vestor favour.  TDK  lost  Y40  to  Y4.790, 
Kyocera  Y40  to  Y7.060  and  NEC  Y20  to 
YU80,  but  Hitachi  gained  Y6  to  Y872. 

A slackness  in  Tokyo's  first  market 


sent  the  bulk  of  speculative  funds  flow- 
ing into  the  second  market,  lifting  the 
Tokyo  Stock  Exchange  index  to  an  all- 
time  high  of  1,348.05,  up  4.40  from  Tues- 
day. 

Little  activity  was  evident  in  the  bond 
market,  and  institutional  investors 
maintained  their  cautious  posture,  still 
waiting  for  new  trading  incentives.  Only 
some  regional  banks  moved  in  to  sell  a 
small  amount  of  their  bond  holdings. 

The  yield  on  the  barometer  7.5  per 
cent  government  bonds,  maturing  in 
January  1993,  dipped  to  7.73  per  cent 
from  Tuesday's  close  of  7.74  per  cent 


EUROPE 


Rescue  bid 

frightens 

Frankfurt 

THE  RESCUE  package  arranged  by  the 
Bundesbank  and  commercial  banks  for 
the  private  bank,  Schroder  Miinchmey- 
er,  Hengst  (SMH),  contributed  to  a ner- 
vous and  sometimes  hectic  session  in 
Frankfurt  yesterday. 

The  banking  sector  came  under  parti- 
cular pressure,  although  stores  proved 
to  be  the  biggest  losers  of  the  day.  The 
failure  of  merger  plans  between  Thys- 
sen  and  Krupp  depressed  the  steel  sec- 
tor. 

The  market  was  also  discouraged  by 
the  strength  of  the  dollar  against  the 
D-Mark,  and  the  Commerzbank  index 
fell  back  11.80  from  the  previous  calcula- 
tion on  Monday  to  1,007.40. 


Among  the  banks,  Commerzbank 
dipped  DM  3.10  to  DM  169.90,  Deutsche 
DM  3.50  to  DM  311  and  Dresdner  DM  2 
to  DM  173.  In  stores,  Kaufhof  shed  DM  7 
to  DM  258,  Karstadt  DM  6 to  DM  281 
and  Horten  DM  I to  DM  171.50. 

Of  the  steels,  Thyssen  shed  DM  1 J20  to 
DM  76.50  and  Krupp  was  DM  3 lower  at 
DM  72.  Hoesch  dropped  DM  4.60  to  DM 
90.10  and  Kiockner  Werke  eased  30  pfg 
to  DM  38.50. 

News  of  BAT  Industries'  move  for 
Eagle  Star,  the  British  insurer,  was 
countered  by  an  announcement  that  Al- 
lianz, which  has  already  made  a bid. 
could  raise  its  offer. 

Domestic  bonds  eased  slightly,  under- 
mined by  the  strength  of  the  dollar.  The 
Bundesbank  bought  DM  11.2m  worth  of 
paper,  after  Tuesday's  DM  9.7m  worth. 

In  Amsterdam,  the  failure  of  wage 
talks  between  the  Government  and  civil 
servants  undermined  the  market  and 
shares  ended  lower.  The  public  employ- 
ees are  now  expected  to  call  for  wide- 
spread strikes  following  the  Govern- 
ment’s refusal  to  rescind  a planned  3.5 
per  cent  salary'  cut  in  1984. 

This  spectre  of  unrest  dampened  the 
foreign  demand  which  has  fuelled  the 
market  for  much  of  the  year.  Shares  al- 
so suffered  from  some  domestic  selling 
as  investors  set  about  financing  October 
stock  options. 

Among  internationals,  KLM  fell  FI  2 
to  FI  159.30  ahead  of  its  first-half  results 
due  today,  while  Philips  was  FI  1.40  low- 
er at  FI  43  and  Akzo  lost  FI  1.20  to 
FI  73.30. 

Dutch  bond  prices  firmed  slightly  af- 
ter opening  unchanged,  but  volume  re- 
mained low  and  trading  was  featureless. 
The  9.5  per  cent  state  bond  was  up  20 
cents  to  FI  104.80  to  yield  8.3  per  cent  on 
a 5.2  year  average  life  and  8.64  per  cent 
on  an  8.2  year  average  life. 

Paris  returned  from  its  four-day  holi- 
day to  find  Wall  Street's  overnight  per- 
formance undermined  by  a quarter- 
point  rise  in  the  French  call  money  rate 
to  12%  per  cent 

Shares  ended  mixed  with  metals, 
banks,  constructions  and  electronics 
firmer  but  foods,  financials  and  chemi- 
cals easier.  Among  the  firmer  banks. 
Credit  Fonder  rose  FFr  11  to  FFr  565 
while  in  the  foods  and  drink  sector  Mar- 
tell  fell  FFr  15  to  FFr  1,200. 

A rush  of  new  share  issues  left  Brus- 
sels lower  with  most  holding  companies 
and  industrials  easier. 

A weaker  trend  emerged  in  Stock- 
holm after  a strong  start.  Pharmacia  re- 
Con  tinned  on  Page  40 


KEY  MARKET  MONITORS 


ETOCK  MARKET  INDICES 


NEW  YORK 

Nov  2 

Previous 

Year  ago 

DJ  Industrials 

1237.30 

1229.27 

1022.08 

DJ  Transport 

584.08 

579.32 

43255 

DJ  Utilities 

140.61 

14022 

12055 

S&P  Composite 

164.84 

16352 

137.49 

LONDON 

FT  Ind  Ord 

707.8 

7062 

624.3 

FT- A Ail-share 

440.02 

438.42 

384.43 

FT- A 500 

476-24 

47526 

428.02 

FT-AInd 

433.83 

432.90 

39624 

FT  Gold  mines 

4779 

4445 

4055 

FT  Govt  secs 

8222 

82-34 

8554 

TOKYO 

NAkei-Dow 

9344.12 

935051 

7395.62 

Tokyo  SE 

685.34 

685.41 

54752 

AUSTRALIA 

AH  Ord. 

685.1 

688.1 

5065 

Metals  & Mins. 

504.1 

506.6 

4085 

AUSTRIA 

Credit  Akben 

53.92 

54.05 

47.43 

BELGIUM 

Belgian  SE 

121.87 

12273 

98.34 

CANADA 

Toronto 

Composite 

2403.18 

2374.75 

1834.1 

Montreal 

Industrials 

422.03 

415.68 

32748 

Combined 

405.41- 

40051 

31174 

DENMARK 

Copenhagen  SE 

194.74 

19427 

9155 

FRANCE 

CAC  Gen 

140.9 

141.3 

100.3 

ind. Tendance 

149.6 

1495 

119.4 

WEST  GERMANY 

FAZ-Aktien 

339.49 

340.47 

23256 

Commerzbank 

1007.4 

10122 

704.8 

HONGKONG 

Hang  Seng 

366.9 

846.74 

82254 

ITALY 

Bancs  Comm. 

188.38 

185.65 

164.08 

NETHERLANDS 

an  P -CBS  Gen 

1346 

1365 

96.7 

ANP-CBS  Hid 

109.8 

111.1 

7S2 

NORWAY 

Oslo  SE 

203-53 

20322 

10429 

SINGAPORE 

Strarts  Times 

937.32 

93B.2E 

72726 

SOUTH  AFRICA 

Golds 

701.6 

661.4 

73S.7 

Industrials 

8775 

B80.9 

682.1 

SPAIN 

Madrid  SE 

1275 

125.23 

10153 

SWEDEN 

J&P 

1412.16 

140966 

74454 

SWITZERLAND 

Swiss  Bank  Ind 

3541 

346.3 

2637 

WORLD 

Novi 

prev 

Yraga 

Capital  inf  I 

177  8 

177.9 

143.7 

GOLD  {per  ounce) 


London 
Frankfurt 
Zurich 
Parts  {toeing) 
Luxembourg  (fixing) 
New  York  (Nov) 


tkptZ 

S382.125 

S3S3-25 

638350 

$383.87 

dosed 

$583.10 


CURRENCIES 


IU.  DOLLAR 


STERLING 


(London) 

Nov  2 

Previous 

Novi 

Previous 

9. 

- 

- 

1.4875 

1.4865 

DM 

2544 

2555 

3.935 

3.9475 

Yen 

234.45 

234.8 

349 

34925 

FFr 

B.0425 

' 85775 

1156 

12005 

SwR 

2.15 

2161 

320 

3215 

Guilder 

2.9625 

2973 

4A1 

4-4225 

Lira 

1606 

1606.75 

2388 

2388 

BFr 

53.72 

5356 

795 

80.05 

CS 

123275 

123325 

15335 

1.8325 

INTEREST  RATES 


(three  month  offered  rate) 


DM 

FFr 

FT  London  Interbank  fixing 
(offered  rate) 

3-month  U.S.$ 

8-month  U.S.S 
U^.  Fed  Funds 
U^B.3-montli  CDs 
ILS.  3-month  T-bifls 


Nov  2 

9% 

4%. 

51*. 


V¥n 

9’Yib 

9% 

9.35 

8.47 


Frew 

9% 

4 % 
5'Y« 
12'V.a 


JTYi. 

9‘%. 

9*. 

9.30 

8.45 


UJB  BONDS 


Treasury 

10%  1985 
11%  1990 
11%  1993 
12  2013 

Corporate 


Nov  2 

Pnce  YMd 
99*%*  10.55* 
99*%*  11.53' 
101%*  11.66* 
101*%*  11.70* 
Nov  2 


Prev 

Price  VMd 
99*%*  10.55 

99*%*  1155 
101%*  11.66 
101*%*  11.77 
Prav 


AT&T 

Price 

Yield 

Price 

Yield 

10%  June  1990 

93*- 

11.75* 

93% 

11.75 

3%  July  1990 

68V 

1050* 

68% 

1050 

8%  May  2000 
Xerox 

76- 

1215* 

76 

1215 

10%  March  1993  92%* 
Diamond  Shamrock 

1205* 

92% 

1205 

10%  May  1993 

907i* 

1230- 

90% 

1230 

Federated  Dept  Stores 

10%  May  2013 
Abbot  Lab 

87.132* 

1225* 

87.132 

1225 

11,80  Feb  2013 
Alcoa 

96596* 

1225* 

96596 

1225 

12%  Dec  2012. 

96.16* 

1275* 

96.16 

1275 

CHICAGO 

Latest 

High 

Low 

Prev 

US.  Treasury  Bonds  (C8T) 

8%  32nds  of  100% 

December  70.26  71-00  70-20  70-27 

ILS.  Treasury  Bffls  (IMH) 

Sim  points  of  100% 

December  91.15  91.18  91.12  91.16 

Certificates  of  Deposit  (IMM) 

Sim  points  of  100% 

December  90.44  90.47  90X3  90/46 

LONDON 

Three-month  Eurodollar 

Sim  pants  of  100% 

December  90.30  9031  9027  9028 

30-ye*r  Notional  OOt 

£50,000  32ndS  Of  100% 

December  108-18  108-25  108-06  108-25 


Prev 

S377.625 

BBS 

$37750 

(London) 

Nov.  2 

Prev 

$37750 

Silver  (spot  fixing) 

589.90p 

560 25p 

S38927 

Copper  (cash) 

£933.50 

£930.50 

S 383.00 

Coffee  (Nov)  • 

£1861.00 

£1853.00 

$37820 

Oil  (spot  Arabian  light) 

528.45 

528.50 

maenn  latest  pm-ebse  fi&rs 


Europe's  oldest 
parliament  will  set 

your  business  free 


If  you’re  looking  fora  place  to  develop  your 
business,  the  Isle  of  Alan  offers  you  a unique  advantage. 

Freedom.  And  on  more  than  one  front. 

We  won’t,  fur  example,  lock  up  your  profits  by* 
taxing  them  heavily.  In  fact,  with  Income  Tax  at  only  20°  u 
for  both  individuals  and  companies,  no  Corporation 
Tax,  no  Capital  Gains  Tax  (except  on  certain  land 
transactions)  and  no  Wealth  Tax,  Surtax  or  Estate  Duty; 
well  leave  you  free  to  enjoy  the  fruits  of  your  labour 
in  peace. 

We’ll  also  leave  you  free  to  pursue  your  ambitions, 
within  a sensibly  ordered  legal  and  commercial 
framework.  Though  we  are  Europe's  oldest  parliament, 
with  over  a thousand  years’  continuous  and  stable 
government  behind  us, you’ll  nevertheless  find  we're 
remarkably  accessible  and  inliirmal. 

We're  generous,  t<n ».  Wc  ofler  substantial  grants  to 
new  manufacturers  coming  to  the  Island.  These  cov  er 
plant,  machinery  and  building  costs  as  well  as  training 
and  marketing  needs.  Wc  also  offer  working  capital 
loans  on  verv  favourable  terms. 


If  you’d  like  to  know  more  about  opportunities 
on  the  Isle  of  Man,  get  in  touch  with  us  today. 

Foran  old-established  community  only  SO  minutes 
from  London  you'll  find  we're  very  much  up-to-the- 
minute  when  it  conics  to  business  and  finance. 


r 


W.  Isle  of  Man 


To:  Ken  Bavdcn, 

Government  Offices.  I'X )LUT.  \S.  Isle  nf  Man. 

Tel:  Douglas  (OkM)  261ol.  Telex:  hJShli  JOMAN  G. 

M IiLvm  Limw  nfc in- .ilu i>n  ilu  I'L  «i  \1jm  l'li  mo  jmir 

“Ciuiik  ut  mJiisinal.mil  lin.iiiu.ii 

i Njiik  . . 


1 


_ .t*iisiii.in_ 
" C'impjn\. 


AdJn-'i 


.Til- 


L 


Ti-li-v. 


. Naniiv  ni' hii'iiii-ss. 


Finally,  we  ofler  you  space  to  expand -and  export. 

Though  we  are  not  pan  of  the  United  Kingdom  or  - 
the  EEC,  our  special  arrangements  with  both 

make  their  markets  easily  accessible.  V'.rV'  industry  an 

_ V . . expand 


iJ 

Where  there's 
opportunity  for 
*’’T  ' ' ’ 1 ’ industry  and 


38 


/ 


Financial  Times  Thursday  November  3 1983 


NEW  YORK  STOCK  EXCHANGE  COMPOSITE  CLOSING  PRICES 


Di'fl* 

Roe  Pm.  12  HdrA 


Ow*  Pm.  12  llontfc 


age 

Oom  Pm.  12  Mon* 


Din 

Ossa  Pm.  121 


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dan  Pm  I 12  Mart 


ar» 

DtoproT 


,380  28%  28  28  . 


3A  (tfm  pa  60  hi 


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140  2 9445  149  49  48V  4d  + % 47%  ift  B#,  CM  131 26  a 27  45%  45%  45%  + % fi  30%  CM  o(47S  IS 


17%  1ft  * % £ 5%  effTsx 


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A FINANCIAL  TIMES  SURVEY 

CUMBRIA 

DECEMBER  9,  1983 

The  Financial  limes  is  proposing  to  publish  a Survey  on  Cambria  In  its  issue  of  December  9,  1983. 
The  provisional  editorial  synopsis  is  set  out  below. 


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industry.  An  unemployment  rate  lower  than  the  national  average  masks  the  economic  problems  of 
West  Cumbria  which  has  suffered  industrial  shrinkage.  The  Survey  will  examine  new  initiatives 
designed  to  bolster  the  country's  economy. 

Editorial  coverage  will  also  include:  

INDUSTRY  PROPERTY  ENTERPRISE  ZONE  TOURISM 
For  further  information  and  advertisement  rates  please  contact: 

Brian  Heron 

Financial  Times  limited.  Queen’s  House,  Queen  Street,  Manchester  M2  5HT 
Telephone:  061-834  9381  Telex  666813  FINTCHG 

FINANCIALTIMES 

EUROPE’S  BUSINESS  NEWSPAPER 

The  size,  contents  and  publication  dates  of  all  Surreys  are  subject  to  change  at  the  discretion  of  the  Editor 


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Continued  on  Page  40 


COMPOSITE  CLOSING  PRICES 


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H4h  Law  Stack  Oh.  flt'E  IQlUttgh  low  : thm*  Chn« 

Continued  bom  Page  38 


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c-saies  m mu 


40 


WORLD  STOCK  MARKETS 


® Financial  Times  Thursday  November  3 1983 


AMERICAN  STOCK  EXCHANGE  CLOSING  PRICES 


17 1 

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ift  8 
22k  ft 
ift  8 
*ft  ft 
12%  ft 


wants 

want 

WmC 


Weber 

warn 


W-W-W 

39  ft 
5 6 

*54  1314  47 
21  14 

s.12  4 27  3193 
3 07  2 27  40 
9 10  2 » 13 

wt  1 

M 357  5% 

7 15  10% 

65  9 16  388  u72 
126  7.3  7 20  17%  174  17k  +k 

180  ft  “ _ 


ft  ft  +k 
6 8. 

1ft  17k  16%  +% 
ft  64  ft. 

a 33  3ft  +k 
32%  33%  +11, 
4ft  4ft  4ft  -% 

16  16  16  . 

dft  ft  -k  ' 
1ft  10%  + k 
7ft  71  +| 


ft  +k. 

s 21  292  1ft  11%  1ft  +% 


ww&a 

ift  Wescc 
241,  ft  wwp 
35k  WT* 


*.10  8 5 

S 9 72 

» 43  17  41 
5*3011  5 


41 

1ft  ft 
1ft  9%  Wsifir 
4ft  104  WsWSl 
«k  ft 


ft 

4 

2 


WCntr 

«MCH 

WCM4 

IMfcaO 

WBsnB 

Wo«H8 


ift  1ft 

a a i 

Oft  116  &%  7k  8? 

P»«40  11.  4180  39k  JB  39k  +ft 

fl  SO 

iae-3  . . 

20  107  Hk  14%  1ft  -k 


94  ft  + % 

162  111,  10%  11k  + 

77  *2k  414  *1%  -ft 


17 
7 

22  50 

4 

6*  6 


f 

3 


2%  2%  -% 

333 

as.* 


l. . 

arm 

[ IzUaffih 

Vi  Sh 

□on  Pwr. 

Ion 

ted 

Or*.  YW  F 

idosffiab 

Imr 

ttaoROOR 

u% 

5% 

WasJm 

*0  44  11 

4 

5% 

9k 

9% 

& 

5% 

MAE 

jUt  66 

w 

6% 

6k 

G% 

+ % 

21% 

Wraw 

OS  1 

6 

44% 

<<% 

44% 

+ % 

91*3 

1-16 

W31H 

g » 

77 

5k 

5%. 

X-V 

-Z 

19% 

5k 

VrtuD 

s u 

64 

10k 

17% 

171. 

-% 

*3 

*1 

amer 

s.Kt  7 21 

73 

15% 

13% 

15 

+1 

NEW  YORK 

fT  OSTNG  PRICES 

am 

1 12  UbsSi 

ft  Sb 

Don  Pin. 

•AA 

Low 

Stud 

At.  W.  E 

10th  tigh 

im 

OsstaOsn 

Continued  from  Page  39 

34% 

16 

Wadon 

44b  19  14 

31 

23% 

23 

23k 

+ k 

3 

*k 

wanoc 

169 

9 

B% 

5, 

»% 

mm 

s.14  3 38 

2849 

42% 

40J* 

+ik 

38% 

4* 

MAMn 

Pi 

1 

89 

99 

89  . 

39% 

2*k 

wwgm 

*72  20  16 

783 

38% 

35% 

36% 

+ % 

22 

141. 

WcHRs 

913? 

177 

21% 

21 

21% 

+ % 

31 

22 

sues* 

s 361218 

192 

30 

29% 

30 

+ k 

47% 

26% 

120  35  8 

6B4 

34% 

32% 

33% 

+1% 

10 

8 

HtoBJ 

ft  1 ij 

noo 

8% 

8% 

8%. 

36k 

18% 

Wane 

& 70  22  12 

808 

3lk 

2Bk 

31k 

*2k 

58% 

19% 

WmQn 

1 45 

1309 

22k 

22 

22 

— h 

35 

25% 

Ward. 

1 48  5.0  12 

era 

2& 

»2 

29% 

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31% 

2*k 

WasnGs 

288  037 

123 

3lk 

30% 

31 

+ % 

37% 

1B% 

Wsbitat 

1 08  42  10 

456 

27 

25% 

25% 

-% 

22% 

18% 

1 n— i f. 

nsrinl 

248  11.  7 

240 

21% 

21% 

21% 

+ k 

61% 

37% 

Ware 

ea  17  16 

7827 

41k 

38% 

41 

+3 

92 

29 

Wnfcm 

58  3 15 

91 

78% 

78k 

78% 

+ % 

15% 

8k 

VttjGcs 

201615 

3 

12% 

12% 

■»• 

-k 

9k 

3% 

Stand 

57 

7% 

7i* 

7% 

+ k 

25 

8% 

WttoO 

40 

643 

16% 

16 

16% 

+ k 

3 

23 

IlMM 

*5810  13 

38 

30 

29% 

30 

26 

Watsf 

192  5 4 6 

284 

§ 

34% 

35% 

+ % 

50% 

45 

net 

pC69e  55 

4 

a 

48% 

th 

30 

23k 

«WFM 

2 80  10  9 

98 

26 

28  . 

»9k 

13 

Wandr 

s 32  id  <5 

1220 

18% 

17% 

18 

♦ k 

32% 

17% 

westCo 

4014  15 

no 

28% 

28% 

28% 

+ % 

41 

38 

WknP 

pta SO  12 

jso 

38 

38 

38  . 

53 

34% 

WstPtP 

220469 

45 

* 

47% 

47% 

+ % 

12% 

10% 

3% 

Vfcari 

g104 

5 

tt 

Q 

12  . 

7k 

WnAri. 

231 

4% 

<k 

4%. 

3% 

14 

WlMr 

M 

70 

Ik 

Ik 

IV 

18k 

10k 

WAjt 

P» 

40 

13k 

12% 

13  . 

12 

6% 

NCN4 

121 

KOI 

10% 

10 

10 

n 

S*k 

46 

WCNA 

P172514. 

2 

52% 

52% 

92% 

75% 

52% 

WFad 

11 

e 

79 

78 

79 

+ T 

51 

29 

WUnoft 

14040  11 

1104  34% 

34% 

34% 

-% 

10% 

8k 

Wlta 

dpn  18  13 

38 

9k 

9% 

-% 

22% 

18% 

nun 

P1256  12 

14 

20% 

20% 

+ % 

53% 

M% 

t¥est£ 

190  3.6  11 

1091 

«% 

49 

<5% 

-% 

36k 

23% 

Wcsnc 

1202815 

136 

31% 

31% 

-% 

41% 

31% 

Wqsm 

1304030 

2347 

32 

32% 

52% 

40k 

Wejr 

pen  66 

300 

<21 2 

e 

<2% 

+ % 

57k 

46k 

Wfejr 

PT4S091 

60 

49k 

49 

Ok 

+ % 

64 

55 

wfieLE 

57587 

no 

U66 

66 

66 

+2 

25% 

13k 

MMPit 

148 

u26% 

2Sk 

26% 

+ % 

46 

34 

vwk 

pi  6 15 

tXD 

40 

39% 

39% 

-1% 

3B 

28 

MP4 

(6  515 

2900  34% 

33% 

34 

+1 

57 

39 

Wtand 

2 43  10 

3957  4B, 

46 

46k 

+ % 

45% 

31% 

WtaC 

150  3 6 14 

63 

41k 

41% 

41% 

43% 

33k 

H 111  ill" 
RfllU 

CifC3  79 

1 

37k 

37% 

37%. 

66% 

18 

IWVCN 

12 

104 

35% 

34% 

36  . 

34% 

21% 

Wbndc 

1 80  57  13 

602 

28% 

27% 

28k 

+ % 

11k 

*k 

weeks 

48 

26 

9k 

9% 

9% 

30k 

15% 

tftam 

120  4 8 31 

423 

26% 

25% 

ZB 

-k 

IB 

8% 

W»mB 

60666 

2B7 

9k 

8% 

9% 

+ % 

11% 

6 

MbbrO 

08r  1 1 8 

149 

7% 

7 

7k 

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37% 

2*% 

WMta 

*156  12 

552 

31k 

2B% 

31% 

1-3% 

3 

10% 

Wtanbg 

20e  12  28 

911 

16% 

15% 

Mk 

+ 1% 

«k 

WtatoJ 

27 

23 

9% 

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29% 

20 

mscEP 

210  76  7 

1010 

28 

27% 

-% 

85 

74 

wet 

01350  12 

Z7D 

76 

78 

78  . 

26 

22k 

VltaO 

pC.  55  10 

2 

25k 

25k 

3k. 

28% 

22k 

WscPL 

240  88  7 

367 

27% 

a 

27k 

-% 

29% 

21k 

WiscPS 

232  77  8 

175 

u30% 

29% 

30k 

+ % 

3<k 

17% 

wm 

*132  3 9 11 

240 

§ 

33k 

33% 

+ % 

29k 

14k 

...  ,1  -iif 

YrORnW 

48339 

219 

14% 

Mk 

-k 

«*% 

27% 

HWRWI 

• 44  11  26 

257 

<1% 

41% 

41% 

+ % 

2B% 

18% 

WCtriPl 

60  24  IS 

17 

25% 

24% 

a* 

22% 

tvotan 

1805012 

300 

36% 

36% 

3K 

+ % 

5«k 

32 

UWta 

F!220  4 4 

5 

SOI* 

50k 

90k 

-% 

7% 

% 

WWAr 

IS 

5 

4k 

«% 

-% 

56k 

W rrft 

144*  SB  to 

26 

51% 

51 

51% 

+ % 

Bk 

3k 

suna’ 

270 

5 

7% 

7% 

-k 

24% 

6% 

IfttaLb 

.16  7 

77 

21k 

21% 

-% 

1?% 

22% 

9 

13% 

ftk 

W)M5 

6032  17 

173 

23 

10k 

19k 

5,3 

X-Y-Z 

SO 

X 

y«n» 

3 65  12 

46% 

46% 

46% 

4% 

53k 

49k  - 

\erct 

BS4S11 

4 

SC% 

90S, 

50% 

-% 

36% 

18k 

XTRA 

1734 

880 

u37 

35% 

38% 

+ % 

3* 

20k 

ZWCp 

126  38  71 

00 

33 

32% 

33 

+ k 

217, 

14k 

Zapw 

84*1  5 

415 

17 

HP; 

16% 

+ % 

52k 

27k 

Zaf« 

S 30  7 14 

1091 

<2% 

41% 

*2 

*% 

3*% 

12% 

Zexwfi 

35 

894 

30k 

20% 

30 

-% 

36% 

a 

Ztao 

» 48  1430 

10 

33% 

33% 

33% 

37% 

ire 

132  4 9 9 

HD 

27% 

27k 

27% 

"% 

CANADA 

(CtaBagPiw) 
Ssdt  . 


Nw 

2 


Vn. 


EUROPE 

Continued  from  Page  37 
mained  at  the  centre  of  attention  follow- 
ing the  announcement  that  it  was  issu- 
ing 2 2m  American  Depositary  Receipts 
(ADRs)  in  New  York  at  S22  each.  One 
free  “B”  share  is  to  be  the  equivalent  of 
two  ADRs. 

Pharmatia's  shares  dropped  SKr  15  to 
SKr  355,  following  Tuesday’s  SKr  37  de- 
cline in  the  face  of  a 59  per  cent  rise  in 
pre-tax  profits  for  the  first  nine  months. 

A firmer  tone  was  evident  in  other 
bourses-  Renewed  foreign  demand  for 
blue  chips  pushed  Zurich  higher. 

The  Swiss  bond  market  dosed  steady 
in  moderate  trading  while  in  foreign 
equities,  most  dollar  stocks  traded  above 
the  overnight  closing  levels  in  New 
York. 

Fairly  active  demand  took  Milan  high- 
er. Bastogi  advanced  L7  to  L177.40  and 
Montedison  L6  to  L191. 

Advances  in  the  banking  sector  under- 
pinned a firmer  Madrid 


FRANKFURT 


Sharp  jump  in  turnover 


ANCAbU 22% 

MM u 21* 

Agwcn  £jg*»  1 4ft 

ten  EMM  _ — 19  Vi 

AksNmfl 46  Vs 

AJgonSto! 30 

Asfeesn 10  Vi 

BkHamrwl— Z7V» 

& NwaSesti 42 

BeBCaMa 30* 

BonMorA IB* 

BowWby 24ft 

BJ  CroAa-  - 

Bran*  A 34ft 

Brioca 3.1 

B.  C.  Form lift 

OUk 28ft 

Ca6S*cF»m Bft 

Cm  Coma  

CsoKWEaWBf 24ft 

Can  Factors 25 

Can  TraacD 44ft 

C»  lea  Baft 31ft 

CtrctonPttfte 48ft 

Cm  P.  Em. 21ft 

CsTyreA 58V* 

Ctafegtna* 20ft 

18ft 


+ ft 
-ft 
+ ft 
+ ft 

-ft 


+ ft 
+ ft 


-ft 

-ft 


-ft 

-ft 


+ ft 
+ Va 


2BV» 

68 

26ft 

fiurbae 19ft 

ClWcsLjfa Z75 

Gdt  Canada 17 

Hank  SN  Can 16ft 

bte-ift 23ft 

Husky  01 IB 

tan 31ft 

ktoOlA 34ft 

bn 18ft 

total lift 

tatownpa 30 


LAC  I 

Uacsd  BJaedd 28 

Harist  Spaacar — 13ft 

Minay  Tan Bft 

ftlulf  a Mtes 34ft 

MM 15ft 

MoonOto 53ft 

RaL  SaaPradt  A 8ft 

23ft 


-ft 


+ ft 
+ ft 
+ 15 
+ ft 

+ ft 
+ ft 
+ ft 
+ ft 
+ ft 


+ ft 


AUSTRIA 

Nov.  2 


Priov 

Sob* 


Craditanatolt I 210 

Coeusr. S2l 

lntarunfan_ J 410 

Lndarbank 2XS 

Fanmonar I 423 

KayrDaimlar ■ 148 

VaKsofiar  Mag—  201 


+ or 


— 1- 


BELGIUM/LUXB4BOURG 


Nov.  t 


.Int  A 

BakaortB- 

Crniont  Bft 1 

CocXomi ..... 

Dalha&a.' 


TURNOVER  IN  West  German  shares  in- 
creased sharply  on  the  Frankfurt  stock 
exchange  last  month,  after  ticking  over 
at  a modest  rate  for  several  months. 

With  prices  and  the  volume  of  trading 
bounding  ahead,  turnover  amounted  to 
DM  3.18hn  ($1.19bn),  67  per  cent  ahead 
of  the  previous  month  and  well  over 
double  the  turnover  of  October  last  year. 

Taking  account  of  trading  in  German 
and  foreign  shares,  as  well  as  bonds,  to- 
tal Frankfurt  stock  exchange  business 
was  up  43  per  cent  on  the  previous 
month  at  DM  8.2bn. 

Frankfurt  is  the  largest  of  the  eight 
West  German  stock  exchanges,  accoun- 
ting last  year  for  more  than  half  the  to- 
tal business. 

Turnover  of  West  German  shares  in 
Frankfurt  amounts  to  DM  31.6bn  since 


the  beginning  of  the  year.  This  is  al- 
ready more  than  double  the  turnover  for 
the  whole  of  last  year. 

The  increase  for  all  stock  market  busi- 
ness together  is  less  dramatic  but  still 
large.  Since  tbe  beginning  of  the  year, 
total  business  amounts  to  DM  80.6bn, 
which  exceeds  the  total  for  the  whole  of 
last  year  by  20  per  cent 
Turnover  in  West  German  insurance 
shares  increased  190  per  cent  last 
month,  with  strong  speculative  interest 
in  Allianz  Versicherung. 

Retail  stores  showed  a 111  per  cent  in- 
crease in  turnover  and  motor  vehicles  a 
97  per  cent  increase. 

Turnover  in  chemical  and  electrical 
engineering  shares  was  up  about  50  per 
cent,  while  interest  in  banks  boosted 
turnover  in  that  sector  by  43  per  cent 


Follow  the  Leader 


Do  you  want  lo  reach  the  top  international  financial 
specialists  in  European  industry? 

In  raid  1982,  tbe  Financial  Times,  Tbe  Economist,  and 
Euro  money  commissioned  Research  Services  Ltd.  to  conduct  a 
study  amongst  these  senior  international  financial  specialists  in 
order  to  discover  what  they  read. 

The  published  report  is  now  available,  and  the  results 
show  that  the  publication  most  widely  read  by  this  prime  target 
> was  the  Financial  Times.  By  comparison,  tbe  table  below 


Readership  % 


\ the  readership  figures 
that  were  covered  by  the  re? 


research. 


For  more  information  about  this  research,  or  the  position 


Department  of  the  Financial  Times. 


FINANCIAL  TIMES 

42 

EAZ. 

24 

HANDELSBLATT 

21 

LE  MONDE 

n 

LHX 

9 

NEUE  ZURCHER  ZEITUNC 

8 

WALL  STREET  JOURNAL 

6 

BUSINESSWEEK 

24 

ECONOMIST 

22 

TIME 

13 

NEWSWEEK 

11 

HtSTITUTiONAL  INVESTOR  (BvnED) 

21 

EUROMONEY 

17 

FINANCIAL  TIMES 

ElROPKBUSTlESSNEVmPER 


Price 

Fit. 


1.J26, 

4.680 

2.000 


+ or 


-40 

+ao 


1.9401  —10 


—80 


4,4'IUi  +*W 

4,4101  —20 
1.7*01  —8 


4»W 

B.3-’ 

Electrotoe L.. 6,0  

Ftorique  8,X70i  —30 

08  Inno  BM 2,870  —10 

QBL  IBruxj - 2.310  —10 

Owaert 2,470  +40 

Hoboken ~ ~~ 

Intercom — . 

Kreto  let  ben  k . , _ 

Par  HMga. 1 9,2 OOj 

Petroftna- .........  6210:  — 

RoymleBctae 6,000;  —80 

Soc.Cen.  Banq...  2,685'  

Soc.Gen.Bdse>  1,640;  —60 

Soflna. 4.560-  —75 

BMvar 3,100'  —38 

Tracttonel— 8,820!  —00 

UCB. 8.040  +80 

Vielll*  Mont- 2.0601  +80 


DENMARK 

-Nov.  2 


• Price  I + or 

iitnrS  - 


Aarhus  OHe—J  475  \ +8 

Andetabanken ; 883  j +5 

Baltics  Sk*nd_...J  585  i —4 
GMttandalsbenKl  286  ! *4 

D.  Stikkerfab 638aH  

Danafco  Bank...  ..I  886  . +3 

East  Asiatic. 143  | +8 

Forend#  Brysg—  1,31  o’  — 
Forenrie  Damp....  1S8  I —4 

QNTHldg | 588  ! +10 

I.SAB— 750  

lyske  Bantu- 670  

Now  Ind,  3,C»90  

Privatbanken 280  -2 

Prevlnsbanlcen...  330  - +5 

Smldth  <F1> 856  • +3 

SophusBerend...'  090  ■ .... 
Superfos — I 460  [ +8 


FRANCE 

Nov.  8 


\ Price  [ + or 
! Fra.  1 — 


Empnmt  4B 1978  1,901  1 —34 

Emcnint  7%  13759^65  ! —05 

CNC  5*. 13 ,055  1 —IT 

Air  UqiHdC— I 488  ‘ — S 

BK3 j 683  . -4 

Bouyaues— 609  . —7 

BSN  0erveto......a^&0  ...... 

Crr-Aloatcl— 11,412  ■ +3 

Carre  four. 11.300  ..... 

Club  Medlter’n...,  &&0  • +3 

OieBancaire.:::::!  348J:  +1.6 


Coftmeg..  _ 
Oreuecrt  Uolre_.. 

Darty. 

Dumez 

EauxtOie  Gen)... 

Etf- Aquitaine.-... 

Gen.  OocMentaU 
I metal 

Lafarge  Ooppee. 


175.8.  —3.9 
50.6  +G6 
668  r + 8 
860  1 +5 
439  i +6 
164  ; —5 
+ 1 


*£!f 


L'oreal,. 


..-•8,005 


,8 

-IA 
+6 
+30 
+ 12 


—IO 


—10 

+0.2 


Leg  rand 11-910 

Mauom  Phenlx . 373 

Mm - 9B3 

Michelin  B.._ 75Q 

Midi  (Cte)  — 1J45 

Moet-Henneaey  _:i,280  . 

MouBnox I 94.7;  __ 

Nord  EsL 49.3  +0,3 

Pernod  Rlcard-..  917  

Perrier 419  | —8.5 

Petrolea  PB— 149  } -2 

Peo0eot-SA I 194.8-  — 2J 

PooMIn— 1 70.1*  +8.9 

Printemps  Au— 182.8^  +4X8 

Radiot&eh I 399^  +7.8 

Redout*  1.149  +5 

RouOTd-Uotaf.  ,J  630  ! —16 

Sctmeider— • 80  , —0.5 

Sell  meg - 849.6]  +4.6 

Skis  Roa*lgr>oL...ll^lO  1 -5 
Telemech  ElecUlJMs  —16 
Thompson  (CSF)-J  174.5  -4 
Valeo- J 299^i  -4.1 


GERMANY 

Nov.  2 


AEG-Telef _ 

Allianz  Vers. 1 

BASF- - J 

Bayer— 

Bayer-Hypo- 1 

Bayer-Veretn . _J 

BHF-Bonk | 

BMfW 

Brown BoveriZ— 
Commerzbank.-, 

Conti  Gummi I 

Daimler-Benz  ... 

Degussa 

Demos 

D’sche  Babcock 

Deutsche  Bank-. 
Dreedner  Bank... 

GHH  — ... 

Hochtief 1 

Hoecfnt 1 

Hoesch  Wkrkc— 
HctzmaimCP)  —> 

Horten 

Kail  und  Salz 

Karstadt 


Price 

Dm. 


+ or 


79.7) 

810 

161J^ 

160.7, 

279 
316 

884  i — 2 J 
413^;  —3.7 
818*  -8.9 
160*.  —3.1 


—0.9 
+1 
-0^ 
— aa 
— 6.5 


Kaufbor 

KHD 

Ktoeckner— 

Bac=3 


183 

671 

SB4 

148 

173 

311 

173 

138 

488 

175.6 

00.1 

485 

171.51 

205 

881 


1 860 


— 1j6 

-Xfl 


-1.5 
-8.5 
—8 
— 1 


Hwinesmann . 


Rueck-| 


-4.6 

—a 

—1 
■+1.5 
-6 
—7 
840.5:  -3 
36.6  -OJ 
78 


380 
129 
129 
13  . 

598 
205  , 
10901  +20 


-3  . 
+OA 
— 1 JS 
T-8JB. 


1X5]  r-a'j 
» :--7 
M 1-8 
190  +8C 


RMnlKta Daoij  17X7;  -X3 


Rosenthal—. 

Satie  ring  — 

11  am  me 

ThyMen— | 

Varta. 

Vetoa. 


V.E.W. 

Veraln-West 

Volkswagen 


307  —3 

378  | —2.5 
378.4  —8.6 
76.K  — 1JB 
174  j4»  —1.6 
164  I -1 
119.5!  -0 JB 
309  -1 

882.5)  -4 


ITALY 


Nov.  2 


27,408  +300 
1TI. 4f  +4 
X371«  +30 
4,001  —49 
2,983  +73 
43.6,  +4.6 
Generate  (Assio).)  184,88®  +400 
Invest 8,9lff  +80 


Banca  Com'le  — . 

BastogHRBS ..... 
Central*  — .... 
Credlto  Vareslnoi 
Flat 

FlnsMcr- — 1 


Prioe  or 
Lire  — 


ttalcementf 

Merited  toon  

Olivets  — 1 

PI  ram  Co-..; 

Pi  rein  Spa- 

Snia  Vlseosa 

Tore  Asalc. 

dow  Pref 


, +410 
191  +8 

3.226]  +98 
2,612]  +48 
1.49W  +27 
l^OSl  +24 
10,860)  +250 
8,135  +134 


NETHERLANDS 


Nov.  2 


Prioe  + or 
FIs. 


ACF  Hokfrf>9 

AhoW- 1 

AKZO 

ABN. 


AMEV J 129  I -L» 


AMRO 
BraderoCert....- 

Boskans  Westm_] 

Buhrmann*  Tat- 

iCaland  Hldga > 

Credit  Lyon'teBk. 


I6S.61  -1 
166  : —LB 
73.1  — U 
33B  -9 


66  —1 

179.0,  

413 

49  : —1 

30.8  — 1J0 
SB  ; —1-5 


□sorter-  MDUnv.l  416  , 

Ennia — I6S.B1  —0.6 


+0.1 


Euro  Assets  Ttt  1 — | — - 

Gist-Brocades-  147  -2 

Hetneken— 1 120 

Hoogovens ■ 52.51-03 

Hunter  Dongles-.  17 A — O. 

Int-Mulier-. 1 98  j +0. 

KLM- J 159J3  -8 

Naarden  intf 87.2  -0.9 

Nat  Mad  Cert.. .-I  1M.B)  — X3 
Ned.  Credit  Bankl  31.51  -4X2 
Nad  Mid  Benk— • 133. 

Nedlloyd. | 96. 

Qoe  Grintan -i  199.:  , 

Om moron  (Van).'  SO.fc  —0.8 

Pakhocd 1 6SL3(  -O^ 

Phi  ape. 43  1 —1.4 

Rijn- Schelde 6.0) 

Rotoecd  - 1 314.  S 

Rodamca  — , 

Rollnco 

Rorento...—'. 

Royal  Dutch....... 

Unilever 

VMF  Stork. 

VNU- — 

West  Utr  Bank... 


128.81  -QA 
301.7)  +0.7 
196^:  +0.9 
127  1 —0.5 
289  , -0.6 
83.1  - . 

109J5  — 2J5 
101A  - 


NORWAY 

Ncv.2 


Bergen*  Bank — 
Borreoeard 
Christiania  8k— 

Den  NorskCrMDt 

Elkem 

Norsk  Data-.. 

Norsk  Hydro. | 

Storebrand. 


Prioe-  -I*  or 
Kroner;  — 


131  ! — 
150  ) +1.5 

137.5  — .... 

148  +3 

107.6  

882.6*  

515  * +10 
173  ; ... 


SPAIN 


Nov.  2 


Prioe  + Or 
Pta*  — 


BeoBMbao— 1 850  > +5 

Boo  Central— 1 266  I +6 

Boo  Exterior. 218  ; +2 

Boo  HfSpaoo 

Boo  Santander... 

Boo  Vizcaya 

Dragsdos- 

Hldreta. 

Iberduero— 

Petroled* 

Telefonica — 


SWEDEN 

Nov.  2 


Alfa -Laval 

ASEA  (Free)- — 

Astro  (Free)-. 


Atlas  Copoo-’-P  KW  ) +2 


Prioe  1 +or 
Krone*  — 


360 

880 

360 

655 


+5 

+7 


+5 


Bod  den  372 

Cardo  360 

Oelluloea  (Free)  lB2xct  +8 

Electrolux  B 824 

Ericsson. -...  410 

&eatte(FTOe) — 295 

Fegersta 400 

Mo  Och  Domalo.  383 

Pharowcia(FreeK  355 

Seab-Skanla  , — ] 268 

SancMk  B (Free).  315  j 

Skandla 380  ...... 

.Scan  EnskUda.--  205  1 -41 

(19CFB- -...  155  1 +1 

8t  KoDparberg  _ 500  > +6 
172  —1 

238  * 

VotVq  B (Fres'1-..l  4l*  ^ +5- 


+3  • 
— 1 


—7 

-15 

—I 


SWITZERLAND 
Nov.  2 


Alltsuisse — 

Bank  Leu 

Brown  Boveri— . 

dbaGeigy 

do.  (Part  Certs). 
Credit  Suisse...- 

Elektrowatt. 

Fischer  (GooJ. — I 


Jacob*  Suchard, 

Jelmoti. ... 

LandtoAGyr^— 


OorRneferte | 

Pirelli  — 

SandoKBr) 

sendaz  (PtCtsL.. , 

Schindler  (PtbM 

Swissair 

Swiss  Bank_ 

Swiss  Relnace — , 
8wiss  Volkabk.... 

Union  Bank. _• 

Winterthur- ZJ 

Zurich  Ins— 1 


1 +or 
Price)  — 
Frs. 


740  +1 

4^75;  ........ 

1,165,  +15 
8,235  +60 
+75 
2,140;  +10 
2^25  +5 
.606  +88 


6^400;  +150 
1,785]  +25 

+sr 

*«  -u 

7^60]  +75 
l,19d  +00 
42d  +IO 
910]  +12 

306t  +3 
7^60j  +25 

Maq 

.8,315:  +20 
8.830;  +40- 
17,1751  +85 


AUSTRALIA 

Rev.  2 


I Prioe  J ,+  or 
Host,  t;  — 


ANZ  Group. 

Acrow  Atut — 
Alliance  Oil  D-  — | 

Ampd  Pet-.... 

Aust  Cons  Ind—..; 
AusS.  Guaront..... 
Aust.  Nat.  ind*— 


6.53  I +0JM 
1.72  ] 

0.9  . 

XM  ! +(X81 

2.85  . ... 

2.56  ; +0.08 

1J17 ; 


JAPAN  (cDBthHd) 

KC.  2 | T.lfj  1“ 


KontoMroku 1 655  , -3 

Kubato  - 307  ; +1 

Kumagla ! 458  ; - 

Kyoto  Ce*an)ic~..'7r060  — 40 
Macda  CoMt—J  Ml  1 +1 
Makino  Willing-. ^,260  , 

M«kita 4.^00  

Marubeni  274  +2 

B^dHidg*..- ffiSCLrr  ! =« 

B*viHe“oa^^r— -|  1 - M^'iuii'vitorki^fiTl  j 

Brambles l nds—.t  8.98  -ojb  Bank,  .J  Boo  

Bridge  Oil 1 3 - ! +0-“  M’bishi  CotP — 688  ! +3 

— — s26  1 +0  ® 1 481  ’ ^4 

3.5s , -o:«  t£  \~i 

Carttan  A Utd— 2.75  ; “0-^  Mitsui  Co j *61  j -1 

Castlemalne. i 4.1  , -O.K  M,tsvt  Estate  - 765  J *7 

°°1ee  WJJ ‘ 2*05  : Mitsukoshl ' SS| 

NGKInsutaaors-.i  56*  , -4 

Consolidated  Pat { 0.48  ) +°*»»  »«hon  Cement  .J  201  1 — ^ 

Costatn— . 'Znm  Nippon  Denso-- (1,600  | 

Du n lop — ; , +0JB  B«rt_._.llJ80  1 -80 

EX  Ind-- — 6.5  Nippon  Express..  276  ■ +1 

Eiders  iXLj. — ■]  3.98  -og  aingoSi  mckT-Tj  eze  1 -5 

Energy  Rea---!  J-®  ■ “S-®  Nippon  Kokan-J  147  1 -3 

SS5&  iS  j rS  jgesrfjS  I 

15b  : ^ aSBB=S  1 

Id  AUSt.  — -I  8.08 

Jhnto'lanaiSOcFW  OJB  . Vll„^ 

KhtOTOGokX. 017  --v-  "■  715 

l-nri  1 ease 4.38xo.  — 0.06  Nissan  Motor™ — 

tSl  _ -OJ»  Ntashin  Flour...  *95 

Moyne  Nkridesa-!-  0-88  ; - Ntoshtn^Steel j f 

Meekatharra.— 1^8  : Nomura  LJ?0  1 ' 

lt«gr  Emp- I LM  .......  Olympus  ■■•NBj^ja.j  —11 

NaLCorruBkT—  2J1  1 — O.B2  Omron  TBtelai — 

Iton— I 8.7  ■ +0:1  Orient  Leasing  --!? >559 

Ntohotai'  Kiwi....;  8.88  I — O.oa  Pioneer.- --.i*^00  I 

Z?.Z.  Sankyo 721  . +12 

Sanyo  Elect 487  , —2 

zg^  tasbssmzJB  i . 

—OM  Sevan-Eleven !f»400  ; —30 

+0.01  Sharp -aa 

+0.84  Shlmadzu. — • +8 

—0.05  Snlnogi 805  . +10 

Shlseido  — :1-0G0  I +80 

Sony  ■ — 10 

-C.«  Stanley J 70S  J -14 

- S’ to  mo  Elect ; 565  

-OJB  SS~SS22rH  SS!  **- 


— 1 .■ 
-B 
-200 
+2 

Zi"“ 
— 1 


North  Wot  HID 3.1 

Oskhridse- * 3-0* 

Otter  Expt j-  O.B_ 

Pan  con 1 X38 

Pioneer  Cono 1.78 

Reckitt  ArColn.J  SU5 

Repco ; J-8 

Santos- 7.6 

smith  (H.) 3.B5 

Southland  Min'gJ  0-28 
" 0.3  B 

1.85 

49 


Tooth— 

UMAX  Cons 

Vamgas  ... 


Wcstoao 

Wood  side  Petroi4 

Wootworths 

Wormakt  Inti 1 


2.25 

8.4 


S’tomo  Metal—... 


flee  | gS*  J £11 


X26 — OJ4 


ITetshoPharm  — j 
Takeda.  1 


870 

784 


+3 
+4 
— 1 
-9 
+ 6 


IrSi  { =831  mss  ! -i° 


HONG  KONG 


Nov.  2 


Bank  East  Asia - 
Carrlan  invest— 

Cheung  Kong 

China  Light- 

Hang  Lung Devel. 

Hang  Seng  Bank. 

HK  ElectriOw 

HK  Kowloon  Whj 
HK  Land =1 

HK  6benghal  BkJ 


Teifin  ; 386  i +1 

Telknku  Oil BOB  : -8 

Tokto  Marine ( 485  +B 

Tokyo  Elect  Pwr.' 1,040  —80 

Tokyo  Gas I 1*4  | 

'„pSi  |TSSSSSSKr.:i-J  S5  i JS 

Tokyu  corp  - 


HK  Chsnghal  Bkj 

HKTetophone^J 
Hutchison  Wpa.  J 
Jardine  Math- 
New  Work!  Dev -I 
Orient  O'eeas 

Trust  Bkj 

8KH  Props.  ..... 

Swire  Psc  A , 

wheerkMatd  AJ 

Wheel’ k Mtim 

world  Int.  HoMgsl 


890 
296 
591 
408 
373 
f 495 


19  +02  Toppan  Print 

OOT Tors®. — — 

_=)  7.18}  +0JB  Toshiba ;. 

14  I +0.3  T0T0- , 

X33  ! TOyo  Seikan 849 

37.751  +0.JS  Toyota  Motor — MOO 

6.7  | +0.16  Victor — 

5JPI|  +OJ7  Wtocoal— _.r  678 

2.B2'  +O.IZ  Yamaha- 4 480 

7 JBM  +0.1  Yamanouchl....-|l,BBO 

36  ! Yamasaki 819 

18.7  1+0.6  YawdaHre MB 

11.4  I +aT  Yokogawa. ! 461 

2AT,  +0JJ2 


-2 
— 1 
+9 
— 1 
+ 20 

zf- 

+ 00 
+ 12 
+ 1 
-6 


Jil5  to.”  I SINGAPORE 

4.83  

25  i +0J2  1 Hoy  g 
3.0K  +0.19* 

-X6  f - 

X46J  +OJU|Boustead  Bhd  .. 


JAPAN 


Nov.  8 


Ajinomoto 1,010 

Alps  ~Eieetrla 0,350 


A made 
Asahl  Chem 

Asahl  Gleae 

Bridgeston 

Canon 

Casio  Oomp— — J 
Obugai  Phann... 

S3*._*=z= 

Fanuc— — J 

Fuji  Bank — 

“ n Film 


rt*u 


Price 

Yen 


1+  or 


373 
668 
575 
1.320 
1,400 
1JXM 
<575 
643 
865 
521 
, 330 
>1^00 
8w0OO 

I 600 
,2,020 
900 
X310 


Green  Croee_-'1,770 


Hasegawa^ 

Heiwa  Real  Est 

Hitachi  J — 

Hitachi  Credit - 

Honda. 

House  Food....... 

Hoya. — — 

Itoh  (C) 

Ito-Yokado 

Iwatsu — 

JACCS+ 

JAL.. 

J cisco 

Kajima — : 

Kao  Soap — 

Kashifama 1 

Kirin. 

Kokuyo 

Komatsu  — ! 


470 

830 

872 

•iaao, 

1,040 

980 

1JH0 

288 

1.640 

1,560 

336 

2,810 

800 

323 

599 

640 

448 

820 

466 


Gold  Storage..—, 

DBS  — 

Freser  ft  Heave 

Gendng  

Haw  Par 

Inohoape  Bhd  ... 
Keppel  shipyard; 
Malay  Banking 
Malay  Brew  ... 

I Mum  Purpose  — 

OCBC....J 

OUB 

sime  Darby  .... 
Straits  Srmship 

Straits  TRfg 

UOB  


+16 


+9. 

+10 


-OM 
—OM 
-0.1B 
— 0J6 
-OJI1 

-a# 


-MJ 

+5 

: 


SOUTH  -AFRICA 


Navis' 


i 1 

Price ! + or 
Rand  — 


8.60j  +0.06 

8.4|  -OX 


A be  room- — I 

ABACI , 

— : Anglo  Am  Coal...!  24JI  1 -2.0 
—si Anglo  Am  Corn.  >.|  18.0  j +0^ 
rH  Anglo  Am  Gold  Jll4  +4 

+ “ Barclays  Bank...:  14.5  I -0.5 

—30  Bartow  Rand. — 1 la.o  i +0.1 

+5  Burials 1 50  I +* 

-6  CNAGallo  — I 2301  - 

+6_  Currie Flnauoa \ 4 J 

+03 
+2.5 
+2.76 
+ Xtt 


+30 


+20 

-2 


Do  Beers. 

DriefOnteln  — 

FSGedukL— 

Gold  Fields  SJt- 
.Highwld  Steel- 

»-l8rta5srr 

Protea  Htdgs 

Rembrant— 

Rennies  

Ruotenburg 


+10 
— 1 


+6 


+ 3 
+4 


83 
33.5 
403 
82.00 

4.66  

14  

20  

3JZB  

203  

113  

S ::::::: 

Smith  (06) J 2135  

Tongaat  HulettoJ  9.0  r 

UnWOc .....73  5.60  +OJ6 


. —.Prices  on  tUa  pags  eta  as  quoted  on  tbs 

mtfMdual  exchsngse  and  are  last  tzadsd  prices.  fDesOnas 
mmdsd.  xd  Be  dividend.  xc3*  scrip  toeue.  xr&  rigS. 
ns  tx  mi. 


Indices 


NEW  YORK., 


SS5BM 

E9 

E9 

Oa 

31 

Oa 

28 

Oa  , 
27 

9 1983 

| Stas  Caaptors 

H 

H 

2S 

Lnr  ; 

Mm 

Uv 

B 

1237  J 

1235.2 

1ZZ3.48 

1Z42J7 

12434 

En 

BfiiM 

127Z.15 

onm 

4122 

wm 

Transport 

584.08 

57942 

S77.I7 

57GA1 

58844 

5025 

pw 

43444 

m 

50X29 

pvwni 

1223 

VMB 

IMMta 

14&91 

I 

148.7 

13*28 

13920 

MM2 

MOT 

sntm 

1194* 

flnj 

16342 

1*489 

Ira*N<«l 

loaarst 

! 0556 

g 

7*46 

Ctt8 

T057  . 

70S7 

- 

* 

- 

a 

taddkjtakJft. 


Oa  28 


455 


Oa  21 


446 


Od  14 


4,41 


(Tea  Agelong 


550 


STMOMD  MO  POORS 


m 

n 

OH 

31 

Oh 

28 

r -,wg i 

| SncaCoMptora 

u 

a 

25 

am 

loaf 

am 

lew 

Wonrah 

1052 

18324 

1832 

M522 

10322 

(zza 

15425 

WB 

mxt 

P®*3 

322 

mum 

Ctatotain 

164.84 

15325 

1S347 

16S48 

17029 

on 

13824 

WO 

170.99 

Ovasu 

4.4 

WSJ 

■ 

'.*T1 — 

Tli  C 

— 1 1 

Tor  Ag*  (town} 

vra 

420 

NP/IUc. 

1020 

Leg  So*  Bead  lidd 

1122 

R.Y3JAU 


31 


Oct 

22 


IBSE5  AND  FAILS 


1923 


m. 


44Z42 


tew 


7Ut 


tastoWM  973 




rn 

Oa  31 

973 

1952 

19*2 

59 

707 

775 

HI 

879 

144 

772 

3*0 

303 

MONRENL 

Q 

B 

Oa 

31 

Oa 

V 

1H3  j 

Hid 

**»  1 

11 

Hi 

rn 

I''.  i-Tl 

cm 

ESI 

Mirnm 

1-  " 

m 

l»f^l 

rm 

cm 

■ - 11' ■ 

ILS.  HEBi  CUS2B  VAISES.  VCSTEBOAV'S  GMMHH  MDKESi  (ATEST  AVAEAGCE 


Now. 

8 

Nw. 

Oct.  ioct. 
31  ; 28 

X0SS 

High  4 Low 

085.1 

804.1 

608.1 

S8B.6 

1 

8872  | 885.7 
6112  | 8042 

79B2  HM) 
6142(6/9) 

4872(4/1) 

4112(4)1) 

AUSTRIA 

Credit  Alktfen(3/1/0S) 

58.82 

(CJ 

i • 

6426-  6426 

832(8*) 

48.48  raw 

UT ZMM 

1*127 

(cl 

| 1*2.75 

754.46  0/0) 

79028  14/1) 

m 

' 1 

790.(6'  1B3JE 

10028  (5/D 

FRANCE 

CAC  General  (51/1U9) 

14DJB 

(e) 

* 1 

08.1  (6/1) 
892(8/1) 

ind  Tendance  (31/12/82) 

1482 

IO 

(O  1 1492  1 

• 18BJJ17/101 

1 ■ ' 1 1 ' 1 WWpppwpjPUPBi 

ITALY  - li  . . 

Banca  Comm  WaL  (1872);  T00J1  <0  IBsW  HBlTiJ  21430  (fi,>  . ! ,.1«M6.  IW) 
JAPAN"'  I i 1 i 


. 1442  (11/10) 
1792  00/10} 

M0.1  (4/D- 
662  (4/1) 

K 

1 1 

*0124  38828'  *1729  (19)10). 

882MH1) 

SINGAPORE 

Straight*  Times  (IMS) 

8872* 

98029 

94620,  94B.09!  99*2*  08/9)  - 

77*20(6/0 

SOUTH  AFRICA 

Gold  11558) 

Industrial  (1888) 

(U) 

(u) 

601.4 

8802 

fTBJ.j  6912  1 1998.5(1)9) 
888.9 . 8812  \ 9982  08/8) 

86  W (DID 
7842(5)1) 

SPAIN  , | 

Madrid  SE  (61/122*1  ,177.88  . (a) 

to  '.  1862* 

127.60  (2/11) 

9822  dim 

141*20 

140926j1427.7B'l456jSS 

192820  162) 

096.18  15/1) 

- • 

3402 

S41li  1452 

. . 

664.1  (2/11)  . 

- 042(4/1) 

1772 

1772  .1 1772 

1852  08/10). 

1842(5/1) 

Ba«»<«Ls’Miyr-^L.29:  J»Pg"  HiMtsf-Pow  930136  TSE  68235. 

50G  NYSBAuVX»a,,^S?  ire  100  except Aostasiu  All  Ordinary  snd  ltotslt- 
HYSE  All  Common— 60:  Standard  and  Poors— 10;  and  Toronto— 1,000:  d 

Sus l40,LWlrife.ediSr ?Cla?n£  ***  indurtrtil.TSwIndustita 

plu*  40  1,11 1,116 ■«  w Financials  and  20  Transports.  C Closed,  u Unsysibbts. 


r- 


Name 


Company 


Address 

Cut  sot  and  9 


FINANCIAL  TIMES  SUBSCRIFnON  RATES 


Please  send  me  detaBs  of  your  sabscffption  rates  aad  how  to  receive  the  Financial  Times  ftgalMy 

; • Positron 


- Teb 


Teton 


41 


Financial  Times  Thursday  November  3 1983 


LONDON  STOCK  EXCHANGE 


MARKET  REPORT 


RECENT  ISSUES 


Largest-ever  UK  bid  dominates  markets 

feature  GEC  and  Marks  & Spencer 


also 


Account:  Dealing  Dates 
Option 

* First  Declare*  lost  Account 
Dealings  lions  Dealings  Day 
Oct  17  Oct  27  Oct  28  Nor  7 
Oct  31  Nor  10  Not  11  Nov  21 
Nov  14  Nor  24  Nov  25  Dec  5 

•**  Ncw-tim* " dealings  may  taka 
place  from  9.30  ant  two  buthnu  days 
earlier. 

The  largest-ever  UK  bid,  BAT 
Industries'  surprise  £706m 
agreed  offer  for  Eagle  Star 
Insurance,  was  the  all-consuming 
influence  early  yesterday  on 
London  stock  markets.  It  riveted 
attention  to  the  Insurance 
pitches  where  Eagle  . Star, 
already  in  receipt  of  a contro- 
versial and  unwelcome  500p  per 
share  cash,  but  partial,  offer 
from  the  German  group,  Allianz 
Versicherung,  the  owner  of  a 
near-30  per  cent  stake  in  the 
UK  Insurance  Composite,  soared 
to  610p  before  closing  a net  57 
up  on  the  day  at  5S5p.  Investors 
expected  Allianz  to  either  cotro- 
ter  the  offer  or  realise  the  big 
profit  on  their  stake,  using  the 
funds  for  a raid  on  another 
Composite  Insurance  concern. 

Blue  chip  industrials  mean- 
while continued  to  trade  firmly. 
Higher  at  the  outset  in  sympathy 
with  overnight  Wall  Street  and 
still  supported  by  favourable  UK 
economic  pointers,  values  went 
lower  when  Marks  and  Spencer’s 
interim  results  failed  to  match 
some  optimistic  market  esti- 
mates. 

The  recently-buoyant.  Stores 
sector  suffered  a relapse.  All 
leading  retailers  were  marked 
lower  In  sympathy  with  market 
leader  Marts  and  Spencer, 
which  fell  from  an . enhanced 
opening  .level  of  215p  to  2Q3p 
prior  to  'settling  6 lower  on  the 
day  at  206p.  ... 

Lacking  Investment  popularity 
recently  while  other  top  indus- 
trials have  prospered,  GEC 
were  rejuvenated  by  talk  that 
Merrill  Lynch,  a leading  Ameri- 
can broking  house  had  recom- 
mended the  shares  as  a “buy.” 
GEC  surged  higher  in  active 
trading  to  209p  but  slipped  back 
to  end  8 up  on  balance  at  201p. 
Interest  spilled  over  in  other 
Electricals,  especially  high- 
technology  issues  which . advan- 
ced strongly. 

The  FT  Industrial,  Ordinary 
share  index  extended  this 
week's  advance,  after  some 
lunchtime  indecision,  to  dose 
1.6  up  at  707.8.  The  rise  in  GEC 
accounted  for  a point'  of  the 
gain. 

Conventional  gilt-edged  stocks 
took  a breather  after  the  recent 
good  rise  induced  by  renewed 
optimism  about  the  UK  inflation 
and  interest  rate  outlook.  Poten- 
tial investors  dithered  yesterday 
because  of  bond  market  uncer- 
tainties and  the  U.S.  debt  ceiling 
deadlock.  Light'  profit-taking  left 
closing  falls  of  around  i in  the 
longs,  while  shorter  maturities 
closed  mixed.  Index-linked 
stocks,  on  the  other  hand,  moved 
higher  with  the  Government 
Broker  selling  supplies  of  £30- 
paid  Treasury  2)  per  cent  2020 
at  £30}  and  then  withdrawing. 

Eagle  Star  counter  bid 

A recovery  in  the  gold  bullion 
price  to  $382}  an  ounce  helped 
South  African  gold  shares  regain 
some  composure.  Heavyweight 


issues  rallied  £2  in  places  and 
the  FT  Gold  Mines  in^pr 
rebounded  33.3  to  477.0. 

The  excitement . generated  by 
the  Eagle  Star  counter  bid 
spilled  over  into  other  Com- 
posite Insurances  and  virtually 
all  quotations  were  marked 
sharply  higher.  Best  levels  were 
not  always  held,  but  some  hefty 
gains  still  remained  at  the  close. 
Phoenix  Jumped  to  380p  before 
closing  a net  17  up  at  365p,  while 
General  Accident  rose  18  to 
4SQp-  ORE.  up  to  490p  initially, 
finished  8 higher  on  balance  at 
480p  and  Commercial  Union 
settled  just  4 dearer  on  balance 
at  174p,  after  183p.  Royals  rose 
10  to  495p;  the  acquisition  of 
American  Oversees  Holdings,  a 
U.S.  reinsurance  company,  for 
523m,  has  been  completed. 

Press  suggestions  that  the 
Kuwait  Investment  Office's  stake 
in  the  company  may  have 
changed  bands  prompted  profit- 
taking in  Lloyds  broker  Hogg 
Robinson,  which  reacted  to  121p 
before  closing  4 cheaper  on 
balance  at  127p. 

The  major  clearing  banks] 
dull  for  some  time  - on  South 
American  debt  worries,  took 
suggestions  that  Argentina  could 
default  on  its  debts  ■ calmly. 
Lloyds,  has  a larger  South 
American  involvement  than 
other  clearers,  hardened  3 to 
448p,  but  NatWest  lost  7 to  583p. 

Disappointing  September  beer 
production  figures,  which 
showed  a 5.1  per  cent  decline, 
prompted  an  initial  mark-down 
among  recently-firm  -Breweries. 
Demand  revived  later,  however, 
and  falls ' were  usually  reduced 
to  a couple  of  pence.  Grand 
Metropolitan,  down  to  316p 
earlier,  recovered  to  finish  only 

3 cheaper  on  balance  at  322p, 
while  Bass  settled  5 down  at 
317p,  after  315p.  Among 
regional*.  Belhaven,  continued 
to  benefit  from  favourable  men- 
tion and  hardened  a few  pence 
more  at  29p. 

Small  buying  in  absence  of 
sellers  gave  leading  Buildings  a 
generally  firm  appearance.  Blue 
Circle,  418p,  and  Redland,  247p, 
gained  5 apiece;  while  BMC  im- 
proved 3 to  371p  and  Tarmac 

4 to  4l6p.  Among  Contracting 
and  Construction  issues,  George 
Wlmpey  hardened  3 to  133p  and 
Taylor  Woodrow  edged  up  5 to 
550p,  but  Barratt  Developments 
encountered  profit-taking  after 
Monday’s  advance  an  dshed  4 
to  180p.  Elsewhere*  Newarthill 
gave  up  10  at  490p  on  lack  of 
interest  and  Helical  Bar  slipped 

5 to  70p. 

Marks  & Spenter  react 

Following  Tuesday’s  debut  on 
the  New  Yortc-  bfg  board.  Id  . 
opened  a shade  easier  at  576p 
but  rose  to  584p  before  dosing 
without  alteration  at  57Sp. 
Among  other  Chemicals,  Ldgfi 
Interests  put  on  4 for  a two-day 
speculative  gain  of  14  to  88p. 

Firmer  ahead  of  the  announce- 
ment, .. -Marks  and  Spencer 
disappointed  some  market 
traders  in  revealing  first-half 
profits  at  the  lower  end  of  esti- 
mates and  fell  sharply  to  202p; 


FINANCIAL  TIMES  STOCK  MDICE5 


NOV. 

a 


NOV. 

1 


Oct. 

SI 


Oct. 
za  1 


Oct. 

27 


Oct. 

26 


year 

ago 


Government  Secs.  _ 

Fixed  Interests. 

Industrial  ord_ 

Gold  Mines. ......... 

Ord.DIv.  Yield 

Earnings,  YlcLgffullV 
P/E  Redo  (net)  P) — ; 
Total  bargains.  ..... 
Equity  turnover  £m.- 

Equity  bargains. 

Shares  traded  (mO..J 


82.22 
BSJ3; 
707. B, 
477.9' 
4.92: 
a.66j 

13.07; 
S 1,002, 


82.34! 

es.ie' 

70fi.fi: 

444.ul 

4.84; 

O.fiOl 

13.01; 

111,0b?1 

202.37' 

18.1B7j 

133.6; 


B2.07; 

04.80 

703.1; 

461.3i 

4.84 

0.801 

13.01! 

21,014] 

202.89 

10.110; 

127.6! 


81.701 

83.161 

692.1 
476,8’ 

4.90i 

9.721 

12,B4| 

10,847; 

207.10 

17,1561 

142.01 


81.761 
84.00, 
694.0; 
47Q  .a. 
4.B9 
0.6B 
12.80 
10,133: 
167.85. 
14.7B0; 
119.0; 


81.94, 

86.16; 

690.0 

509.3' 

4.92- 

9.75; 

12.80 

17^01| 

167.32; 

15,B2i: 

108.0! 


86.84 

66.49 

624.3 

409.3 
4.92 

10.56 

11.38 

21,660 

201.48 

18^390 

145.3 


10  fm  709.9.  11  am  708.2.  Noon  703.7. 

2 pm  705.5.  3 pm  707.3. 
Basis  100  Govt.  Sacs.  18/1/28.  Fixed  int.  1928. 
Gold  Minas  12/1/58.  SE  Activity  1974. 

Latest  Index  01-246  8028. 
Nil-12J29. 


1 pm  705.5. 

Industrial  1/7/35. 


HIGHS  AND  LOWS 


S.E.  ACTIVITY 


Govt.  Sees-. 

Fixed  InL 

Ind.  Ord 

Gold  Mines 


1983 

SinoeCompflat'n 

High 

Low 

High 

Low 

83.60 

77.00 

197.4 

49.1  B 

<11/1/ 

OM/1) 

(2/1/381 

(3/1/75) 

85.16 

79.03 

150.4 

50.63 

<28/10} 

<irt> 

K22/11/47] 

(3/1/76) 

740.4 

598.4 

740.4 

49.4 

(2Z/B) 

(12/1) 

92/8/83) 

[28/8/48) 

734.7 

444.6 

734.7 

43.5 

<18/23 

0/H> 

(IS/2/83) 

(28/lDj7T)j 

Nov. 

2 


Oct. 

31 


Bargains... 

Value 

i-day  Avrge 
Silt  Edged 
Bargain*.  _ 
Lqulues 
Bargains...1 
Valuta — ■ 


200.0]  121.7 

117.8'  104.4 
400 .4]  410.1 


147.81  139.9 


103, 
383 JB 


:a 

.3 


96.3 
533 JO 


a closer  examination  of  the 
figures  sparked  a rally,  however, 
and  the  shares  closed  a net  5 
down  at  206 p.  Other  Store 
leaders  eased  in  sympathy  and 
settled  with  modest  falls, 
although  dealers  reported  an 
underlying  firmness  at  prevail- 
ing levels.  British  Home,  21  Op, 
and  House  of  Fraser,  230p,  gave 
up  S and  4 respectively,  while 
Gussies  A,  up  to  593p  earlier  in 
continued  response  to  the  chair- 
man's annual  statement,  closed 
3 cheaper  on  balance  at  580p. 

Activity  among  secondary 
Stores  centred  on  those  report- 
ing trading  statements,  although 
here  too  sentiment  was  unsettled 
by  the  Maries  and  Spencer  an- 
nouncement. J.  Hepworth  re- 
ported a sharp  upturn  in 
preliminary  profits  and  dividend 
following  the  encouraging  per- 
formance of  the  NEXT  women- 
wear  chain  and  rose  to  192p 
before  easing  to  finish  a net 
penny  off  at  159p-  Peters,  also 
reporting  full-year  figures, 
hardened  2 to  90p,  but  Ellis  and 
Goldstein  ;eased  U to.35p  despite 
the  interim  profits  expansion. 
Mellhts  remained  a volatile 
market  in  the  wake  of  Tuesday's 
rumours  and  subsequent  state- 
ment from  the  company;  the 
shares  dipped  to  60p  before 
renewed  buying  in  front  Of 
tomorow’s  rescheduled  interim 
results  prompted  a close  of  72p. 
up  2 on  balance.  S.  Casket  added 
a couple  of  pence  at  27p  follow- 
ing the  chairman's  confident 
annual  statement 

A flurry  oi  activity  in  GEC 
prompted  by  a U.S.  broker's 


FT-ACTU ARIES  SHARE  INDICES 

These  Indices  we  the  JeM  c— of  the  FkmeW  limes,  the  Institute  af  Actuaries 
and  the  Faculty  of  Actwfcs 


EQUITY  GROUPS 

Wed  Nov  2 1983 

Tuts 

Nov 

1 

Mob 

Oct 

31 

Fri 

Oct 

2B 

Tine 

Oct 

Z7 

Year 

m 

t*Pprox) 

& SUB-SECTIONS 

Figures  in  pmrehem  show  — whet  of 
stocks  per  section 

Index 

No. 

Eh. 

Eanfaigi 
YWd  % 
(Ma*J 

firen 

Ml 

YWd  % 
(ACT 
at  30%) 

EsL 

P/E 

Raflo 

tm 

Index 

NO. 

Index 

No. 

Index 

NO. 

Index 

No. 

Index 

No. 

1 

CAPITAL  SOSOS  <2031 

444J2 

+u 

*55 

39* 

1329 

4M2S 

43720 

41866 

43X42 

44723 

2 

Buhdtag  Materials  (38) 

4MJI 

+86 

1890 

459 

13-H 

427.66 

42759 

4243S 

42451 

MU 

3 

CootnctinB  Construction  (29)— 

677  A* 

1877 

525 

950 

677 53 
161405 
48159 

67832 

160155 

48465 

66204 

156456 

40451 

46X27 

1572.43 

41431 

645.49 

104435 

47405 

5 

Eogjnserina,  Contractors  (10)...—— 

405.70 

-87 

1452 

IS 

029 

6 

r 'v 

—84 

12.92 

654 

950 

18740 

1*549 

10154 

15623 

M7J7 

8 

—81 

1223 

759 

9.90 

15449 

15259 

15228 

IPS! 

14632 

9 

+83 

154 

891 

— 

188.79 

18751 

10651 

15X48 

7457 

10 

Trrn 

+LZ 

554 

450 

2225 

52*44 

52066 

42905 

21 

—84 

1823 

452 

11.99 

rri 

39451 

22 

-L2 

1264 

505 

950 

44137 

<2732 

25 

T V J ' 1 

-81 

> ■ r m 

550 

057 

ntn 

)86 

32950 

■1252 

26 

—87 

762 

260 

1754 

90.71 

48660 

27 

/?tti 

+15 

651 

2-99 

1877 

71X91 

n 

29 

-82 

9-04 

454 

1452 

539.41 

m 

943 

507 

1224 

38 

34 

lilgnAN 

-82 

-LI 

1123 

655 

505 

3.79 

sum 

2866 

14X10 

36433 

—80 

12.70 

565 

954 

T 

17250 

45421 

36 

—IS 

wsa 

!=£• 

_SS* 

*rr- 

<5X35 

39 

+87 

5-77 

431 

— 

<303* 

<3X66 

SM38 

41 

■Tr.'i 

+86 

M4 

451 

M.n 

38826 

3743* 

37335 

37430 

2772* 

44 

Office  Equipment  (6) 

108.40 

— 

+25 

424 

10206 

4847 

39057 

9432 

15X97 

45 

74L43 

+84 

1 

547 

1762 

73155 

72505 

71849 

53705 

46 

MtaoeHaoewB  (49) 

493.43 

+15 

■lT 

420 

1363 

46436 

4773* 

L'a  \ : M 

mu 

49 

ir.'-vhi.wr.i 

rrrT] 

OV-'T'  1 

1,  1 

51 

' ■■i  il'ilI  Vll  t IK '.c j'-lft'.-s ,1 

8j.'  f : ■ 

59 

L-V.IT!  1 J !■**■■■■ 

CZ52I 

Cl 

in 

era 

EkO 

l^'| 

rm 

f 

B'j'iTrnnf'i  7 ’ ■ j.k’Tg— l ■ 

llMMl 

+L2 

55X 

32653 

m 

328S 

62 

32326 

-87 

2656 

759 

431 

380 

tM 

3U46 

324.73 

20753 

63 

30641 

+16 

— 

805 

— 

L4tl 

24457 

38446 

38X49 

32654 

65 

45238 

+12 

— 

8*7 

— 

44650 

44U0 

44X41 

B955 

66 

+45 

— 

652 

— 

L±J 

22322 

22156 

fUEM 

67 

57811 

+12' 

+84 

IL91 

500 

1151 

57037 

56712 

56427 

U412 

48X71 

SUM 

53432 
153  a 
39930 

68 

69 

4*M3 

3J3 

2257 

mu 

492.15 

49059 

70 

EJji 

554 

9.97 

229 J9 

IH1I 

E331 

Ffivll 

U330 

71 



401 

— 

433  m 

43352 

43809 

r i-j 

33653 

a 

18H 

555 

1255 

26657 

26956 

26731 

91 

99 

Overseas  Traders  (14) . 

ALL-SHAK  INDEX  (750) 

027 

812 

450 

1026 

47151 

43024 

46X74 

43730 

4052 

«L9» 

ESI 

375.49 

30454 

ESK33HB 

Wed 

Tims 

Yew 

FIXED 

INTEREST 

2 

1 

m 

Offrift) 

P] 

131 

Tub 

Mas. 

MUM 

PftlGC 

1 

Um 

978 

976 

7.92 

INDICES 

MW 

to  Me 

2 

931 

4.91 

830 

Hi 

■Hi 

3 

25  JAM.. 

951 

950 

958 

■tNM  townd 

12727 

917 

4 

Medhra 

CMgooi 

5 mo... 

3840 

1872 

1894 

1871 

848 

may 

D726 

-on 

— 

D136 

Miff 

-AM 

13156 

1X74 

7 

High 

Cogwi 

2150 

1156 

- 194 

-050 

14X09 

1214 

8 

13  ywu„„™_. 

1842 

1841 

1035 

4 

IwdwBUlfts...  ■■ — 

-U3. 

149.96 

1334 

9 

10 

25  jears 

t 

1831 

4J4 

1829 

471 

1074 

931 

-806 

12952 

2127 

PH; 

2U2 

nji 

1XD 

6 

^3 

+8J4 

205.95 

— 

tu 

13 

U79 

D52 

1X57 

m 

MOl 

E El 

mm 

— 

- 652 

M 

fmimnihm 

11 

ms 

1238 

1251 

avleid.  HUB  and  lows  record.  tmx  dales,  valve  and  coretltoant  daigu  vt  published  la  Saturdxy  issues.  A list  of  amrtHuwts  is 
I!*?™ * WbSLTu*  MUn,  Brad**  Haw,  Ctnmi  Street.  Ufl*a  6C4P  4BY,  prie*  15ft  ty  post  28p. 


recommendation,  helped  enliven 
interest  in  other  leading  Elec- 
tricals, but  many  eventually 
settled  with  little  change  on  the 
day.  Gable  and  Wireless  were 
outstanding  at  283p,  up  11, 
while  International  Signal  Im- 
proved 8 to  ISOp.  Occasional 
support  was  forthcoming  re- 
cently-depressed high  tech- 
nology stocks.  Diploma  advanc- 
ing 21  to  408p  and  Memec  18 
to  245p.  Fameli  gained  10  to 
312p  and  United!  were  8 dearer 
at  210p.  Microfilm  Repro 

hardened  a conple  of  pence  to 
70p  on  news  of  the  European 
Microfilm  Services  acquisition. 

Powell  Duffryn  and  Babcock 
International  were  extremely 
sensitive  markets  on  fears 
aroused  by  the  financial  difficul- 
ties of  a private  West  German 
bank.  Powell  Duffryn  fell  to 
225p  at  one  stage,  but  ralli^i  to 
close  12  down  on  balance  at 
236p,  while  Babcock  touched 
132p  before  setting  at  140p  for 
a fall  of  9 on  the  day. 

Noteworthy  movements  among 
leading  Foods  were  few,  but 
Tesco  eased  3 to  188p;  the  In- 
terim results  are  due  next  Wed- 
nesday. J„  Salnsbnry  softened 
a couple  of  pence  to  418p  and 
Kwik  Save  3 to  322p.  Elsewhere. 
Blo-Isdates,  a volatile  market 
recently,  lost  8 to  140p,  but 
Slaters  Foods  attracted  support 
in  a thin  market  and  gained  10 
to  145p.  FMC,  the  subject  of  a 
49p  per  share  bid  from  Hills- 
down  Holdings,  put  on  4 at  52p. 
largely  reflecting  the  efforts  of  a 
single  buyer. 

Shiloh  weaken 

Activity  in  Miscellaneous  In- 
dustrial leaders  remained  at  a 
relatively  low  ebb,  hut  Glaxo 
Improved  22  to  742p  with  senti- 
ment helped  by  news  that  the 
group  had  received  official  UK 
approval  for  its  drug  Fort  am. 
BTR  also  attracted  demand  and 
put  on  9 at  546p.  Elsewhere, 
Shiloh  were  a weak  market  at 
108p,  down  16,  on  the  poor  in- 
terim results.  In  contrast, 
revived  talk  of  a possible  con- 
sortium bid  lifted  Rank  Organi- 
sation 6 to  184p,  while  Cape  In- 
dustries helped  by  Die  better 
trend  in  South  African  markets, 
improved  7 to  118p.  Prestige 
rose  7 to  217p,  but  Wolsely- 
Hughes  finished  8 lower  on  the 
day  at  524p,  after  having  risen  to 


54 5p  immediately  following  the 
preliminary  figures.  U.S. 
demand  prompted  a rise  of  2} 
to  21p  in  Waterford  Glass,  utile 
Gripperrods  hardened  3 more  to 
130p.  Fitzwilton,  on  the  other 
hand,  reacted  7 to  64p  in  sym- 
pathy with  a fresh  setback  in 

Atlantic  Resources 

Travel  concern  Horizon,  a dull 
market  of  late  on  package  holi- 
day price-war  fears,  rallied  6 to 
128p  on  the  return  of  small 
buyers.  Elsewhere  in  the 
Leisure  sector,  Barr  and  Wallace 
Arnold  Trust  “A”  shed  5 to  90p 
following  a newsletter's  “ take 
profits  ” advice. 

Motors  closed  with  small 
selective  gains.  Comment  on  the 
encouraging  mid-term  results 
lifted  Flight  Refuelling  3 more 
to  21  Op,  while  Airflow  Stream- 
lines. interim  results  due  today, 
hardened  a couple  of  pence  to 
26p.  British  Car  Auction,  still 
buoyed  by  the  annual  results  and 
100  per  cent  scrip  issue,  rose  4 
more  foT  a two-day  gain  of  8 to 
208p. 

Properties  resumed  their 
recent  good  advance  initially, 
but  later  eased  from  the  best  in 
the  absence  of  follow-through 
support.  Land  Securities  finished 
2 dearer  at  330p,  after  332p;  the 
interim  results  are  due  on 
November  14.  BIEPC  ended  only 
a penny  harder  at  237p,  after 
240p,  but  Peachey  retained  a 
eain  of  3 at  a 1983  peak  of  176p. 
Elsewhere,  Laing  Properties 
revived  with  a gain  of  4 to  222p, 
while  Percy  Bilton  hardened  a 
conple  of  pence  to  234p.  Allied 
London  Properties  firmed  4 to  a 
year's  high  of  129p  in  response 
to  the  increased  annual  profits, 
scrip  issue  proposal  and  pro- 
perty revaluation. 

Button  and  badge  manufac- 
turers Flrmin  were  marked  33 
higher  at  93p  following  a bid 
approach.  Harold  Ingram 
attracted  renewed  interest  in  a 
restricted  market  and  at  223p. 
recovered  25  of  Tuesday's  fall  of 
37.  Elsewhere  in  Textiles, 
Albert  Martin  added  2 at  34p 
after  an  investment  recommen- 
dation. 

Although  attention  among 
Tobaccos  was  understandably 
centred  on  Bats,  other  issues 
responded  to  steady  support 
Imps,  135p.  and  Rothmans.  I09p, 
both  rose  3 apiece. 

Dealings  in  EDITH,  formerly 
Estate  Duties  Investment  Trust, 
were  suspended  at  47p  pending 
details  of  a possible  offer  from 
Investors  in  Industry,  which  cur- 
rently controls  40.5  per  cent  of 
the  equity  capital. 

The  Oil  sector  was  notable  for 
a further  shake-out  in  Irish  ex- 
ploration issues.  Renewed  profit- 
taking  clipped  55  more  from 
Atlantic  Resources  making  a 
two-day  relapse  of  110  at  650p, 
while  Aran  fell  5 afresh  to  54p. 
Elsewhere.  Qnff  at  lOOp.  encoun- 
tered profit-talcing  and  lost  3 of 
the  recent  strong  rise  which 
reflected  the  company’s  opti- 
mism about  its  Yellow  Sea  ex- 
ploration venture. 

Golds  rally 

Gold  share  prices  staged  a 
strong  rally  on  the  back  of  the 
improvement  in  the  bulhoo 
price,  although  there  was  com- 
paratively little  business  in  the 
sector. 

Leading  heavyweights  were 
marked  up  by  one  or  two  points 
across  the  board,  with  several 
stocks  doing  even  better  than 
that,  as  In  Randfontein,  34  to  the 
good  at  £72}.  President  Brand, 
25  firmer  at  £26  and  Kloof, 
which  rose  2}  to  £27}. 

President  Steyn  at  £27}  and 
Western  Holdings  at  £28}  were 
both  2}  higher,  while  rises 
between  one  and  two  points 
were  common  to  a range  of 
stocks  including  St  Helena  at 
£21  J.  Buffels  at  £28 l Driefon- 
teln  at  £19,  Harteheest  at  £37}, 
and  LI  ban  on  at  £19. 

ERPM  and  Welkotn  were  out- 


1 

Nov.  1 

Feb.  | 

May 

I 1 

HES 

VOL 

Last  l 

Vol. 

i Laat  ; 

Vol. 

DS1 

COLD  C 

*375 

66 

10.10  B] 

14 

,24.50  B' 

2 

,34.90 

*383.50 

GOLD  C 

*900 

B 

2 1 

160 

! 13  - 

34 

21 

GOLD  C 

*425 

77 

0.60  1 

10 

1 6 ■ 

38 

14 

•a 

GOLD  C 

8450 

10 

0.50  ! 

6 

1 2.90  - 

6b 

1 9.50 

GOLD  P 

*375 

£6 

3.50  ; 

62 

9.50 

5 

i 11 

GOLD  P 

8400!-  138 

17  b] 

55 

22.50  : 

104 

| 25/ 

GOLD  P 

*426 i 29 

44fl 

7 

i 43  : 

2 

■ 41 

D«C. 

March 

June 

SILV  C 

BSr  - 

, 

42 

1 1.50 

— 

— 

38.86 

SILV  C 

S9 

- 

— j 

w 

3 

SILV  C 

SIC 

- | 

— 

11 

1 0.70 

pg 

8ILV  C 

*11 

19 

! 0.25 

| — 

SILV  C 

812 

— - 

20 

1 0.30 

SILV  P 

8111  4 

2.50  ! 

— 

1 - 

— 

— 

» 

Jan. 

Apr. 

July 

ABN  C 

F.340 

41 

12.80 

— 

— - 

— 

— 

F.335 

ABN  C 

F560(  66 

F.340  289 

750 

14 

12  - 

— 

; — 

ABN  P 

1850  | 

22 

i 15  1 

41 

i 23 

ABN  P 

F.360 

74 

26.50  , 

5 

! 27  i 

— 

AH  P 

F.160 

255 

0.80  | 

— 

— 

1 — 

F.166 

AKZO  C 

F.60 

40 

10.10  1 

— 

l — ! 

— 

— 

F.7S.10 

AK20  C 

F.7C 

160 

6.  BO 

76 

; 9.30  1 

9 

11.50 

AKZO  C 

F.8C 

161 

2.90  > 

32 

] 6-30  ; 

— 

j 

„ | 

AKZO  C 

F.9C 

56 

1 , 

102 

1 Z.SO 

— 

a — 

AKZO  P 

F.60 

3 

1 B- 

63 

: 2.20  1 

— 

l - 

AKZO  P 

F.7C 

111 

3 

162 

• 4.40  ; 

3 

! s 

„ 

AKZO  P 

F50  135 

8.60  i 

5 

2 ! 

— 

~r  1 

AMRO  C 

F.6C 

185 

1.80  . 

122 

. 3.io  : 

36 

i 4^0 

F.65 

AMRO  C 

F.65  46 

1 • 

44 

- I.S0  Bf 

14 

1 2.80 

AMRO  P 

F.35 

45 

£.60  : 

£0 

1 3.20  , 

— 

1 

AMRO  P 

F.60I  1B2 

5.60  : 

104 

' 6 JO 

— 

l 

H I 

HEIN  C 

F.120 

42 

7. BOA. 

7 

i *0  ; 

— 

— 

F.120 

HEIN  C 

HEIN  C 

3.50 

37 

1 7,60  a! 

17 

8.80 

_ 

F.140 

95 

i.3o  ; 

18 

" 

HEIN  P 

F.13Q 

277 

11.60  B 

20 

12.60  Bf 

2 

12.50 

HOOQ  C 

F.35 

74 

1.40 

— 

■ _ 1 

— 

1 

F.32.50 

HOOG  P 

F30 

X21 

1.40  ; 

— 

1 1 

— 

— 

F.  159.30 

KLM  C 

F.150-  53 

15 

— 

! — 1 

— 

4 — 

KLM  C 

F.160 

66 

10.10  , 

10 

16  : 

1 

20 

KLM  C 

F.170I  231 

6.80 

13 

11.30  j 

ua. 

} — 

B 

KLM  C 

F.1BC 

211 

4 A 

— ■ 

1 

— 

1 mm 

1 

KLM  P 

F.1SG 

93 

3-BO  j 

2 

' 3.50  Bj 

— 

1 — 

KLM  P 

F.160,  137 

7.80  1 

5 

10  ■ 

— 

— 

NEDL  P- 

FlSo| 

F.46 

48 

£.30  , 

30 

3.70  ; 

— 

i — 

F.S6.10  E 

PHIL  0 

491 

5.10 

17 

7 I 

— 

' - iF.43  I B 

PHIL  C 

773 

2.50A. 

168 

. 4.70  i 

65 

. 6.50 

t| 

PHIL  C 

F.60-1.155 

1.40 

186 

, 2.80  . 

64 

i 3.60  B 

ff 

PHIL  C 

F.SSi 

530 

0.60  | 

542 

• 1.60  1 

— 

1 - 

PHIL  P 

F.40i 

357 

1.60  • 

no 

• 2.20  ' 

— 

N 1 

PHIL  P 

F.4fi 

666 

3.50  i 

no 

• 4.70 

43 

I 5.10 

*•  s 

PHIL  P 

F.60 

524 

7.50 

46 

I 7.60  ! 

46 

j e.so 

#1 

PHIL  P 

F.55' 

79 

12.30  1 

— 

• — ! 

— 

n 

RO  c 

P.130 

274 

5.30  : 

14 

9.60  A 

— 

F.127,00 

RD  C 

F.140 

442 

2.60  - 

32 

5.30  A 

a 

1 7,50 

RD  C 

F.150 

164 

0.90  . 

60 

2,00 

— 

— 

RD  C 

F.120- 

109 

1.80  A| 

2 

. 2.50 

n 

; 5,io 

>f 

RD  P 

F.130 

159 

6 , 

42 

7.20 

— 

UN1L  C 

FJJ40 

76 

3 

5 

6.80 

— 

=.22.00 

EOE  C 

F.160 

3 

1.40 

6 

2.50 

— 

■ - 

U38JBE 

EOC  P 

F.140 

6 

4 

— 

— 

— 

i — 

I TOTAL  VOLUME  IN 

CONTRACTS;  15,051 

1 A=Aak 

BxBid 

C= 

Call 

P-Ptit 

standing  among  the  medium  and 
lower  priced  issues  with  rises  of 
74  apiece  to  842p  and  792p 
respectively,  while  Grootvlei  at 
775p.  Blyvoor  at  S76p  and 
Elands  rand  at  674p  were  ali  50 
or  more  to  the  good. 

The  Gold  Mines  index  gained 
ground  for  the  first  time  in  five 
trading  days,  rising  33.3  to  477.9. 
while  bullion  put  on  54.50  to 
S3821. 

Gold-based  South  African 
Financials  also  improved  in  line 
with  the  mines,  showing  Gold 
Fields  of  South  Africa  1}  better 
at  £12}.  “ Amgoid  ” a point 
higher  at  £65  and  Gencor  i 
firmer  at  £13}. 

The  generally  firmer  tone 
exerted  its  customary  influence 
on  Diamonds  and  Platinums, 
with  “ Anamint’*  3 points  higher 
to  £65.  Rustenburg  were  30 
better  at  640p,  Lydenbarg  25 
higher  at  490p  and  ImpaJa  20  up 
at  76Qp. 

Gold  Fields  were  the  highlight 
among  otherwise  quiet  London 
Financials,  racing  ahead  to  482p 
in  anticipation  of  encouraging 
news  from  the  chairman's 
annua!  statement  The  price 
dipped  a little  later  in  the  day 
to  close  15  up  on  balance  at  47Sp. 

Rio  Tinto-Zinc  gained  10  to 
57Sp  in  line  with  the  improve- 
ment in  copper  prices. 

Australians  again  had  a quiet 
day.  although  Peko-Wallst-nd 
reacted  14  to  35Bp  in  line  with 
overnight  domestic  markets  on 
fears  for  the  future  of  uranium 
mining  “ down  under." 

Demand  for  Traded  Options 
expanded  sharply  and  4,851  con- 
tracts were  struck.  An  invest- 
ment recommendation  from  an 
eminent  U.S.  broker  prompted  a 
buoyant  trade  in  GEC  positions 
with  962  calls  and  297  puts  done; 
the  January  200  calls  attracted 
333  tirades  and  rose  6 to  ISp, 
while  the  January  220  calls 
recorded  416  trades  and  added  2 
to  7p.  Commercial  Union  was 
again  to  the  fore  reflecting  per- 
sistent takeover  hopes  and 
attracted  988  calls  with  681 
struck  in  the  January  180‘s.  A 
lively  two-way  business  deve- 
loped in  Marks  and  Spencer 
after  the  interim  figures,  record- 
ing 269  calls  and  114  puts,  with 
110  of  the  latter  struck  in  the 
January  200's. 


NEW  HIGHS  AND 
LOWS  FOR  1983 

NEW  HIGHS  (46) 

BRITISH  FUNDS  111 
Treasury  3pe  19B5 

LOANS  m 

Inw  in  ind  7Lne  Nationwide  TlUoc 
ADb  1909-92  ZO'O'W 

AMERICANS  ISi 

Cons  Foods  General  Foods  Cron 

E*kon  Quaker  Oats 

Florida  Power  UohtSaul  <B.  F.J 
CANADIANS  ill 

Bell  Canada 

. BUILDINGS  12) 

BPB  Ind*  Jen mnos  Ind* 

„ _ CHEMICALS  I2l 

Citu-Gdgv  OLpcCnv  Plyiu 
19B2-95 

„ STORES  C4> 

Combined  English  Stirling  Grant) 

Ramar  Textile*  WW  Group 

FOODS  til 

Nabisco  Brands 

INDUSTRIALS  IS) 

Continental  Group  Gir.es 
Duron  Lllleshall 

Dvson  (J.  and  J.)  A Wedgwood 
_ INSURANCES  (51 
American  Gen  Cron  Phoenix 
Comm  Union  Sun  Allianca 

Eagle  Star 

LWT  A,  LE,SU"E 

Honda  Motor  MOTW" 

PROPERTY  1 51 

Allied  Lon  Props  Samuel  Prop* 

Estates  and  General  Trait  ord  Park  Ext* 
Peachey 

SHOES  111 

Head  lam  Sims 

TEXTILES  <1» 

Sirdar 

TRUSTS  171 

Atrovd  Smlthers 
Lon  Merchant  Sacs 
Park  Place  Invs 


British  Invest 
Camellia  Inv* 
Danae  Inc 
Safeguard  Indl 


NEW  LOWS  (15) 


BUILDINGS  12) 

Lafarge-Coopee  Newarthill 

_ _ ENGINEERING  |3> 

Clayton  Son  Spirax-Sarco 

Davy  Crpn 

_ INDUSTRIALS  (3> 
Dobson  Park  Hayters 

Granada  A 

LEISURE  <1> 

Nimslo  Intnl 

MOTORS  111 
Coleman  Milne 

PROPERTY  tl) 

CALA 

OILS  til 

Tri-Heiin  Res 

MINES  rsi 

Meekjtharra  Admiral  Mine* 

Middle  Wits 


EQUITIES 


2 [E^igcoJ 

& ?Ss£Sfir 


1983 


|E  H'5  5-3; 


Stock 


High1  Low  I 


'“■c  l+ol  ®=  ’sI'S-uiB 


110 
+120 
*•230 
*435 
200 
^105 
$60 
T7S 
97 
II  il 
140 
JIR77 
160 
(91 
?45 

J63 

•■206 

(150 

IBS 

100 

URB4 


|F.P.|  7)10  24 
.F.PJ22I11  118 
'F.P.  2/11.300 
)2 00;  10/2  ,220 
if.p.i  — a is 
;F.P.26.10]10e 
'F.P.:E8,10l  95 
IF.P '16.12!  82 
IFjQSOiil  107 
If.p.i  - !305 

iF.P.  4/11  170 
IF.P.  - 66 

;F.P.'l2/10  74 

p.p.is/ll  91 
iF.p.f  _ 46 

iF.P.ll/lli  53 
F.P.:31  /10i  72 

F.P.,25;ll;310 
IF.P.  4ill|161 
!f.P.  ll/ll |S34 
F.P,  25/11  jl  00 
F.P.i  - 183 


j 20ia.-i.A-  ft  M.  Hire  10p.. . • 21il 
il05  I *Acom  Computer  lp.107  , + S 
[237  UtlantlcC'nip'teralOp  297  !— S 
H86  'Ant.  Petroleum  . ...194  —2 

173  IttBryson  0(1  ft  Gas20p  196  +15 
107  jCom  indB.  10p.. . 107  .. .. 

75  I^.CMSrcurityArmsIOp1  90  —5 
78  l4iEdinb'gh  Fd.Man  5p'  82+2 

97  “ • 

1300 
138 
62 
65 
87 
44 
21 
68 
&9S 
;iS6 
.214 
• B7 
.178 


tI 


lEurop'n  Assets  DR.  1.106 
FAt  Insurance  50  cts.  300 

+Flejctech  lOp 145 

i+Flogas  10p j 64  1—1 

l^-Freehbnke  Foods &p  73  ; + l 
|4>lmtcc  Group  lOp...  ■ 87  J .... 
l-rLaldlaw  Group  lOp.  45  : ... 
Lon.  Midland  IndD'fd'  53  I . . 
I’J.Mainmet  Hldgs  lOp  72  j .... 
iOxfordlnstruments5p  500  ; .... 
-6PCT  Group  lOp..  . .156  j ... 

jTelemetrix  5p 218  —2 

■Tottenham  Hotapur...  96  ' + 2 
l4*Woodchstrlnv.lR20p  178  , 


b0.1.1l.l|  0.6  13.5 
: — i - — '23.4 

b2.25  6 jr!  1.1,15.7 
20.26:  1.9:6.711.9 

i,3l  2.V  4.4  la~5 
t2,l  bi.O,  3.5  IU 
bgl.81  2.8'  3.1/16.0 
1.0  2,1.  - 
Q34%  4.0  5.4;  7.3 
— • _ . — |21.0 
uQU.tH,  3,Bi  3.6  10.4 
bg  1.7  2.7  3.3>12.8 
uB.l.  2.5  3.5|15.1 
b2.5j  2.6.  7.Dj  6.4 

- I - j - 176.6 
bl.Ol  8.5,  0.5,30.7 
b4^:  2.1I  4d4;14.7 
bl .4.  6.5|  0.9  28,4 

b4.o;  1.9  6.8  10.B 
Q19.it  4.1,  1.7(15.4 


FIXED 

INTEREST  STOCKS 

Issue  | 1=  j 

liiJ  1983  1 

^ ! 

price  ou  - 
*:  Ea| 

£ = Stock 

«=-o , 

si  ■+«- 

1 <a 

K | High  Low  ; 

^_i_ 

80.296  £26 
95.736'  i'25 
IOO  | £10 
100  I F.P. 
97J26B  £2  6 
flOOpI  25p 
II  I Nil 


- i F.P. 
BlOO  1 F.P. 

'loo  iio 

99.124  F.P. 
J 100  1 F.P. 


29/11:  38  I 32  Allied  Lyons  Deb  2009  , 27  . — L« 

il6'2  27  I 2 5 Australia  11H.  pc.  Ln.  2015 27  

2 1 1 12  1 lilt  Bristol  Waterworks  6-5 1 Red.  Prf.l9S8  13  ; .... 

,27, 10' 105V  101  E'tbaurne  WrworkslBliPcR.DebJKM.loeia,  

23/1  I 271?,  25  Ireland  2008  : 271?  

, 9/12  53 lap'  25p  LASMO  94?%  Cum  Red  Pref 32ltp:  

10/11  3jpm.  >2 pm  Lon.  Shop  Prop.  9pc  Cnv.  94.99  Serll.  Sioml  

— 100*  99*g  Nationwide  I0,~t  Bds.  8:IO‘B4 100^,  

: — 100  100  10:«t  Bds.  5,11:34.  . . IDO  

'28,10  112  p1  106p  Oceon.cs  Ifliit,  Cum.  Red.  Pref.  1993j  J12p  

: 7/10,103  p SOp  Rockware  1.1%  Cum.  Cnw.  2nd  Pref.  . 93p  

— I 12  I 12  Sund.'ld-  S.SheildsWtrbi-pcRPF.  1969  12  ' 

.26:10, 105V  981?  Westland  12 Vi  Deb  200a  103),  + i2 

17/111102  • 10114  York  Waterworks  6.75pc  Red.  Prf.  19B«  101)«  ...._ 

I • 


“RIGHTS”  OFFERS 


Issue : SS 
& 


pnee . E o 


Latest 

Renune. 

date 


1983 


Stock 


High  ' Low  1 


7 • Nil  1 - 
IRS5  ' F.P.  : — 
68  ‘ Nil  ' — 


80 

F.P. 

23 

F.P. 

82 

Nil 

BO 

F.P. 

660 

Nil 

■310  1 

Nil 

30  ; 

Nil 

20  | 

F.P. 

275 

Nil 

120  j 

Nil 

11 

F.P. 

120 

F.P. 

Blgi 

Nil 

210  1 

F.P. 

85  1 

Nil 

II  t 

Nil 

— ill:  pm 

— ! fil 

— 171;  pm 

25/1 1 93 

30,11,  27 

9.12  3pm 
11/11  61 
ll/lil  70pm 

— | 20pm 

— : 4pm 
52  I 


— IB/11 

— 11/11'  43pm 
7/11  9:12;  25pm 

— 25:11  42  . 

— 11/1  If  136 

— 2/12  Big  pm 

— 11/111  240 

— — I 7pm  5 pi 

— — I 108  ; 93 


lpmArnal.  Estates  6p 1 

42  ,Aran  Energy  20p 

6pm  Arrow  Chemicals 

89  lAsaoc.  Paper 

24  'c.  H.  Industrials  lOp ; 

3pm Cartwright  <R.i  lOp 

50  -frCaleman  Milne  lOp.  . . . j 
65pm  Continental  Microwave. . • 
20pm  F.&C.  Enterprise  Units  10p..; 

3pm  -i*lnn  Leisure  bp i 

37  -Inter-City  Inv.  20p , 

30pm  Lex  Service- I 

7pm  MFI  Furniture  10 p 1 

15  .>s<Parklield  Foundries  Sp  .... 

122  Pritchard  Servs 

51* pm  “Sam pang  [Java,  2>;p ' 

225  Utd.  Newspapers 

5pm  Ward  White 1 

93  Western  Mining  Options 


If  J+or 

3a.  I - 
o 

1 1pm— 14 

54  -5 

7pm  —i* 
93  +1 

: 25  | 

s5pmi 

65pmi  

20pm 

4pm, + 1 
37  1-2 
43pm|  + & 

23pm:  

42  | 

128 

7lgpm,  + l* 
240  1+7 

6i*pm  — ig 
96  I—  B 


Henuodatlon  data  ususfly  list  day  for  dealing  fraa  of  stamp  duty,  b Rgoteo 
based  on  prospectus  osti mates,  d Dividend  rata  paid  or  payable  on  part  of 
capital:  cover  based  on  dividend  on  full  eapitaL  9 Assumed  dividend  and 
yield,  u Forecast  dividend  cover  based  on  previous  year's  earnings.  F Dividend 
and  yield  baaed  on  prospectus  or  other  official  estimates  for  1983.  H Dividend 
and  yield  based  m prospectus  or  other  official  estimates  tor  1983-84.  Q Gross. 
t Cover  sDows  far  conversion  of  shares  not  now  ranking  tor  dividend  or  ranking 
only  for  rSatiictad  dividends.  • Figures  or  report  awaited.  5 Placing  price. 
p nine*  unless  othorwisa  Indicated,  f Issued  by  tandar.  fl  Offered  to  holders 
of  ordinary  shares  hi"  rights.**  **  Issued  by  wav  of  capitalisation.  SS  Ro_ 
•ntroduced-  11  Issued  in  connection  with  reorganisation  merger  or  takainrar. 
II  Introduction.  □ Issoad  to  former  preference  holders.  ■ Allotment  letrera 
(or  futly-peld).  • Provisional  or  psrtiy-psld  sllounant  letters.  * With  warrants. 
♦ Effective  Issue  pries  after  scrip,  t Formerly  dealt  in  unde*  eoaciai  rale, 
tf  Dealt  in  under  Rule  163  (3).  * Unlisted  Securities  Market.  “Comprising  af 
10  New  ordinary  plus  1 Senes  8 V/arrant. 


OPTIONS 


First  Last  Last  For 

Deal-  Deal-  Declara-  Settle- 

lugs  ings  tion  meat 

Oct  24  Nov  4 Jan  26  Feb  6 
Nov  7 Nov  18  Feb  9 Feb  20 
Nov  21  Dec  2 Feb  23  Mar  5 
For  rate  indications  see  end  of 
Share  Information  Service 
Call  options  were  arranged 
in  Brooke  Band,  Sterling 
Guarantee,  First  National 
Finance,  Rank  Organisation, 
Burnett  and  Hallaxnshire.  GEC 
Cluff  Oil,  Tozer  Kemsiey  and 
Millbourn.  London  and  Liver 
pool-  Selin  court,  Brockhouse. 
Combined  Technologies,  and 
Inter-City.  Puts  were  done  in 
Bnnnah  Oil  and  London  and 
Liverpool,  while  a double  was 
transacted  in  Bormah  OiL 

RISES  AND  FALLS 
YESTERDAY 


British  Funds  

Corpns.  Dam.  and 
Foreign  Bonds  ... 
industrials  


ACTIVE  STOCKS 

Above  average  activity  was  noted 
in  the  loltow.r.g  stocks  yesterday. 

Closing  Clay's 

Stock 

BAT  Inds  

Babcock  Int'l  

Cons  Gold  Fields  ■ 


price 
149 
140 
-78 

Eagle  Siar  565 

GEC  201 

Marks  and  Spencer  ...  306 

Meiims  72 

Mitchell  Cons  W 

Phoenix  Assurance  ...  365 

Powell  Duffryn  236 

Randfontein  Estates  ..  £72\ 

RTZ  578 


chango 

- 4 

- 9 
415 
+57 
+ 8 

- 5 
+ 2 
+ 4 
+ 17 
-12 
+ 3S 
,+  10 


TUESDAY’S 
ACTIVE  STOCKS 

Based  on  bargains  recorded  in  Stock 
Exchange  Official  List. 

No  of  Tues. 


Stock 

Fiogas  New 


change  Close 


23 

18 


65 

165 


Day's 

change 


+ 15 


Oils  

Plantations 

Minas  

Others 


Totals 


Rises 

Falls  Same 

Cluff  Oil  .. 

15 

103 

+ 18 

12 

51 

38 

ICI  

13 

E78 

-10 

Siiverniines  ... 

13 

120 

-13 

15 

11 

51 

Bess  

12 

322 

+ 12 

239 

205 

941 

Fleet  Holdings 

12 

103 

-1 

142 

41 

342 

GUS  " A ■'  ... 

12 

583 

+ 13 

21 

24 

70 

Mo  llins  

12 

70 

- 8 

2 

2 

16 

Buij  Resources 

11 

26 

— 1 

71 

11 

84 

Fiicwi/tDn 

Tl 

71 

- 2 

90 

32 

47 

Gla-o  

ii 

720 

-20 

— 

' 

Retd  Inter 

ii 

346 

+ 6 

592 

377 

1.589 

RTZ  

ii 

568 

— 4 

LONDON  TRADED  OPTIONS 


Option 


Brit.  Petroleum  '*4 
360 
390 
420 
460 


1 Jan. 

Apr. 

[ July  | 

Jan.  | 

PUTS 


July 


68 





3 





42 

54 

62 

8 

16 

22 

18 

34 

42 

22 

32 

40 

5 

16 

24 

SO 

58 

60 

Cons.  Goldfields  f 479 1 


460 

50 

70 

80 

22 

30 

40 

500 

30 

48 

55 

44 

57 

67 

550 

13 

2B 

— 

82 

92 



600 

6 

15 

— 

125 

127 

— 

650 

2 

6 

— 

|175 

Caurtaulds  <.*D3i 
76 
86 
90 
96 
100 
110 


21 

13 


214 


7 I g 
3i»I  - 


8 


51= 


12 

21 


B 

15 


Commercial  Union  t*l74j 


140 

36 

39 

42 

160 

17 

21 

24 

180 

6 

11 

12 

3 

10 

19 


5 

12 

21 


G.E.C.  1*204/ 


ISO 

30 

36 

42  4 

6 

8 

too 

18 

24 

26  11 

14 

16 

220 

7 

13 

— 22 

26 

— 

240 

2 

6 

— 36 

40 

— 

260 

1 

— 

— 

~ 

Grand  Mat.i'320i 


300 

330 

360 

390 

50 

13 

4 

2 

II 

1 

7 

22 

43 

73 

I 

16 

32 

1.0,1.  i*5B0i 

420 

170 

2 

060 

130 

— 

3 

— 

600 

90 

96 

— 

■ ■ 

7 

— 

550 

50 

56 

70 

FI 

24 

30 

600 

20 

28 

42 

fzfl 

o 

52 

Land  Securities  *'3 

280 

30/ 

55 

61 

2 

4 

300 

36 

42 

46 

4 

8 

11 

330 

14 

22 

26 

13 

id 

22 

Marks  ft  Soencer  < 
180 

207. 

28 

35 

H 

3 

4 

200 

13 

20 

19 

7 

U 

14 

220 

4«b 

10 

II 

ie 

22 

25 

Shell  Transport  i*5 
460 

44  i 

94 

3 

500 

58 

66 

74 

8 

11 

14 

6 GO 

26 

36 

46 

24 

30 

36 

600 

7 

ia 

24 

6b 

70 

74 

650 

4 

7 

>12 

116 

C 

DLLS 

UTS 

Option 

Nov. 

Feb.  | 

May 

Nov. 

Feb. 

May 

Bore  I ays  Bank  i*427> 

420  I 25  I 40 

460  5 20 

500  I | 6 

550  111  2»a 


50  10  20  28 

30  42  42  52 

12  77  77  63 

5 - 137 


CALLS 


PUTS 


Option 


Imperial  Croup 

110 

120 

130 


■133. 

25  I 
15 
61;  | 


Nov.  I Feb.  I May  I Nov.  Feb.  | May 


27 

18 

10 


28  1 1 21; 

19  1 3 5 

13  3 6 8 


LASMO  i*266i 

300 

350 

360 

390 


6 IB 
3 10 

2 5 
1 3 


30  40 

16  68 
10  SB 
6 128 


46  53 

73  75 

100  100 
130  128 


Lonrho  ."97 

90 

100 

110 


10  13 

« l;  bl; 

Oi;  31; 


15  X 
81;  5 

5 14 


3k  4 
9 10 

16  17 


P.  &0.-*254i 

180 

200 

220 

240 


55  58 

35  39 

14  25 

4 14 


45 

31 

20 


2 — 
3 4 

8 9 

21  25 


Ratal  ( 209) 
iso 
200 
210 
220 


32  38  48  1 5 8 

14  24  32  6 10  13 

7 — _ 10  — — 

- 14  22  — 20  24 


R.T.Z.  *574/ 
500 
633 
5SO 
5B3 
600 
650 
700 


60 

50 

35 

ie 

1 


97 

70 

57 

35 

23 

12 

6 


42 

22 

9 


2 

7 

13 

30 

43 

SO 

155 


9 

ie 

28 

42 

57 

67 

132 


37 

60 

90 

132 


Vaal  Reefs  >*S93. 
90 
100 
110 
120 
130 
140 


7>= 

2 

1 

01; 

O'; 

0'4 


12 

8 

5 

3 

Hi 

1 


141;' 

9:- 

7 

5 

3 it! 
2 


41;  S 
10  ( 15 
19  2J1;1  24 

281-;  291;  I 501; 
38is|  39  ' 

48i;  I 49 


13 

18 


40 

50 


PUTS 


Option 

Dec. 

Mar. 

Jun. 

|Dec. 

Mar. 

Jun. 

Beecham  >'308i 
500 

1 22  1 

| 53 

] 42 

1 10  1 

1 16  | 

1 25 

350 

1 10  | 

17 

27 

{ 28  ; 

35  i 

38 

355 

1 2*2 1 

I - 

1 52  1 

I 55  i 

Bass  t‘318'. 
300 
330 


27 


7 | 35  43  I 7 l 11  I 
7 1 14  24  J 23  | 26  J 


Dc  Beers  .S‘733> 


760 

800 

850 

900 

42 

10 

5 

2 

57 

32  | 
20 

7 

70 

E 46 

45  i 
80 
125 
175 

57 

90 

120 

67 

95 

135 

Guest  Keen  ,*162, 

175  | 

| 5 1 

ieo  ! 

[ 13  1 

22 

1 26 

1 2 1 

Kim 

' — 

200  , 

t 16  i 

1 55  1 

1 30  1 

8 1 

11 

220  1 

1 7 1 

1 11  1 

I IB  j 

16  j 

19  } 

23 

Tesco  .*163. 

16U  1 

20  | 

25  | 

28  1 

10  1 

12 

180  ( 

7 1 

12  1 

ExMJ 

17  1 

19  f 

22 

Nov.  2.  Total  Contracts  4,851.  Calls  3,504.  puts  1,347 
* Underlying  security  price. 


■ » ■ 


42 


1183 

High  Li 


BRITISH  FUNDS 


Fm 

i 


Tris) 

InL  | tact 


100,1 

99% 

101% 

104% 

96,’. 


‘Shorts”  (Lives  up  to  Five  Years) 

8011  lExth.  lOpc  3983 | 

16%  F«fin95ljpc^2-«4tt 


99%  Exch.ll^pcl984 
10011  E XEtmtucr  Wet  1104. 

...  92%  Each.  3pc  1984. 

10213  10-J'ii  Treasury  12pc  1984.. 

JWU  iw«  Trew  15x1185- 

POIA  Exit,  late  Cm.  '85.. 
Treasury  3pc  1995... 
99%  Treasury  ll%pc  1985... 
95  Treas  8VpcCn*  ’85 ... 
100%  Exh  14%pc  1985.  .. 

WA  Each.  UV  'St, 

97%  Trcas  lOpc  Cm  1986 
85%  Treasury  3pc  1986 
“ Em*.  10%pc  Cv  D* .. 


107 

93A, 

102% 

102 

103% 

192% 

101% 


IQsjJ 

air’ 

109j» 

& 
93% 
61  Ji 
86 

104% 

93% 

101%' 

m 

81 


m 


|105A  Each.  14pc  1986 

103%  ExdL  13%pc  1987  - 
95%  Trl0%peCy  187  ..... 
80%  Exchequer  2%pc  1987. 
95%  Exfa.  lOitfic  1987.  .. 
88%  FwAagbitfCBSSm 
59?  Tms.  10k  *B7  (CbOnd) . 

80%  Tiea$try3pc  1987 

99%  Treat  12pc  1987 

59  A Ties  9%pe  CkBJ  (£HWH 
75%  TraosporOK  78-B8 
90%  Trees.  9>*x  TO 


100  f. 

1000 

9.41 

99% 

5H 

981 

low,' 

11-19 

845 

~y 

1366 

312 

9.27 

943 

102/, 

11.74 

929 

lfiS'.l 

-i. 

1419 

101? 

182  A 

1X70 

999 

«A«i 

320 

731 

102 

-A 

1127 

10.13 

10 Ss 

-A 

8.92 

1X87 

IBS 

1045 

1024 

11.4E 

1833 

100,1 

-A 

9.95 

976 

88  A nl 

-A 

3 39 

817 

180%to 

102% 

18.46 

1068 

10.35 
18  79 

95% 

889 

10  36 

108% 

+*. 

1177 

897 

107% 

17  98 

1081 

104 

17  90 

10.94 

98% 

1838 

10  Wt 

BZi 



3 02 

894 

99 

-% 

10  bo 

1043 

90/.  ri 

722 

9 91 

*0% 

1071 

10  76 

81% 

-i. 

7 67 

894 

ZQ3%ri 

-% 

U.A2 

1097 

9 BA 

3 56 

1099 

99AM 

60,1 

-% 

1039 

10.77 

1089 

IBM 

7B% 

384 

SSI 

95 

-A 

1040 

1042 

104% 

103 
83% 
112% 
108% 

93% 
106% 

S3 
103 
U*% 

99% 
110% 
lit 
113% 

SSL 

113% 

94% 

113 
65% 
101% 
116% 
126%JlM 


95% 

9*% 

76 

|l03 

1C0% 

86% 

97 

74% 

I# 

106%, 

101% 

71 


93% 

133% 

121% 

69% 


12J%|207 
103% 

92 
131% 

a 


[TruB>y8%K,87-40tt 


1 112%; 
109% 
1100% 
|86>«d 

98 

lffl%2 

106%1 


jrrrsjuYl4%ce'94*t 


83% 

121% 

109*4 

58 


Five  to  Fifteen  Years 


:19B9„ 


'Each.  10%pcl99S._. 


Treasiay  13%pc'977$ 
89*2  Exheqwr  Iffape  1997 

3l£SE£S£??. 

SlbBftW: 


104% 

-% 

1L2S 

102% 

-% 

10.71 

81 

6.19 

. 112% 
107% 

-% 

11.93 

1L76 

St 

-% 

-% 

917 

U.42 

88 

7.23 

-% 

-% 

10.96 

11.71 

98% 

-% 

1037 

108% 

-% 

1135 

114 

-% 

120 1 

m% 

-% 

11.57 

77% 

-% 

7.65 

t H4%ri 

1192 

123% 

120* 

114% 

*% 

1184 

110% 

+% 

1135 

90%ri 

948 



1137 

471 

99% 

1066 

-% 

1145 

1145 

91% 

-% 

9.97 

127  sf 

-% 

121Q 

115ri 

-% 

11.43 

691, 

433 

119% 

-% 

1146 

100% 

-% 

1046 

89% 

-% 

9.94 

127 

-% 

11  M 

75% 

-% 

8.99 

133 

-% 

U 78 

Over  Fifteen  Years 


114%  run  [Em*.  12pc  1998 

98  86%  Tieesiry  9%pcl999JT. 

115%  103%  E«h.  12%pc  1999—. 
104%  92%  Treasar  10%pc  1999.. 

223  106  fTreas.  f 3pc  2000 

129% '113%  Tress.  14pc  1641  _ 

11*%  99%  Each.  12pc  *99-02 

130  111  Trent  13%pe  2000-03 


*32* 

a1 

129% 

S* 

87% 

122*2 


42 

*7% 

32 

25% 

25% 


99%  rnnwylUtfCOl-M 
43%  Funding  3%pc '99-04 
106%  Treasury  12%pc TO-05 


TT%  rmswyBpCQ2r0bU- 
.99  rms«U%KO»l7 
P15  freas.  13%pC  *04-08. 
rrea»y5fec -OB-US*. 

aesraw!: 


10w 
112 
99  ad 
121% 
121  %xi 
113% 
126% 

* 

"W 

114 

126 

*2% 

■3% 

122% 


11.04 

1019 
1186 
1056 
11U 
1149 
10.94 
1124 
1038 

723 

18.71 

961 

1062 

1084 

8.97 

9.55 

1020 


10  93 
10.97 
9.41 
1103 
1189 
10J8 
11.13 
967 
10.93 
1106 
10.63 
1114 
1123 
u.n 
9.77 
1117 
1114 
1119 
1125 
1037 
1110 
7.85 
1082 
11.00 
11.22 
1041 
1119 
10.96 
657 
1097 
18  70 
10.40 
1117 
18.05 
1111 


1082 

1038 

1020 

1058 

10.75 

10.97 

1868 

1022 

10.40 

9.06 

1849 

90S 

10.44 

1054 

9.41 

967 

1811 


Undated 


35%  (Consols  4pc 

31%  War  Loan3%pc£t 

371*  Coro.3%|*«lAft... 

28%  rreaswy3pc**Aft.. 

22%  Consols  2%pc 

22%  (Treasury  2%pc~, 


40% 

■K 

-%' 

1833 

945 

754 

30% 

18  00 

zs% 

998 

25 



1809 

Index-Linked 


106 

111% 

93 

103% 

104 

107% 

104%; 

309% 

100% 

30% 


[Trees.  2pc  l.L.  *88  _. 
Da.2pcl-L'96—_. 
Do.2*2PCCtnr,99... 

Do  2%pc  l.L  2001. 

0o.2%pc  I-L2003. 

Do.  2pc  I.L2006. 

Do.  2%pc  l.L.  2009.. 

Do4%pc  l.L. 2011 
Do2%pcl.L.201*..' 

. Do2%pc  IL3BO(OQri  ..  _ 

Prospective  real  redemption  rate  on  mieaed 
(1)  10%  and  (2)  7% 


«!* 

??« 

91% 

94% 

X** 

97 

88% 

30 


I NT.  BANK  AND  O’SEAS 
GOVT.  STERLING  ISSUES 

120  102%  [Australia  13%pc  2010 

120  85  Earn  fee  BkUpcLn20£ 

107%  103%  FHuJ  14%pc  Ln  1986 
104%  90%  bteAm  On  Bi  12%pc  2003 
106%  102%  InL  Bar*  13%pc  1986- 
108%  104%  Do.  14pcLnl987 _.. 

101 A 96  A nUysu  12%pc  La  13800 

97%  77%  Men  16%pc2008 

109%  104%  NZ  14%pc  1987 

97%  91%  Do  U%nc2008. 

105%  101%  Swedeal3%pc  I486 
1121*  95  Do.  13%f>C  LnZOlO 


mv 

1L93 

1143 

96i*ri 

+% 

11.98 

1144 

106% 

-%  - 

1337 

1127 

103% 

-% 

12.90 

1253 

105%*! 

12.77 

1883 

108% 



12.93 ! 

U01 

101% 

+% 

12.07 

1181 

97 

+ % 

17  52 

1133 

108% 

-% 

HIS 

1X43 

94%»d 

-% 

11.92 

11.95 

105% 

-% 

12  84 

10.94 

112% 

-% 

1245 

1248 

CORPORATION  LOANS 


101 
103 
105% 
100  . 

78% 

88% 

118% 

103% 

97i* 

97% 

84** 

81% 

26% 

103 


97 

ira% 

3 

32% 

107% 

97 


81% 

9 

[100* 


ttattill%pcl985 

IBirmTsM  12%pc  1985 
[Burnley  13pc  1987  _. 
[Cardiff  llgc  1986—. 
JC.LC.  13%pc  2984... 

IDo.Mipe  90-92 

Herts  6%  DC  1985-87. 
Leeds  13%pc  2006- 
Uwntooi  *npc  *8084 . 
0.  3%pc  lired.  ..._.. 
Lon  Cnp.9%0c  *84-85 

LCC  5%pC  "82-84 

Do3%pc  US*7 ...... 

Do  6%pc  *88-90 

Do.  3pc  "20  Aft. 
Swdertuif  12%X  1994 . 


101*1 

11.14 

102% 

1217 

105% 

+% 

1236 

100 

1100 

101% 

13.85 

77% 

-% 

844 

_.B7% 

-% 

7 72 

llS%ri 

-% 

11 U 

100% 

968 

TK 

1121 

949 

971, 

5.66 

84% 

+ % 

633 

81% 

-% 

8 90 

26%n> 

1136 

102% 

11.98 

COMMONWEALTH  AND 
AFRICAN  LOANS 


81% 

94 

181 

86 

57 

395 


74% 

88% 

44 

(321 


N.Z.  7%pe  1988-92 .. 

Do.  7%(ic  *83-86 

|S.  Wiod  2>»e  Mon-Ass 
Do.  3%pc8D-8SAsstd 
Do.  4%pc 87-92 AMd. 
|Zntab«e«ni(aOCte) 


LOANS 

PiMic  Board  and  Ind. 


80%>d 

-% 

9X7 

93%ri 

-% 

822 

180 

— 

82 

429 

54 

340* 

8 43 

10*6 
10  54 
1L18 
1099 
73S 
1120 
10.91 
1170 
834 

1070 

973 

1088 

1120 

996 


1105 

1148 

1490 
1420 
15  70 


77%  I 71%  |Agrle.Mt.5peW84[ 
36  1 31%  [Mi  - ‘ 


(Met.  Wtr.  3pc  'B’_  . 


74%M| 

36 


687!  1167 
845 1 U 23 


L0ANS-«conttnued 


1903 

Lae 1 


97*, 

106% 

104 

104% 

1061* 

80 

77% 

P 


100% 

100% 

lWs 

100% 
100% 
100% 
10 0% 
1C0% 
100*2 
1001 
lt»>, 

300, 


92 

Si 

s 

801* 

72.*. 


Mat*  I l 

Financial 

ImmW6%ixJtom-‘84[ 

Da  10>KKUnLn  *86- 
Da  llpe  Uin.Ln.  '88 
Da.  ll%pc  Ure  Ln.  90 
Oo.  17%pe  lin  La  199Z 
Do.  7\*k.  A Ort  8^9Z 
Do.  7%t*A0et  *91-91 
bo.9%A*91-*94_... 
0a.8%xln-  *92-97 


Building  Societies 


'•I  «*M 

- I ML  I Be 


634 

10.67 

102 

1X18 

103% 

1148 

las* 

12.B7 

60 

♦V 

946 

76% 

+% 

9.72 

87% 

10.45 

B5% 



10.68 

I'M 

HVIfle  9%t*  2B 1143 

100AM 

986 

Do.U%pc»j383... 

lOOIaM 

13  7? 

IJji 

Do  ll%pc  23.1.84 . 

1184 

Qo.lP»gcl32B«. 

1182 

tjB 

Bo.  ll%pc  19344. 

11.24 

Do.  ll%pc  9.444 ... 

♦A 

1X17 

99% 

Do  10^%  30/4/84. 

lOOikM 

+ A 

1082 

99% 

Do  10%%  29/5/84  . 

m r 1 ■ r*r. 

10  79 

99% 

Oo.  10%pc  18444 . 

1842 

991, 

Do.  10APC  9.744.. 

1853 

99% 

Da  10%pc  30.7  84 . 

1082 

100% 

Do.  1 l%pc20/8/84.. 

^■hill 

1X22 

99% 

Do.  Upc  3/9®4  ... 

10O», 

+x 

1895 

1110 

1140 

1150 

1188 

13.80 

13.40 

U-35 

1125 

1122 


9.65 

974 

lan 
9.94 
io  in 

950 

933 

9.47 

1809 

1012 

1028 

10*5 

1052 


FOREIGN  BONDS  & RAILS 


i w 

HH*  Law 


15 
11 
U 
S 
48 
46 
44 
34 

122% 

76 
110 
88%  , 

303  b75 
90  [81% 
1161 


DMB8| 


161 
S92  , 
0M9d 


B 

10 

B 

5% 

40 

4] 

38 

27 

M, 


ftite 

*er 

Oh.  % 

Stedt 

£ 

- 

Grits 

Chinese  4%pc  1806 

13 

— 

Do.  5pc  1912  .. 

10 



Do.  Spc  1913 

9 



Do.  Spc -25  Bow 

7% 



Creek  7pc  Ass 

48ri 

3>, 

Do.  6pc  28  SSL  Ass 

46 

3 

Da  4pc  M.ved  AMh 

44 

2 

Hung.  -24  Ass  

31% 

2% 

hPeO’etecUccuaJU 

116M 

-6% 

15 

ceknd  6%pc  43-80 

75 

**z 

Oo.  Itoric  Ln.  ££Do . 
retnd9%%'91-,% 

109% 

86%* 

-Js 

* 

Japan  4pc  '10  Ass 

298 at 

Do  tape ’83*86  _ 

M 

6 

Peru  Ass.  2007  .. 

161 

522 

Turin  9PC  1991 

592 

9 

Turin  p<apc  1984. 

DM95 

6% 

M. 

YM 


f729 
1659 
1450 
f9  07 
1196 
1350 
13L69 
12.05 

MJZ 

029 

>9.78 

13.98 


AMERICANS 


1983 

Hgk  Lm 


351, 

31% 

191* 

a 

46% 

20*. 

16 

51% 

17% 

30% 

34% 

28 

391, 

31% 

39% 

*>% 

29% 

22% 

29% 

25% 

19% 

16% 

33% 

34 

16% 

887a 

31% 

100 

32% 

57% 

26% 

16 

ft 

& 

24 


17% 

19% 

a 

9 

31% 

36% 

54% 

11 

a 

la 

22% 

10 
33% 
31% 
30% 
51% 
281* 
169 
251, 
50% 
20% 
48% 

12?* 

20 

25% 

14% 


22% 

17% 

« 

s 

s 

14 

12 

22% 

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261, 

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17 

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klassev  Ferg.D  — 

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FT al  corp.. 

70b 

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— 

S.O 

BANKS,  H.P.  &. LEASING 


1983  I 
KBk  Law  | 

345 
295 
£93 
157 
110 
275 
£13> 

190 
535 
534 
310 
410 
114 
44 
980 
£22% 

9 

£94 
178 
66 
5% 

225 
59 
208 
58 
140 
277 
86% 


DW.  I ITld 
M I CV  j firl  [ PtC 


U90 

ANZ  SAl  ...... 

335 

+2 

028c 

236 

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2S0 

200 

E66 

Algemene  FI  100 

£78% 

»Q2fc% 

89 

Allied  Irish 

130 

049% 

75 

AmwJvr|H)M) 

75 

3J 

170 

Bk.  Ireland  £1.. 

238 

taOM.9 

£11% 

B Leiatii  IS100 

£12 

130 

3k  LrumlL'KKl 

185 

+10 

1015 

420 

Bari,  Sanlaori  £1 

520 

724.0 

385 

BardaysCl  ... 

428 

-2 

T220 

735 

Brown  Shipley  £1 

295 

7.75 

315 

Cater  Allen  £1  . 

370 

+5 

26.95 

78 

Charterhouse  Gp. 

94 

+2 

75.18 

32 

Clive  Dri'nt  20p 

38 

73  2 

b60 

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880 

gv!2% 

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10.5 


FINANCIAL  TIMES 

IMTERNflnONAL  EDITION 

The  Financial  Times  can  now  offer 
advertising  which  appears  only  in  the 
international  edition,  which  covers  mainly  the 
European  Continental  market  place  and  the 
Eastern  Seaboard  of  the  USA.  In  addition  we 
are  able  to  offer  a separate  advertising  copy 
facility  between  our  London  and  international 
editions  together  with  a spot  colour  in  our 
international  edition. 

Separate  company  insets  are  also  available  in 
our  international  edition  as  well  as  our' 
London  edition  and  if  you  should  require  any 
further  information  on  the  above,  please 
contact  your  usual  Financial  Times 
representative 


FT  LONDON  SHARE  INFORMATION  SERVICE  electricals  continued. 


BAN  KS — Continued 


1983  I 

H*  Lm  | 


76 
263 
116 
370 
576 
40 
445 
443 
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US 
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— 

CHEMICALS,  PLASTICS— ConL 

Hgfe*1!*.!  Stock  j Price  j *-"(  Srf  |cv|™flVE 

1 120  J102  tWoteWBTBTnie  103  j .I6JES  I 211  8.7B6.4J 

85  [44  [YarbCtimn— | 73  [+2  [ 10  j 0l*[  2 if— 


Financial  Timas  Thursday  November  3 1983 
FOOD,  GROCERIES- ConL 


UUI.  Scientific-  : 
WteeAV.RQ25- 
Wmd&GoM— 
PftMfcrECUJw.  I 
MMi.  Safest  20b. 
WifetwerttElSp 
WnesaieFtglCtL  : 


!i*a.[t4J» 


DRAPERY  AND  STORES 


ENGINEERING 


jwwwnpi  ..  i 

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£199 

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154 

184 

346 

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Financial  Times  Thursday  November  3 1983 


INDUSTRIALS— Continued 


190  | 

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106 

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— 

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103 

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122 

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— 

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Family  Irw.  1st. .. 

FasMon  & Gen- 5p 

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Scottish—.. 
Sfrtdrs.  I2*jp 
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GreenlrBr  In*-.. 
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RambrOS— . — . . 

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Independent  Inv. . 
Iitv.  m Success  — 

Investors’  Cap.  — 
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(jersey  Gen.  £1 

Ups  Holdings 

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Do.  Cap.  % 

Keystone  Inv.SOp 

Late  View  Inv 

Lane.  & Lon  inv.. 
Law  Debenture  — 
Lrda  Inv.  lotZOp 

Do  Cap.  5p 

Lon  Atlantic 

Lon  & GarL  50p  . 

Lon.  A Lennox. 

Lon.  & Lomond. 
Lon.  Prudential . 
Lon.  A S ‘clytfe ... 

London  Trust 

Lowland  Inv 

MAC  Dual  LK.  IOp 
Do.  Cap.  IOp...., 
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Warn  Adx  5.1st  □ 
Meldrum  Inv.  — 
Uerthams  Tst  _ .. 
&lld  Wynd  Inv.  Tsl 
'Monks  Invest. — 
Mont.  Boston  IOp 

Do.  Warrants 

Moorgate  Inv.  Tst. 
Moors  ide  Trust — 
Murray  Caledonian 
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218 

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New  Tokyo  Inv:  50p| 

1928  Invest 

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Nth.  Brit  Canadte 
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Northern  Secs 
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Rivet  A Merc.  ... 
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Rosed (mond  Inc... 

Do  Cap 

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Si.  Andrew  Tsl  ... 
Scot.  Am.  Inv.  5Cta  . 
(ScoL  Cities  -A> .... 

Scot.  East  Inv 

fScaltish  inv 

Scat  & Merc  A.... 
[Scot  Mon  & Tsl 
Soot.  National  — 

San.  Northern 

Sec.  Alliance  Tsl 
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Shires  Inv.  SOp.. 
SPLIT  Inc.  IOp  ... 
SPLIT  Cap.  IOp.. 

Siewari  Em  Inv  IOp. 

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StaOrhclders  Inv.. 
TR  Australa  Trust- 
TH  Cayri  LsnOmTsL . 
TR  Ind.  A General  _ 
TR  dmnl  Remutes . 
TR  North  America.. 
TR  Pacific  Basin.. 
TR  Prop.  Inv.  Tsl 
TR  Technology  _.. 
TR  Trutees  COrpn. 
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Do  Cap.  £1 

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Do.  Cap  

ITrans.  Oceanic.— 

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TrpleveiLlnc50p 
Do.  Capital  £1 ... 
US  Del*.  Corn  — 
Vlkrog  Resources. 
W Cst  A Tens  lfe 
Wemyss  inv.  £1 .. 
Winterbotlom  5p. 

Wlun  Inv 

Yeoman  Inv 

Yorks.  A Lancs  — 
YouigCo's  I nvXl . 


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96  51  Kuala Kepong MSI.  87  ...  . vql2l;c 

300  [210  Lda  Sumatra  IOp  287  *8  0 

67  MalakoflMSl 112  «07*;C 

48  VMalay  Plans  MSI  56  vQl8c  1^9  1 

132  Rightwhe  IOp 190  gl.O  40^08 

31  Rowe  Evam  Inv  IOp  55  ....  0.8  111  Zl 

U 


117 

64 

233 

64 

*18 


9*;  |fSanpa«gJa«i2i^ 


. 43 
trt  44 
4.1 
20)  40 
19 


650  M35 


Teas 

305  (255  (Assam  Dooars  £1. 1 
Lawrie  Plants  Cl . | 
McLeod  Russel  Q. 
»B4ocC»«.l«MZ 

Moran  £1 1 

Wiliiamson£l  — I 


203 

124 

305 


245  |212 


167 

105 

230 


305 

60  L9 

650 

25  0 « 

200 

♦5 

h6.67  10 

119 

♦1 

8.4%  30 

305 

10  - 

241 

-3 

125  16 

MJNES 

Central  Rand 


£31% 

£18** 

ai2*a, 

610 

735 


291 

407 

459 

646 

03% 

£19** 

Ml 

438 

623 

305 

£35*. 


£12% 

[768 

£69% 

240 


Durban  Deco  Rl .. 
East  Rand  Pip  Rl 
Raidfom'n  EsL  RZ| 
Swmer&JataROIC 


338  (West  Rand  Rl 


£12*» 

842 

£724, 

260 

411 


*h 

♦74 

+20 

♦43 


TllOOq  281 


mQ20c 


501 


Eastern  Rand 


P74 

Bracken  90c 

195 

♦21 

064c 

ta 

16/ 

♦Coro  Motto -teia5c 

162 

♦IS 

148 

Oast  Dagga  Rl 

270 

♦19 





395 

711 

ERGORO0O  — 
Graotvlei  25c 

435 

775 

+40 

♦64 

062%C 

Inline 

25 

2.0 

>00 

ICmross  Rl 

£11*4 

♦1*4 

QlS7c 

ta 

177 

Leslie  65c 

202 

♦25 

059c 

ta 

177 

Marie  vale  RO05 . 

195 

+ 18 

TQ41C 

09 

311 

S.  African  Ld.  35c.. 

356 

+45 

Q75c 

09 

147 

VUkfontem70c  . . 

268 

♦21 

Q45c 

1C 

£20% 

JVinkelhaak  Rl .... 

£21% 

*% 

0411c 

ta 

P08 

|W<L  target  25c — 

155 

+11 

— 

193 


Far  West  Rand 


£32*. 

£44 1. 

420 
£23 
£25*. 

481  (250 


[825 

ii 

CIS 


356 

£60 

135*4 


£3<P;U2B 


£471; 

04*; 


538 

£43% 

£10% 


174 

£35% 

£241; 


£31% 

937 


B[yvoor25c, 

Buflels  Rl 

Derlkraal  RO0O. 
Doornfortero  Rl 
Dnefarceui  Rl  — 
Elandsrard  Gtd.  20q 

Ehburg  Rl 

Haneherst  Rl  

Kloof  Goto  Rl 

Llbanon  Rl 

Soulhvaal  50c 

Slitfontein  50c 


£60  (Vaal  Reefs  50c— 


£1S*4[736  FVemerspost  Rl 


274  Western  Areas  ill 
£28  Western  Deep  R2.J 
661  iZandpan  Rl 


876 

£28% 

236 

£11% 

£19 

674 

202 

£37% 

£27% 

£19 

£32% 

960 

£61% 

758 

300 

£29% 

707 


♦51, 

♦% 

+1 

♦55 

+28 

*1% 

+1 

♦1 

*23 


0270c 

0590c 

QlOc 

0200c 

Q285r 

Q15c 

06*^ 

0760c 

Q330c 

0300c 

Q330c 

t0250c 


♦ 1*J  0950c 


0180c 
QlOc 
1%)  0345c 
Q128e 


13)18.1 
16 
35 
JL7 
1.4 


121 
25 
10.4 

. M 
33)  13 


1.7)  9.1 


14.0 

20 


O.F.S. 


725  M10  * 
£38%  £21% 
£17%  no 

564  268 

£37%  £23% 
£41  £25% 
L34%  £20% 
U1S770 


Free  State  Dei  50c 
F.S.Geduld50t_. 

Harttrony  50c 

Lora  me  Rl 

Pres.  Brand  50c.. 
Pres.  Stem  50c ._ 
St.  Helen  Rl— .. 

Unneili 

£10%|728  (Welkom50c 

|W.Koldiiigs50c... 


£41% 


£26% 


450 

060c 

l.C 

£23 

♦1% 

Q455c 

ta 

£11 

+1 

0235c 

2d 

296 

+28 

mm 

— 

£26 

♦ 2% 

0510c 

ta 

£27*4 

*2 h 

0535c 

ta 

£21*; 

TWSC 

27 

809 

♦ 39 

0112c 

ta 

792 

*74 

0175c 

ta 

£28% 

-2% 

Q68Dc 

ta 

Finance 


155 

as*. 

U5%, 

£88% 

£48 

303 

635 

30 

£20 

£20 

£96 

£11*2 

9SZ 

747 

■48 


£39% 

£14*; 

250 


pis 

lAferCotpSA  SI  50 

115 

MQ7  5c 



rn% 

Ang.  Am.  Coal  50t_ 

£23*; 

014k 

30 

roo 

AngfeAmer.  iOc . 

U0*« 

*% 

Ulitfc 

28 

£64 

£31 

Ang.  Am.  Gb<d  Rl 
Angtavaal  50c ... . 

£65 

£35*; 

♦1 

TQdiOe 

0315c 

10 

» 

713 

: narter  Cons.  2p 

230 

-5 

11  0 

Z 6 

460 

Lons.G«W  Fief*. 

478 

+15 

24  5 

1.(1 

27 

East  Ran!  Can.  IOp 

22 

5105 

16 

£12% 

EenCarAOc- 

£13% 

*1 

0175c 

19 

*7i% 

lots  Fief*  S A.  5c. 

£12% 

*1% 

QlOJc 

2.0 

(571? 

Jo  "burg  Corn.  R2. 

£72 

0650c 

22 

300 

MKMIe  WM  25c  . . 

800 

-75 

080c 

18 

560 

Mtoorco$BD1.40 

580 

022c 

L4 

416 

New  Wit;.  50c... .. 

5 05  to 

♦20 

050c 

L8 

?3 

land  Lnrton  15c. 

23 

— 

— 

420 

Igrt  Mrfi.  Props,  Rl 

570 

...... 

03k 

32 

708 

Sent'inl  10c. 

724 

aiooc 

12 

£71% 

T vaal  .Com.  UJ  HI- 

£23 

*1 

0280c 

ta 

900 

J.C.  Invest  Rl  — 

925 

+25 

tQ130c 

12 

140 

V09*ts2%c 

260 

*s 

G016c 

1.8 

£81% 

700  , 
475  b25 


990 

645 


97D  (352 


£42 

182 


485 

245 


Diamond  and  Platinum 
iArqto-am.inv.50c  - 
De  Beers  Of.  5c ._ 

0c.40pc  Pf.R5. 

Impala  Plat.  20c. 

LjnSenburg  12%C., 

Rus.  Plat.  10e 

Central  African 


5 

■M 

-a 

Wl 

+ 3 

0590c 

73 

490 

♦15 

0371* 

32 

925 

Q200c 

* 

760 

♦ 70 

QSSc 

19 

490 

-25 

040c 

4> 

640 

♦30 

Q54c 

09 

300  182  Falun  RIlSOc  _ 
23  1*  Wanfcie  Cal.  ZS1 . 
28  14  Zam£pr0BDO04  _ 


190«!  TQ70c  42| 

16  «5 1 07 

14  — — 


2«  7 4 


120 


55 
4.5 
12  7 
66 
48 
50 


3.1 


BROKERS.  DEALERS  UNDEPWRfTERSfi  OS  TFSBUTORS 


SA 


«3ta 

INTERNAT50NAL  LTD. 

Roman  House  (3rd  Floor!  Wood  Street, 
London  EC2Y  56P  United  Kingdom 
Telephone:  01-628-233! 

Telec  5iS5i2979  ISVSCCG1 


MO  I 
Mgb  Lm  | 


38*: 

52 

40 
25 
uO 

85 
183 
J7r 

J45 

38 

43 

9 

17 
255 

18 

19 
215 

14 
58 

810 

24 

17 

32 

92 

41 

20 
100 

42 
20*; 

134 

180 

50 

52 

279 

15 
8 

46 

-207 

40 

86 

57 
78 

150 

% 

476 

11 

298 

270 

83 

52 

74 

58 
27 
» 
14 
50 

110 

58 

24 

38 

275 

200 

2S*a 


245 

150 

18 

435 

600 

21 

270 

96 

57 

500 

330 

250 

55 

120 

145 

300 


MINES — continued 


Cw. 

net 


Cfr 


& 

hpACMZOt 

27% 

+ L 

_ 

ABsUfe  Expto  NL 

3S 



_ 

9 

taA»tia*i}Wrt  ML 

24 

— 

— 

11 

SalmOral  RmOteces 

2d 

— 



36 

PBtiicS  KHI  Mins 





51 

If  Bond  Corp  . . _.. 

7S 

♦ 1 

010: 

ta 

lib 

pBaupHvflJel  Kina 

142 

nQ3  22 

L2 

204 

♦CRA  50c.  

340 

♦2 

tQ3c 

— 

60 

taCarrBflyri2Ct. . 

64 





25 

^Central  haigocriir 

35 





IB 

pCemrai  Pacific. 

24 

-m 

— 

2% 

FCrnGotoUngAieas 

2% 



5 

FCoapers  RrsN.L. 

5% 

— 

wn 

193 



B 

FCultus  Pac  NL-. 

16 

m- 



/ 

FEagte  Carp  10c . 

15 

_m 

96 

FEmperor  Mines. 

152 

_ 



8 

7 Endeavour  20c .. 

9% 



-w 

17 

rCncpror  Gig  Men  - 

24 

. . 





500 

PGM  Kaigsoriir  25c 

550 

hQlOc 

ta 

6 

irx  Eastern  Mmes , 

12 

9 

PGroai  Victoria  Gold 

9 

i 



15*7 

rHaoma  NW . . 

13 





?8 

Pt-f  ill  M me  rah  N.L 

32 





U 

Plntnl  Mining  ... 

15 





5 

Plvamoe  Gld.  N.L  . 

9% 



__ 

25 

(■Jingelfic  Minerals 

44 





lb 

tntalbara  M<n  30c 

16 





9 

%Keywes: Expl..  . 

23% 





54 

Pk.it die ier  NL  25c 

80 

-? 





76 

PMeeka  Barra  2Sc 

7b 

-2 





24 

pMetals  E»  50c ... 

43 

n — 



23 

Wiiinriinn:.. 

32 



__ 

217 

PMim  HIdgs  50c. 

219 

-J 

Q5c 

L5 

5 

PMincorp  20c 

12'. 

3 

fthnefete  Expl  25c . 

3*; 

...  . 

_u. 



23 

Ftaewnetai  20c  . 

36 



128 

P North  B Hill  50c 

190 

-4 

08c 

ta 

f« 

Nth.  Kaigurii 

56 

58 

tPQaksridge  50c  . 

62 

07c 

ta 

23 

)tter  Evpin  NL.... 

3b 

*% 

46 

P Pacific  Copper .. 

77 

f 



64 

PPancant'l  25<  ... 

82 



4 

*an  Pacific  PetsNL 

6% 

_ 

35 

Sigi  Uni  6 £qih  5e 

S6 

524 

pPeVo-WaiKend  50c 

356 

-14 

GOSc 

ta 

6 

P Prison  Res  NL  . 

9 



17? 

PRentsonSOc  ..  .. 

215 

Q13c 

01 

ns 

pDo  Defd.- 

200 

20 

Samarta  Etplor  NL 

41 





31 

SancanExpior  NL 

31 

_ 

mm 

V 

PSeltnst  50c . . 

57 





74 

PSaic  of  Email;  N L 

41 





31 

Pathn.  Goldfields 



7 

pSoumera  Pacific .. 

10 

_ 



6 

rSoiCm  rnriursZc- 

71; 



17 

PSwan  Res  20c  _ 

24 

hO 

92 



34 

PUmted  Gold!  iritis 

34 





6 

PWest  Coast  25c . 

11% 





11 

pWeslem  Coro.  50c 

13 





168 

Afestn.  Mining 50c. 

213 

-3 

02c 

76 

S3 

PWhvn  Creek  20c 

142 

8 

♦York  Resources . 

21% 

+% 

— 

— 

[na 

673 


91 
1.4 
03 
- I 


-I 


11 


14 


Tins 


175 

Aver  Hitam  SMI  . 

200 

t095c 

i or 

8T 

122 



10% 

Gold  & Base  12%p- 

1! 



290 

GopengCons 

350 

♦20  0 

L4 

575 

Hongkong 

550 

210 

ta 

13 

100 

Jantar  12%p 

Kamunting£MO0O. 

16 

205 

1 5 

tvOZJi^ 

0.2 

OF 

Vi 

Malaysia  Mug.  10c 

t*5a» 

♦i 

JvQllc 

09 

73 

fPPaliaiTO  — 

44 

-l 





325 

Pengkalcn  IOp ..  . 

500 

. 

1.0 



225 

Petal ing  SMI 

290 

tvQTOc 

10 

185 

Sungei  Besr  SMI . 

205 

JvClBfc 

1.1 

40 

taSuprrneCoi?  MSI 

49 

-1 

ihC-it.': 

ta 

91 

Tantong  15p ...  - 

115 

915 

60 

PfonjUht  Tin  JM1 

120 

vQ5c 

1 1 

190 

Tronoh  SMI 

245 

vQ90c 

10 

Miscellaneous 


240 


£241; 


£147*. 

190 


30 


170 
90 
93 

530  J315 


34  WAnsJo- Dominion 


170 


£17% 


£108 

13 


Admiral  Mines  .... 


WAnglo  Utd.  Dev.. 
wCtriby  Res  Corp. 
Corts.  Murth.  10c. 
Hampton  Areas  IOp 


215  Q03  MHighwood  Res.- 


HOw-ratr  Miwig  SI . 

North  gate  C&l . _ 

R.T0 

, Dc.P;SCclaU'0WtfCj  £127«! 
[taSan.ru  inch  C$1  ] 70  . 

For  Sauliwrst  Res  see  Oil 
750  |312  ItaTaraEouiSl  . l 660  | 


30 

67 

60 

120 

400 

185 

165 

■a* 

578tf 


1060c 

3.75 


020c 


117.0  , 
Q9%*J 


Z«  40 


315' 


17.7 


♦ U| 

♦2  . 

6 Gas 

♦ 10|  _ | -! -| 


Ob 
- 1 


7 3 
5.5 
114 
38 
t 

03 
6.9 

* 

20 

4 3 
10 

10.4 


-I 


1 

Z7 


08 


MOTES 


Unless  otherwise  movaied.  prices  ana  nei  anrvlenJs  ore  mi  pence  ana 
aemmmstiefB  arr  25p.  Estimated  pnce.eimlncs  ratios  arri  covers  arc 
Mart  on  latest  annua)  reports  and  account  and.  wArre  post  rife,  are 
■cweirt  on  tvul -yearly  rrjurcs.  P-Es  are  olodairt  on  "net" 
(pstrriurion  bus.  earrangs  per  snare  bewg  computed  on  prain  after 
“ration  and  unrei^wd  ACT  where  applriablr:  Or acVetrt  ligwes 
indicate  10  per  errs  or  more  oeiecence  if  csiculatrt  on  "nd” 
dtavrouuan.  Covers  are  based  an  “ma.unum"  artribution.  tins 
tompares  pass  dnuend  costs  to  profit  after  taxation,  radiating 
e Stephana)  urolits  f ossrs  bu:  including  estimated  extent  of  oNsetLsfale 
ACT.  Viekts  are  fused  on  middle  snccs  are  toss,  adjusted  lo  ACT  of 
30  per  cent  art  allow  lor  value  of  declared  nistrioufoa  art  oghts. 
"Tap~  Stodu 

Muris  ana  Lows  marked  tnus  haw  brenadpntrt  to  allow  for  rtgftts 
r-sues  lor  cat  tv 
f interim  tnce  ncreasrt  or  resumed. 

Interim  since  reduced,  passed  Or  deferred 
14  Prmc«Mf  art  neiest  tar-free  to  nan-resments  On  application. 

♦ Figures  or  report  awinrt 

♦ Not  officially  UK  Lit  led:  Dealings  penrnlted  under  Rule  163(41(4) 

+ USM.  nol  1 Tried  on  Stock  Exchange  art  company  mi  subjected  *0 

same  degree  of  regulation  as  liMrt  Sedan  ties. 

(1  Dealt  m under  Pur  lb 3(3). 
p Price  Jt  tvne  of  suspension. 

Indicated  dnrtert  alter  pending  scrip  antior  rights  issue:  cover 
relates  to  prenoio  dmOend  or  forecast. 

♦ Merger  IM  or  reorgxntatxxi  m progress 

$ Not  comparable 

Same  mtenm-  reduced  final  and/or  reduced  earnings  mooted. 
Foncau  dividend:  cover  on  earmngs  ipdairt  By  idlest  interim 

smrmer*. 

Cover  allows  for  comnsion  of  stares  nol  now  rarV^ng  lor  dnndends 
or  ranking  only  lor  reslricirt  anadend. 

Cover  dors  rtl  allow  for  stares  wtach  may  also  rank  for  dnddend  at 
a litturr  dale.  No  P/E  ratio  tauahy  provided. 

No  Bar  0I1*. 

B.Fr.  Behpao  Frarcs.  Fr.  French  Frarts.  Vipid  based  on 
assumption  Treasury  Bill  Rate  slays  unchanged  imtil  maiurity  of  slock. 

♦ Tax  Iree.  b Figures  based  on  prospecius  or  outer  011*101  estimate 
c Cents,  d Divfeert  rale  paw  or  payable  on  pan  cl  capital,  cover 
based  on  dhnorrt  on  fUJ  capital,  e Redemption  yield,  f Flat  yield 
g Assumed  dnrdert  art  yield,  h AssiaiMd  dividend  a no  yield  afrerserm 
nSi*.  i Payment  from  capital  soirees  k Kenya,  m Imeren  higher  than 
prewoso  total  o Pigms  issue  pending,  q Eanwvp  bused  on  prrilmriary 
Hgwes.  a Dmdert  and  yield  exclude  a special  payment,  t Indtoatrd 
duodena:  cover  rrlam  10  previous  dmriend,  P'E  rauo  basec  on  latest 
annual  eammgs.  u Forecast  dividend  cover  based  on  previous  year's 
earwigs,  v Subject  ta  local  lax.  x Dividend  cover  in  trust  of  100 
times,  y Dmdert  art  yield  based  on  merger  terms.  1 Dividend  and 
yield  include  a sproal  payment.  Cover  does  not  apply  U>  special 
paymrm.  A Net  dividend  art  yield  B Preference  dimeend  passed  or 
deferred.  C Canadian  D Issue  pice  E Mmenian  lender  price. 
F Drtdend  and  yielC  based  on  prospectus  or  other  oil  CiV  esunates  lor 
1963-84  G Ass  lined  dnndert  and  y*le  aHer  pending  scrip  ara.br 
Kltas  issue.  H Dnvdertana  yield  based  on  aiaspecub  or  other  official 

nsneits  for  1084  K Figures  based  on  prospecius  or  other  off  cul 
estimates  lor  198243.  M Dmcend  art  yield  bneo  on  prospecius  or 
other  official  esumxies  lor  1933  N DivuSert  art  yield  based  on 
prospectus  or  other  official  estimates  for  19SC-83.  P Figures  based  on 
prospectus  or  other  oHioai  estimates  tor  1°33.  ft  Cross  T Figures 
assumed  Z Dindert  total  te  daw. 

Abbreviations  to  et  dividend:  a ex  scrip  issue:  a*  ex  rights:  a ex 
all.  «*  ex  capital  dsinbutun. 


REGIONAL  AND  IRISH 
STOCKS 

Tne  following  >s  a seleaionol  regional  art  irRhsuoo  lhr  latter  be  mg 
quoin:  m Iryji  currency 


Alnny  Inv.  20p.  - 62 

Bdg'irLr  Ejl  50o  085  J+S 

CraigAi  Rose  Cl ...  UD>; 
Fmlat  Pkg.  5p.. ..-  37 

HrowmBrew S3  [-2 

Hoil  (Jos)  ZSp— ..  - 910 

0 M.  5tm.  £1 230 

IRISH 

Etch  12*.  1985-  I £987.1  ... 
Nat 9V*k B4.-89  ..  £87%]-% 


Fri  13*0  97)02.. 
AMuncrGas . . _ 

Amp  It 

Carroll  (P  J ) .... 
Concrete  Prods... 
Hedun  (Hidgs.)... 
Irish  (topes  . . 
Jacob  . 

T M c 

Umdarr . - 


194% 

♦% 

75 

210 



99 

75 

16 

34 

81 

74 

For  Giaro  sre  Shipping 
For  Pearce  (C  H ) see  Burldmgs 


OPTIONS 

3-morrth  Cali  Rates 


mhatrtih 

Allred-  Lyons 

BOC  G»n 

S.H  

.i  |aa.., 

Bardiy  Bank 

Beecnam  . 

Blur  Circle 

Boot..  

Bowaten — ... 

B»n.  Aerospace . 

".A.T.  . 

Brovin  (j  ) ... 

Burton  DrtL  . , _ 

Can  Bury. 

Coixuuia. 

Drbrrriams. 

Distillers 

Dunlop  - ... 

Eaw  5 tar 

■N.F.C — . 

Gen  Accident...., 
Gen  Deane 
Gua  .. 

Grand  MrL 

U.S  -A' 

Guardian  

KN..  

HjwknSrfM 


House  of  Fraser. 

T.C  i 

■■Imps" . .. 

I.C.L  

Lidbroke  . 

Legal  di  Gen 

Lex  Service 

Lloytt  Sari 

"Lob"'  - . . 
LOnddn  Bret— .. 

Lucas  inds 

"Mm' 

Mria.  6 SpnCr  , . 

Midland  Bant. 

N £ I ... 

Nat.  Wei  Be  n't 
PAtJDfd  ... 

Pk-.sc> . 

Fatal  Eire  ... 
B H.M  . . . .. 

Ratal  0rg.0rd 

Reed  Imnf..- 

Sears 

T I ... 

Test®  ..  . _ 
Thorn  EMI  ..  . 
Trwihoift* 
Twnei  6NfrwJli 
U rales rr  . . . 


UW  Drapery.  . 22 

Vickers  . 12 

Woolworth  Hid  . 30 


Property 

Bn-.  Land.. 

Cap.  Cot«i« 

Land  Sec. 

UEPC 

Peachey  

Samuel  Props— 

Towns  c«» 

DU< 


Brrt  Petroleum 
SumahOii  ... 

Charter  hoi  I 

kCA  . _ . . 

Prrmver . . 
Shell 

TriCeittrOl  . _ . 

UKOmjr 

C-urter  Cons  . 
Cons  Coid.  .....  . 
Lonrhe 
R*o  T 2,nc  . 


[ 26 
58 
9 | 
[ 62  ! 


A seifcten  of  Osl.cn.  traded  is  »>en  on  me 
London  5mc*  Sichangr  Report  uage 


‘•Recent  Issues**  and  "Richts"  Page  41 


This  Service  is  aoitabte  tb  every  Company  dealt  in  on  Stoek 
Exchanges  throughout  the  United  Kingdom  fey  a fee  of  £700 
per  annum  lar  each  security 


i7|l 


Mgh  Income  Tnot 

asp 


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BEtWfalc^'fiSr 

(ynvi  EwnWgt  Tjt_ 
Tedmctow  Trust 


£B  T2«S 


(AccemuMien) 
Commadty 


Finance  & Pitnoty  _ 
Fwwi  Gwtb  Star  II . 
GUI  & Fixed 


Capri  (Jama)  KtvgL  Ltd. 
10a  OH  Broad  SL.ECZN1B0. 


I oL  Growth  RL 


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i 


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Cevett  (Mm)  Unit  Mngt. 


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Man  U*t  Mr.  Ob.  Ud. 

232  Romford  RdL  E7.  OLSMSM4 


Authorised  Units — continued 


Offshore  and  Overseas — continued 


Atlanta  Unit  Trust  Managers  Ltd. 

1 Founders  Ct.  Lothbury.  EC2.  01  -GOO  8664 
J no  B.  Far  East  — So.2  ....  1.0 

Batllie.  Gifford  and  Co  Ud 
3 Gienftnlai  St.  Edinburgh.  031-325  2501 
Jan£xOcUG  1 36.0  f«3.5  . 0.35 

IntEx*  No»2  220.6  237. Z +6.1  1.52 

BGPlPbT D1 5 21  4 2 2 25. 5 — 

TNval  dealing  day. 
■UnigtlwniH. 

Equity  & Law  Un  Tst  Mrrqrs  (a)  (b)  (c) 
Antcrsham  Rd.  High  Wycombe.  0494  33377 
Caro  T«  Acs  61.6  66.2xd  --  . 1.43 

Robert  Flaming  ■ Co  Ltd 
a Crosby  Snuare.  SCSA  BAN.  01-636  5056 
AmEsFd*  6257 .53  263.31  0.B9 

JapExFd*  £159  56  164  65  ...1.16 

Nest  subscription  day  Nov  t 1953. 

• Fleming  American  Property  Unit  Trust. 
Latest  issue  price it& it)  USS10  621. 
Units  are  issued  on  Fro  15.  May.  Aua.  No*. 
'Fleming  Property  Unit  TruK. 

Latest  issue  once  120  ji  £ 2.070. 

Units  are  Issued  on  March  25.  June  24. 
sept  29  & Dec  25. 
'Unauthorised. 


F.T.  CROSSWORD 
PUZZLE  No.  5,259 

ACROSS 

1 Not  easy  to  get  a bet  on  but 
will  make  a book  (3) 

5 An  Indian  dance  (6) 

9 So  dim  but  somehow  it  is 
suspect  (8) 

10  Having  a record  inside  puts 
back  promotion  (4.2) 

12  In  fighting  the  Aztec,  later, 
he  had  considerable  success 
(5) 

13  Engaging  agent  confuses 
Terrier  and  small  copper 
(9) 

14  Show  how  to  start  off?  (3,3) 

16  Treat  it  another  way  and 

make  a chemical  test  (7) 

19  Part  of  mine  is  hollow  on 
top  (3-4) 

21  Immediate  control  (6) 

23  Neat  dispatch  form  (9) 

25  Intrude  when  dropping  in 
boat  (5) 

26  A second  plate  is  lost  (6) 

27  Not  symmetrical,  unvar- 
nished and  patchily  coloured 
<B) 

28  Runaway  who  plays  a part 

In  one  of  the  later  Handel 
operas  (6) 

29  To  get  access,  use  charm  (8) 

DOWN 

1 A joint  of  meat  for  each 
picnic  basket  (6) 

2 Reverting  to  old  form,  rest 
He  in  disarray  (9) 

3 Lift  and  step  up  (5) 

4 A woman  who  is  spiteful 
about  undisguised  entertain- 
ment (7) 

6 He  wants  to  win  even  if  he 
has  to  shoot  the  horse!  (3*6) 

7 Get  into  trouble  although 
seeing  company  over  the 
depression  (3,2) 


Guardian  Royal  Ex  Unit  Mngrs  Ltd  (a) 
Ro/41  Eve  ban  pc  EC3V  3LS.  01-638  2020 
dll*  Funs  114.6  119.1  9.78 

Growth  Eq  90.4  105.9  + 0.6  2.50 

Guardhlll  160  0 1 86.5  + 0.7  3 40 

NThAmcr  93.2  100.3u)  +0.4  1.87 

Pad  he  102.9  llQ.Gad  +0.7  0 38 

Prop  Shire*  102.6  110  6«d  +1.0  2.10 

Smaller  Cos  104.8  112.7x0  ....  1-86 

H.B.L.  Unit  Trust  Mngrs  Ltd  (a)  (c)  (g) 
Premier  NT  Admin.  5 Rayleigh  Rd.  Hutton. 

Brentwood.  Essex.  □277-227500 

SmllrCosTjt  50  9 53.6  + 0.4  4.40 

NlnAmtr  47.9  50  4 +0  2 1 ST 

Japan  Far  Tst  S3  2 56  0ml  +0  4 1.30 

Scandinvn  Tst  46.9  51.5  +0.1  1.46 

Hexagon  Soruicna  Ltd 
4 Gl  St  Helens.  London  EC4P  3EP.  ^ 

Austin  F'S  106  4 112.1  2.4.0 

Brcwin  Cop  60.S  B4.0  + 5.0  0.62 

Browns  Int  73.5  77.4  +1.6  4.06 

Canada  Grw  ios.4  113  4 -1.6  1.00 

Lawson  Fund  Managers  Ltd  (a)  lei  (<v 
43  Clurlmte  So.  Edinbgh  2.  031  -225  6001 

Oiarltt  Sq  Fd  50.1  92.1  5.0 


1 2 3 4 


Pen  Sb  Fd  13.5  14.S  ....  1.8 

A ust  & Pc  7.8  8.6  -02  O O 

High  Yield  19.5  21.0  10.4 

DoAccum  20.6  22.1  ....  104 

MGM  Unit  Mmogers  Ltd 

MCM  House.  Heene  Road.  WartMng. 

01-823  6211 

High  Inc  120.6  129.7x01  6.76 

(Accum  Uts)  126.3  135.0Kd  6.76 

UK  Growth  117.6  126. Sxd  +0.7  3.13 

(Accum  UbJ  119  0 126  0x0  +04  3.13 

MLA  Unit  Trust  Management  Ltd 
Old  Queen  «.  SW1A  9JG.  01-222  8576 
MLA  Uts  163.0  192.1  ....  2.79 

MLA  IK  27.9  29.2  ....  0.66 

The  Money  Market  Trust 
63  On  Victoria  Sc.  EC4N  45T.  01-236  0952 
CallFiMid  — — ....  6.81 

7 Dav  Fund  — — . . 9.00 

'Unauthorised— Sterling  Deposit  Fund. 
Scottish  Unit  Managers  Ltd 
29  Charlotte  So.  Edinburgh.  031-228  4372 
Pee  Me  Fond  25  * #72  + 0.2  O 30 

N Amer  FO  24.0  ZB.O  +0.1  OJ7 

World  Growth  22.7  24  6*0  - 0.1  2.43 


1516  1 11  1 [8 


8 He  finds  markets  overseas 
for  old  ale  (8) 

II  Charge  for  second  bed  (4) 

15  On  top  fonn?  You  exag- 
gerate (9) 

17  Discover  carnet  is  a different 
version  (9) 

18  He's  abandoned  his  prin- 
ciples and  had  something  to 
eat  after  a job  (8) 

20  The  timber  trade  (4) 

21  Manages  to  get  relatives  fine 
cloth  (7) 

22  Want  the  French  to  see  the 

point  (6) 

21  Brief  prefatory  note  In  pro- 
posal to  reprint  romantic 
novels  (5) 


25  Curtsey  before  the  Queen  in 
the  pavilion  (5) 

Solution  to  Puzzle  No.  5,258 


raKKDBSQ  naClklHBB 
h □ n ej  d b q rj 
uanam  oasoinciEitiQ 

a:  a.-n  -n  a ,b  ,:g-  -n 

□nnai300EB;:.BBQ0a 
n - 13  * □ • -a 
csanannaDGi 
F3  □ fl  Q:;n  fj 

□□□annaaQi aamoE 

3 - •■■-3  ..  ^ B.  13 

riBnnst  • corjanmntin 
s-  - et  sjvra  a d.  n 
□aQaQoaaa';  fipjheo 

q ••n  n - n 


Act)  bon  da  tnvastmant  Fund  SA 
37  n»  Nacre  Dam.  Luxemb’rg-  Tri  47971 
Acbbaaot  In  — - 620.02  — 

Allionca  Capital  Monagamont  Mil  Inc 
62  63  Queen  St.  London  ECO.  01-248  6881 
Alliance  intaniallona]  Dollar  tamo 
DistnbutMMi  On  26-  Nov  2 (0.00209JU 

TcdiKann  £9.05  9.50  ....  — 

HcaltbCrOct26  — 5D-7  ....  — 

TccbnoiagyOZO  — 521.16  ....  — 

aaalcrOctZO  — 546.73  ...  — 

Aries  Fund  Managers  Umrtod 
PO  BOX  264.  » Melier.  Jersey.  .0534  72177 
Siert.ngFircdlnt  10.44  1U49  — 

Bamford  Brondt  Ginmwy  Mngi  Ltd 

PO  Box  71,  St  Peter  Port.  Cwnnijr.  

0481  26541 

Tech  4 Corns  £7.65  8.12  — 

IntGrowm  516.32  17-32  ....  — 

Brown  Shipley  St  Co  (Jersey)  Ltd 
PO  Bos  S83.  5t  Heller.  JKOer.  0534  74777 

SUgCoottal  £16.41  16.42  — 

■ntCurrencv  £1.09  1.1S  . . • — 

InloBndlnt  510.48  11.07  - 0.10  — 

IntBdAcc  510.48  11.07  —0.10  — 

CAL  Investments  (loM)  Ltd 
IE  St  Georges  St  Douglas  loM,  0624  20231 

CAL  C&C*  64.4  88.8  — 

CAL  Metals  95.1  1D0-1  — 

CALSrf'**  220-5  233^  +12.5  

CAL  Gold**  69.6  94.3  +0.7  — 

CAL  Cooocr"  — _ — — 

CAL  Alien"  90.9  95.7  + 0.9  — 

-Dealing  days  every  Monday. 

• -Dealings  daily. 

CAL  Investments  (Bermuda)  Ltd 
PO  Box  1022.  Hamilton.  Bermuda.  . 

IUOO-OT)  5-5950 
CAL  CTR  Fd  66.2  71.6  _ — 

Dealing  days  every  Monday. 
Commodity  Advisory  Sues  (loM)  Ud 
46  Athol  SL  Douglas  loM.  0624-20645 

Com&FFAc  84.23  87-74  — 

Com  4 FT  D 64.23  67.64  . — 

Next  dealing  date  Oct  3. 

Citibank  (Cl)  Ltd  "CRifunds" 

Ch annul  n Transatlantic  Inv  Funds  Ltd 

Green  St-  St  Heller. . 0534-70336 

U.5.  5 Fd  510.353  +0.0U7  — 

£ Sterling  Fo  £5.176  + 0.003  — 

Sw  Franc  Fd  SwFrZO-IOt  +0.002  — 

JJP  YM  Fd  Y204 1.968  +0.8*9  — 

DeutscnmkFd  DM70.ZB6  + 0.006  — 

Managed  Fd  510.126  +04M5  — 

Dumrost  Ltd 

PO  Box  887.  Grand  Cayman. 

NAV  SI  36-20  — 

Fidelity  International 

9 Band  St.  5t  Melier  Jersey.  Cl.  0534  71690 
o-lers  33201.  PO  Sox  670.  Hamilton.  Bmoa 

DlIrSrgsTst  106.81  — 8.91 

AmVCSSt  102.75  — ....  5.00 

AaVoCnt  5132  — — 

f Prices  at  Seot  30. 

First  Gold  B Metals  Trust  PLC 

60  5t  jamro-s  » London  SWI.  ^ 

First  Gold  9J1  ....  — 

Forbes  Securities  Management  Co 
PO  Box  887.  Grand  Cayman.  BWI. 

London  Agtota  01-839  3013 
Odd  lire  59.68  10.20  . — 

Gold  ACC  17  60  O.D1  

Dollar  Inc  59.43  9.78  . — 

Fromliagton  Overseas  Fund  Mngt  Ltd 
PO  Box  71.  5c  Peter  Port.  Guernsey. 

9481  26541 

OleatOGUi  4B.9  53 J +0.3  — 

O'aeu&GBiS  72.7  79.4  — 

CRE  International  Inveet  Mngt  Ltd 
PO  Box  ige.  5t  Heller.  Jersey.  0534  27441 
ManCnrfd  £1021  -0.01  — 

Griaveeon  Mgmt  (Cl) — Barrington  Fund 
30  Bath  St.  St  Holier.  Jersey.  OS 34  75151 

lnxIlncOcE27  93.8  97.7  . . . 4.08 

Grind! ay  Henderson  Mngt  Ltd 
PO  Box  414.  St  Heller.  Jeroey.  0S34  74248 
MgdFd  £104728  10.9964  + a .041.1 

Mqd  AK  £9.9323  10.4289  +0.0450 
Srtg  Fd  E10J916  . ..  +0.0025 

SttaAoc  L10J471  ..  . +6.0027 

US.  S Fa  S20.S613  . ..  +0.0052 

U^.  SUMS  5204-937  ....  +0.00SI 

DMA  OMSO  5S44  +0.0074 

Swfr  SwFr50  4764  +D.00M 

yen  Y5.077  +1.0 

GidopeeB  Mahon  lnt  Fd  (Guernsey) 

PO  Box  18B.  St  Paler  Pore  Grow. 

_ _ _ Wflf  23506 

Currency  Deposit  Shares  . 

Dollar  520.155  +0.005 

£104)70  +0.002 


Sterling 

Yen  Y5.021.7SO  +0.B74  — 

□eunenmk  DM 50. 177  +0  005  — - 

Swiss  Franc  SwFreOOM  +IMM3  — 

Daily  dealing. 

IGF  Menagemant  Servkm  Inc 
co  Registrars  PO  Box  1044  Cayman  Is.  Bttn 
IrtGoWFd  556  64  59  47  . — 

Optima  — — • ■ ■ — 

Jardme  Fleming  ft  Co  Ud 
46tn  Floor.  Ccpmoouw  Centre.  Hong  Kano. 
Cnrr  Do  1 9-3 

• Aunau  51B.11  19-41  — 

Asean  59.74  10  59  . . • — 

i Actum)  >9.74  10.92  — 


American  56.55  9.1B  ....  — 

CAemml  5655  9.19  ....  — 

Mgd  Curr  510.06  -—+0.01  9.5 

tAocum)  510-00  — +0-01  95 

La rard  Brothers  ft  Co  (Jersey)  Ud 
PO  6ox  108.  K Helkr.  jera«.  C^^  J7561 

LaxBrFarE  514.19  14.90  1-00 

CnBGd  5140.79  142.12  ....  11.02 

DlVedBBd  510.32  1057  . . 5.0 

N Am  Fd  510.17  10.62  -0.07  5.0 

LI  cry  da  Bonk  International.  Geneva 
PO  Box  438.  1211  Geneva  11  (Swltaenand) 
LI  Dollar  _ 598.1  1015  +0.10  105 

LIGrwtn  SF860.5  917.0  +6.5  1.6 

L ' Inc  STiR-J  O 310-S  +1.S  6.9 

L I Pacific  SF10*5  7105  +2+  1.4 

Uoyd  e LHq  (Isle  of  Mon)  Ltd. 

BrldOC  H*e.  Castletown  loM.  0624  624151 
SAIF  96-0  1 00.0  ....  — 

Management  International  Ltd 
•H  °4.  B-msas**  Bldgs,  6' mud  a 809-295-4000 
BOs  IQFC  51659  16.77  ..  ..  — 

BOmIBFI  ft  134  ff.4«d  

Prrcos  on  Oct  21.  Next  dealing  Oct  26. 

6da  IEFC  19.96  10.17  ....  — 

Bda  IFTI  39.92  1 0.12  — 

Manufacturers  Hanover  Geofunda 
PO  Box  92.  SC  Peter  Port.  Guernsey. 

0481  23961 

LA  Inc  17  0456  104.78  9.38 

LTAcct  3126.15  12652  9.97 

MIT  Inc  911256  112.93  7-61 

MrTACrSII  27.99  12854  14-43 

Gcofond  international  Reserve*  Ltd 
Sterling  £S.10s  - o.ooi  B-45 

JJ5.  5 SI  QJZ16  +D.0D3  S22 

D-MoHc  DM2D21 1 +0.003  4.73 

Swiss  Franc  GwFr20.149  +0.0-02  3-44 

Jan  Yen  2.025.9  +0-3  5.87 

Managed  Fond  H 0.2*4’  +0.001  fl.00 

Manna  Midland  (Cl)  Ud 
140  B’way  NY  10015  USA.  212-440-1000 
Queens  Hie,  Don  Rd.  St  Heller.  0534  71460 
Intercumrncv  si  .043.724  ....  — 

_ , ..Next  sub  day  No*  17. 

Samuel  Montagu  London  Agsmts 

1!*  Old  Broad  SL  EC2.  01-626  3434 

AnOct25  SFB650  93.70  1.46 

KS£!  *.  HBS70.72  42.00  0.13 

117GSA31  SI  053  10,04  ....  1.23 

JsvFopct2S  E13A7  14.91  

MomrRNF  J10.34  lO.Sa  

U.S.  FIF  59.65  • 10.16  — 

Nat  wostminstar  Jersey  Fd  Mngrs  Ud 
23  25  Broad  st.  St  Haller.  Jersey. 

County  Booh  Currency  Food  Ud  (x) 

0534  70041 

Dollar  dan  520.8007  + 0.0055  — 

Sferllnp  daw  £10.3996  + 0.0024  — 

D-marS:  c DMSO  871 5 + 0.0055  ■ — 

DutcbGolldr  DFIS0.92O6  + 0.0030 
JapVend  YS  124.0024  + 0.81  B9  — 
Norcap  Fund  Managon  (Bonnuda)  Ltd 
Bank  of  Bermuda  Building.  Bormoda. 
gmcrT**  19  62  10^7  29  8400 

Perpetual  UT  Managers  (Jereoyj  Ltd 
TO  00X459.  St  Heller.  Jersey.  0534  74517 
OrrsnrGroi  »1  .»07  1.178  0.001  2A0 

Rotfwchild  Asset  Managemefit  (Ul) 

St  Julian's  Ct,  st  Piter  Port.  Guernsey. 

Bel  Franu  BFr8flB.9S  +S5? 
Canadian!  C437A1  +0.02  7.82 

D-Mark  DMS1 A7S  +0.025  437 

puten  Guilder oe 150.04  + 0.02  4.67 


BF  1-868.95  + 0.5 

Ca37  A1  +0.02 
DM51 A7S  +0.025 


uuimouugw  cu-a&Q.a*  +0.02  4.67 

FrwKh  Franc  FFr167.165  +0.155  11.25 

*-"■  L37  9»a  +47.0  15.01 

jap  Yen  Y6. 353.54  +2.84  5.40 

Singapore  5 4164.81  +0.045  8.14 

pSterhng  £14.609  +o3l  S AO 
Sun  si  Franc  SwFr46.la  +0.006  1.9a 

^■^odiood^SlLA0023  Bja 
Fund*  »*• 

_ ■ OlfHiero  and  Ovenaas  jscnnn. 
Schroder  Mngt  Services  (jersey)  Ltd 

Ei^Nr1h&5y,tSliSiiS7ey-  0SM  27561 

Sterling  £14^402  _ 

U.S.  Dollar  526^507  

O-Mark  DMSilwg  ZZ 

5.w*.y Pr  . swfi^i.1796  . . : _ 

Wogg  ft  Co  Ltd 

ifi£»BSSiK&M.  01-M2S0^ 

Sandard  Chartered  Oft  Money  Mfct  htt 
PO  Box  122.  $t  Heller.  Jgnev.  0534  74484 

P'BSnar  ISiSfl  t8:885i  = 

Deutithemark  50.2963  +0.0D63  — 

Swiss  Franc  40.1S05  +0.0035  — 

JJ.B.*ncy.  I151*  .5,039.5351  +0.7418  — 

Stet«  St  Bank  Equity  Hldgs  WV 
Cjp  Mot  CO.  6 Jotui  B GorflnwM,  Cviicm 

_ vaino  Ocx  25  jajja. 

Target  Tnrot  Mngrs  (Jersey)  Ud 

S2JPJ  25'  Js&p’  0=34  27441 

5?®0JcV.rJl>  96.8  102.0  +0.1  — 

Tyndall -Guardian  Management  Ltd 
EP—®’5*  t266.  Hamilton.  Bermuda. 

T'F  K?  121 .72  — 

J-G  Money  421.72  — 

T-G  E bond  51541  ...  — 

t"?  tPTL  *20.90  ....  — 

T.GMort  CS20.11  . . — 

I'pO'VeM  ilWS  : — 

T-G  PoCiM  Y2  n j?  

T-G  Gold  S9.G1  . . ! • 

United  Fund  Managers  Ltd 

16-18  Queens  Road  Central.  Hong  Kong.' 

SAMlyT  si  0.1 1 10.93  ‘ . 5-25T4H 


TELS^HQNE 

01-246  8026 

For  the  7 ; 

FT  INDEX  ' 

& BJ9NESS  NB/VSFBS^ORT 

Hourly  updated  FT ^^brdex  : 

Sterfing  Exchange  Rates 
uptiated  3 times  daffy 

&4ton,  krugerrands,  pjatinum 
and  base  metal  prices ' 

Dow  Jones  IndLEtrial  Avarace 
Shere  Market  Report . 


«M 


"■r 


45 


Si***' 


Financial  Times  Thursday  November  3 1983 

Back  Horse  Ufa  fits.  Co.  Ltd.  6.T.  MirnwrliM  nt  Lm 

M*W9M  tiJ..Flt_.|jSTJ5  USA*  . .1  ■_  CTPta&S^KS' 

PngcfiyFil.— 

Fixed  Inmeitra. 

Cash  Fa .. 

Incan*  Fa 
Extra  iMitvfd., 

Won  dwrir  Grew  Fa. 

BaianceaFd 

SwCfl  'i  Rco>.Fd 

lid  Technology  Fd- 

Mlh.  Amrr.  & fin.  Fa 


NUvAmrr.  Swn  Fd. 

EWift  Irrt.  FA ixuru-r 

P*i6c  BKlnFune.  -ll3Z.41 


gl  Phi  WrtDratr  Fna 
CT  PmOan  Bnd  Fnd_ 

GT  Pen  high  YU  Fa 
CT  Pen  F*r  East  Fd 
CTPWiN.Am.Fd_ 

fF&ESfi&ftrr.. 


INSURANCE  & OVERSEAS  MANAGED  FUNDS 


- Lloyd's  Ufa  Asunun— coat 


BritbA  Nation*  Lift:  Aoatwtce  Co.  Lid.  ***• 

K4rtArahFWrHny«rifsH«tA  W<Min 

Managed 11U*  U7* 1 _ 0000.-1166.9  B5J[  .-.J  _ 

P«WTy i09.9  135. 

Eoouy - 112.9 

■KernMiorMl— 1273 

Fined  liderM Mil  5 

Dn»* 99.4 

Mowed Pwt  do...  Jl£2 

Property  Pro1.  Cap  _ H»A 

Equity  Prn%  Cap.  _..  M 

ham.  Pens.  Cap USA 

Fired  Inc.  Pens.  Cap..  99.0 

Deposit  Peat.  Cap.  ...fWJ  


frwl  PwMoto  Lift  In*.  C.  Ltd. 

Cronnrooh  Sc,  ChecQrti.  Herts.  Waltham  X 31971 

BBSXJi  = 

Gresham  Unit  Ass.  LU. 

2-6,  PrtflCe  of  Wales  Rd.B*mouth.  0202767655 


Far  Eastern  Nay  II 
HMbincNmlBB 

cSwStSljBv;’ 

m:rn 

-tepknWoul 


(Msg id  Trust “BSw  90S 

1 Tlnin T1  m— I i , liih  nil— i 
Urn  A«tfHiMiTit^.mj  7 Si 

UnWtatt  Miami  Tsi  .fcJA  68/ 

ii..i  n.rin.-  ha’  * in  ■ 


Piaywlj  Growth  Aster.  Co.  LU.  Stanton!  Life  taanset  Company  Bfecftys  IMcom  latoiattonsl 

Lett  Hone,  Craid«iCR91LU.  OUMOV*  3 beonje Sc.  EM22XZ.  031-2252552.  1. Charing &Mt.5L Heifer. Jcnay.  053473741 

SKS&fcd  S3  a|r  teg p ffl^l  = !B8M==gfc 

= «!»££=  ® 1=  ISSS£^==p  = W5S53M!35ip!b"“»a 

ssst&s*^  w&  an  r bk2±E3«i  hj  m - smbbsk#.  il-d  ™ 

hwnaRt  FundlA]  ms  +o3  — PeadiHainpid »5  2<Z-j  *QS  — (j^IrSSelaBdTst  738)  -Si]  150 

3®FS(flTm  ' jW  tl3  — Pe«S 9 CT?>  +L6  Z Bfebopsgtte  Commodity  Scr.  Ltd. 

MmyFtmd  2168  ..ZJ  — Rmtei  lad BO.O  ZSM  -02  — PJ>.  Box  42,  Douglas,  IaM.  0624439U 

Money  Fnnd  (A)__„  2128  . 3 — Pension  Fxri.  MC. PU  «77  +AA  — cpuMtiVi  * SWQ1  6JL75I  .J  — 

Actuarial  Furi 2U6  -ill  — Pension  mdeii  UrtwdMT  W.  +CJ  — COUNT**' QclTZ^  £3789  4JEH  _ 1 L306 

GMrid9!dM__  ml  -02  - Presto  Com  . . Kffi 9 S5MI +53}  - Smkh^SSi5~"E«9  ZjS3  Z 1 - 


tM-Paciflc  Trust 0613 

(im.lmena*ioin:  Tst  _Es2 


ssa?,F<L“ 

Canada  Life  Group  BFdZ 

2-6.  High  St,  PMcn  Bar,  Herts.  P.  Bar  bim  Fired lm.  Fd 

Equity  GchNoi.  2 915  I-SjM  — ^rawrtyFd. 

Hunt  Fed,  AuoCl,  ..  2564  1 ~ ManWIPe 

MiiLiQrd  Pni  Fund  ^ 186.9  &75j -Offl  — 

!%ia.xnsp  s|3l=  ssfe.1? 


0202767655 


Eawty  Cth  No»  2 ■ ^ 

HtniL  Fed, Aun6_  2 
Mana«jed RenFimd  .1186.9 

Property  Pwf  n»d 

Indei  LnkC  Pen  Fund 


lnde«  Liftfi  Pen  Fund  1124  m«  +0.9  — 

Managed lW3  121N  ■+OJ  _ 

Property 104.1  M43  +OJ 

CjH ard Fated  Inwres.  2D67  UZLfl  -»0.1  _ 

Indn-Llnkea 9B.4  1Q3.6|  *UJ  _ 

I ST- 3S2  ®Z&  = 

MMSaed  Bk.  Unit  To.  115  9 lSH  -03.  _ 

MROand  Bank  hum.  _ 13/.  1 144.^  +06]  •— 

Cannon  Assurance  Ltd. 

1 (MvnvKWay>WeneileyHA90NB.  01-902 887b 

Couity  Units 106  93  _ ♦<U5j  

Property  UnJi  .._..  £17  J7  — .T_Tl  — 

EqiHIt  Bomb Exrt.._.  CMOS  2S.«  +03M  — 

Prop.  S5oaJEt.ee. C22JM  Z3A  Zi  — 

am  BAJE»ec/Ofat.  . C3i21  2456  eOM  _ 

2nd  Eoutty  Act 187.9  WEa  *OA  — 

2nd  Wph  (ncrAcc  — . 146.4  154.5  *0J  ~ 

2nd  Property  Act 1724  ....  _ 

2nd  Manaort  Act U8J  178.1  +03  — 

2ndDreStAcc 1448  15il  ....  _ 

2nd  tut  Sic.  . 10.4  1517  -*0.1  — 

2nd  American  Acc 18 \A  192 O -L4  — 

2nd  Ind  Money  Acc—  1416  1491  -0*  — 

2nd  Index  Act 99.1  U4.9  .....  — 

2nd  Far  East  Act 927  _?&1  +21  — 

2nd  Eq.  Pem./Acc — 2960.T  2#5>  +L4  _ 

2nd  K>  Ik  PenS/Acc.  154.1  Ml  +L£  — 

2nd  Pro.  Pens/Acs 303  ZJo  ...  _ 

2nd  Mud  Pere/Att  _ 027  2251  +05  — 

2nd OntPere/Acc...  190.0  5|U  ...._  — 

Gill  Pvtn/Acc 18S.4  1962  +02  — 

2nd  Am.  PemrAcc  ...  2360  2515  _2.t  _ 

aeflnt.MonevPm/Acc  1715  1815  -06  — 

2nd  Index  PensJAcc.  1048  11D.9  _ 

2nd  Far  Can  Pn&iAcc  fe7  9BJ  +2 2 — 

LO.ESI.F 720  765+05  — 

L 81 E S.U.  2 M9.fi  5Z5|  171  — 

Current  wdue  at  Mov  1 

Capital  Ufe  Assurance 
24  Lwfyale  Hdf,  London  EC4P4BD  . 

= i=lJ  = 


Money  Pension  Fd—. 

Property  Pennon  F«. 


American  & GealFd.  . 

Income  Fd — 

Inn.  Growth  Fd 

SS55^Tid— 


1CH7  +L1  — 

Z77.I  -1_«  — 


Growth  & Sec.  Life  Ass.  Soc.  Ltd. 

48,  Ldmkxi  Frolt  Exchange.  El  6EU  01-377 1122 

FleriMennance— _|L5Q6  — I J — 

landhanlh  Sac*. K&56  — ...J  _ 

La^anh  Sacs.  Acc.  .BaaS  WO  ..  J — 

G.  A S.  Soper  Fd—  K11307  — j 

Guardian  Royal  Exchange 

RQnri  Enhanac,  EC3.  01-2837101 


IAiWb  AMmb  ft  Htfcn.  KtL  Amur.  Ltd. 
129  KlngsaUK  iMtop,  WCZB6NF.  064040393 
‘AmetBuMar* |MX  67.91 I - 

London  ludMullj  ft  Gid.  ho.  Co.  Ltd 
1HQ.  The  ftrtorx  Reading  5B351X 

Fttcd  Interest  OalT^S  5Ui  3 — 

ypndfsn  Life  LMri  — » m 
1KL  Tatpple  51,  BrUai,  BS1 6EA.  0272409179 
see  aapeent  m Mon-Frt  am 
Stock  Exchange  DcaUagi  page  Sat. 

LParibs  ft  —iim In  ill  i Bp. 

WMadr  Park,  Enekr  EX510S.  CD925ZU5 

Invest.  T«.  Fd.  Cap.  -Ba66  — I +041  _ 

lovcS.  TH.Fd.Att. 

Properly  Fund  Op. 
property F*d  Are. 


MM  j 

hi*.  Fa  ifiL, 


I — Sou  HIHauce  tamace  Bmp 

— Sam  AUfimce  Kaoe,  Hontam. 

+M\  — Itriur  LMed  Fuad  £i5.» 

m - m 


+19  — intemgtkMd  Fd_ 
+2;  — Depeta  F«od 


Prlenan  (ArpeBciH 
) These  am  bid  via 


Iritis  for  cutler 


— Index  Lh 

= 


Untwnaf  Gnarth  Fd_J 
— Wortdol  Tecb__ — I 


Assc.  Co.  Ltd. 

01.7499111 


- Br-J  i 

jjj.  *0™*  Pwsioa  mK-Jfim  » 
UK) 
5BH 


r.&T 


— Property  Bonds. 


.0072  320.0  J — 


mm3  _,,.J  - 


aS3ritfa  _ 


Ctmftaia  Assurance  Funds 

11  New  Streea.  EC2M  4TP.  012833933 

Mansard  Growth — [M695  39679l+0Jb|  - 
Managed  Income 
IntenuUonaL 
Mah  laconic. 

Income  A.  Growth 
Basic  Resources 

American 

Far  EauernU) 

Smaller  Cos — . 

City  of  Westnonster  Assurance 
Sentry  Heme,  500,  Avchunr  BodeunL 
Central  IWaon  Keyrws  MK92LA.  090&6O6101 

Wrl  Prop.  Fund 99.9  Toul  77jl  «5 

Managed  Fuat 3686  S53  +6J  266a 

Lowry  Fund 115.4  1215]  +63  1152 

Farrdand  Fund 766  8D/«  +oI1  73.4 


Fan-Hand  Fund 766  8D.7  +(U  73.4 

Money  Fund. 1802  M9J  ....  18L9 

Gilt  Fund 1145  120i  +0.4  U5u6 

Nauiral  Res  Fd. 1012  m.6  -rti  10X2 

PULA  Fund 21b«  226£  — 2160 

Sec. Prep.  Units.. 15.4  Mi  .....  85.4 

Soc  FlTOI  Unit  Fond—  2613  274J  +0.4  2613 

PBS  Fund.. ISM  12M  — U94 

Fieri  currently  ettud  So  new  net  ament. 

Perform  Units- 13396  — f+051  — 

For  Prow*  Paces  phase  phone  0908  606101 
Senes  i2>  Prices  are  lor  potchs  Bind  after  144960- 
Senes  <11  Them  ate  bri  prices  Mr  earlier  policies. 

Clerical  MedScal  & Seat  Life  Asa.  Soc. 
ttSt^hwriV^tjSWliMLO^  ^01^905474 

Da^aini^ 77.. — _.JM2.6  ioaij  — 

IDbM  — 

uk  Fawiy  ESdiarzIifife.b  m3  77.  ~ 


OroneSrpiairi  Ink — llu.1  12X3  ._ .J  — 

jwh«Ur*«i"f  dlniL  BX5  j — 

Prices  Oe>  26  UMdeoTiOK  on Wedneauy.- 

Clerical  Medical  Managed  Foods  Ltd. 
list  J»r«T Swaro.  Y dLO^  019305474 

FTitS'lntirea  rand...ll65.0  675  ....  — 

UK  Equity  Fund . — -1160.9  1673]  — 

PToowty  Lwri.  — .[1165  12171  .—..  — 

Own-seat  Fund BraJ  -387g 

Commercial  Onion  Group 

Si.  HdM\  1.  Ihrirrsnaft,  LC3.  01-2837500 
See  adfaccnl  Pope  Mon-Fn  and 
Stack  Exchange  Dealings  Page  SaL 

CunfederaUtm  Ufe  Insurance  Co. 


50.  Chancery  Lane,  WCZA1HE. 


Eguiry  Fund-  - 

Man+jed  Find .... 

PIP  Fund— 

Ptn.d  Pen.  Mngd.  .._ 
StuPpiard  Mat  Pnv 

Group  UnW  Pen 

Fixed  Ire.  Per 

Indri  Linked  Pen  — 
Egwly  Pensiwi ..  ... 
Property  Pension...  ; 


Managed  Initial pnsj 

Do. Accmg . 

Do.  Actum- — I2S&3 

Fixed  InL  InUlxf Imt 

Da  Aeopw.— — .-gifto 

Mid.  Initial: «9.9 

Da  Accura PW  t 

North  AraendD  MMal.mo 

Do.  Acoim (99.1 

Pwmr  Im--  to*  n 

briB-Ludied  GM  UeffiS 
ODACEUrtl Mi 

Property  Initial.— r;.-X9  ' 

Do  Acoim |JX7Ji 

Deoosit  initial [52? 

Deposit  Actum. 11363 

Pees.  itoogS  l3£Jj?^S  *^*21201  +U|  — 
Pens.  Managed /Ml- ms.7  2302  +XX)  — 

Pens.  Equity  hatiel  _i25Z5  265J  +13  — 

Pen*.  Equity  Acc.  -7p«  388J  +lI3  — 

Pen*.  Fxd.  Lnt  Initial  »97.7  20RJ  +£3  — 

Pens.  Fixed  ltd.  Acc_[214.7  zSCc  +1_(3  — 

Pen*.  Ml  Initial Ip76  igfi  -O  — 

Pens- M l.  Act. I203J  2MS  -Xd  — 

Cortmaed  aa  adtoreat  Page  Moo-Fn  and 
Stock  Eadange  Deehngs  Page  Su. 

HMnhre  LHe  Assurance  PiX. 

Anted Hanriro Ctr, tSmtodgn. SHI  1EL  079528291 
Fixed  lid.  Oep.  Ate.  "“1  1 

EuoityAcc. 

ESS& 

Managed  Act 

Overseas  Arc. 

EHt  Edged  Acc 
American  Equity  Al 
American  Man  Acc 
Amorlcan  Prop  Acc 
RmF.l3Mp.Cu>. 

PefLF.I.DeoAcc. 

Pen.  Prop.  Cap.  - 

Pen.  Prop.  Actl 

Pea.Uait.Cap. 

Pen.  Man.  Act 

Pen.G4lLita.Cap_ 

Pen.  Cat  eAjTScc. 

Pen.EA.Cjg> 

Pea  Ea.  Acc- 
Pen.  gS.  Cap. 

Pen.  B^.  Act 
Pm  DAF.  Cap. 

Pen.DAJF.ltcc. 

Harts  of  Oak  Benefit  Society 

129.  Kmgnoay,  London,  WC2B6MF  01-404  (093 

anSuSatvLoiina^™  01-630575/ 

Sen  atSacent  page  Mon-Frt 
and  Staek  ExctangeBraMg*  page  Sat 

HID  Samuel  Ufe  Araur.  Ltd. 

NLATwr-  AdtPSCTXrtie  Rd.  Cray.  0X4864355 

Security  Fund  [14X9  149.41  ....J  — 

British  Fund 1402  147x3  . ..  J — 

IntenmkMaf  Fond [167  A 2767] +0.91  — 

DcJlw  Fund  . 170 1 27941  +03|  — 

Capita]  Fund 
Income  Ftwfl 

Property  Series  A 

Property  Unit* irar.X  W9.4I  _...J  — 

Financial  Futriil n&',  13Xtt J — 

Managed  Series  A 1766  IflSfl -031  — 


Exempt  Equity  Acc— 

Exempt  Pxd  lnlCap 
Exempt  Fed  lot  Ace  .. 

Exempt  GtdDep  Cap. 

sssaSss^su. 

M & G Grasp 

Three 6m,  Toner  HOT,  EX3R 680.  014264588. 

ssssss-koi  is|iag|  = 

AnwrfcanSixtr CmfM.}*35  mM  -041  — 


B3  ^3^3  = 


Praridcuf  Mutual  Life  Aura.  Assn. 

WHIhw^HkW^SM^^SWO1 

Maragedlnh 1202  I26ii  1^3  — "" 

s ^..7:1-7:: il  Mm  - !E=ss£- 

Oxnea* EqrityOrd-  UU  15XH  +13  — Amerlcin&u. 144.4 

O^rteri^BtnR-1394  Mtg+L®  - a£S«£=  1SS 

§|™  = ^asssag 

Deposit  Onf 10L2  10S3  — 

Deposit  loft, 117.7  18z5i — 

PrariM  fkdi 

Managed  DnL 024.9 

MmnedlM 11254 


g^FO. 

EtSuO)  Fd.  Accum 

Property  FtLAcoan.. 
Fixed  ML  FtLAraun. 
ImnL  Fa  Acorn 
Money  Fa  Acaxn -_i 
BrirnT  rl  8t*  Fd  Auw 


Pens.MvLAcc!  S&W  rnJ:d  = 

Sun  Life  Unit  Araunaee  Ltd. 

St  Jamn  Barton,  Bristol  BS3  3TH  0272426911 
MarugedCap 0353  247.71  -0.41  — 

ggfcdBj  mum  - 


+ an  mm  Araerttza  hnesB  — [91.1 
’ Anstrahan  Perl  Fd (#64 

*01^9305400  Ks^EypTiTZpi 

_ UKtrowthTwidll  7I5Z8 

~ USM  Fund ImB 

~ Mngd&vrtnv  0k$12.43 

__  Do.  (ACTtxn) — -|l3j56 

_ _ Cap  Dtp  Tst K160i 

— Brttaauta  Friri  Maragm  L 

7.7  — SetT^t  £ L[XMJ*i'.|100.2 


+04  100 

+03  140 

1X7B 

.7.  347 


arairexi  ucrmxa. 


ftSSJ3"±=ffi 

Is^EEft 


H - 


DatAcamO 2233 

GoMCAcd 163  90 

MdexTjSfGfilc^i:  W9  92. 

Do  CAccnm) 105.9 

MMuMctraera  Life  InHunuca  Co. 

SL  George's  Wqy,  Stevenage.  043B56UB 

Itanaged 13BA  2«J|  ,._J  - 


Owrseas^guity  Ord.  .B 

Overseas  Eqndy  ItdL  .04 

Property  Ord DA 

Property  Init DO 

Fbted  InMrestOrtl R5 

Fixed  Interest  Ian M 

Deposit  Ort.  __7__hl! 
Deposit  Ink. Pd 

Provincial  Ufe  Ass 
222,  Bkhopsgaee.  EC2. 

M 

“ Fund 


— Pros.  E^fey 

— Pern.  Equiv  Aes. 

— Peas.  F.  Merest  Cap. 

— Pem.  F.  Merest  Acc. 

— Pcec.  CadiCap- ■ 

— Pm.  Cash 

— Pens.  low.  Cap. 

— Peis.  I nod.  * 

— Pros.  American 

— Pern.  American  Ace. 

Pens.  Far  ESIrtL  Cap.  insr;  rimei  — Hq  — 

Cu.  Ltd.  Pets.  Far  Estm.  Aoc.  [2754  289.^  -0.1]  — 

01-2476533  Target  Life  Assurance  Co.  Ltd. 

52?J[-r*3  — Managed  ■"  - 


osssn+sfi&i 

Property  Pens.  Acc.  _ 
FhL  Inl  Ram  Aoc 
Eqrity  Pens.  Acc.. 
kaenuttoiui  Pern  Ace. 
ffigh  Inc  Pens  Ace 

Tech  Pen  Acc ... 

N American  Pens  Acc 
Fhr  Eastern  Pem  Acc 


is  aa  = 


mta  z 


man 

Money 
Mcnry  Units 
EwatyFflUf. 
RndlnLfflC 
Indexed  Sec.  Fd 
European  Fxxvd  — _ 
Natural  RnmtcesFd- 
Far  East  Fund- 
” "erCos..— 

Sits  Fund 

Manga  Crncy.  Fund 
Peart—  fm 
Property  Arc— 
Property  Cap. 
Managed  Acc 


lmamMlaai7IZ7Zfl9SO  2055}  7.7J  — 

— v-  4 MJ.+. 

rttproff  rm  w rw 

Managed  ML l&XO  +as  — 

Do.  Actum ■ 1724  +11  — 

Property  Mr  1278  +04  — 

Oq  ni+rwi  1366  +02  — 

Equhylflk.  - — 1560  +55  — 

GBt^Srd  IrSTT-.-  3X4  +19  — 

Dp.  Acrwa.  1790  +32  — 

Gaurameed  hilt 1165  +04  — 

Do.Acctra.. 124.7  +02  — 

istermUorol  ML  „ 223.7  -54  — 

DaAoetra.- — 2394  -54  — 

i-erxUt-GBt  l«tt.~_  U45  +04  — 

Do.Acoan.___ — _ 1225  +03  — 

Muclmit  loiHbn  Assmnce 

L*«A  HaosCr'233  Kqpt  St,  CrogdM  0X6869172 


13X91  — X9]  — 

m ^ = sasss®^- 

1254  m — ISld^ 

1994  +07  _ Ksau 

1294  -05  — Mane 

l«fi  +AA  — Special  Sttuatrias 

.7 

- Meat  ring  01-247  6533.  JSSSr^ 

Git  Pant. 

Prudential  Assurance  Cl  fSETSST* 

Holborn  Bus,  EC1H2NH.  0X4059222  StSi  w£. 

FfdOd...  _ Gaar.  Pen. —11834  19XB|  +OJJ  — 

Managed  Nov  2 1116»  JZU]  +L3J  — Prim  qined  arc  Mr  Amwunon  ums. 

CoetinuM  on  adReent  rage  HaoFri  ad 

rnrimitim  Pensions.  I BniTrif  SlKk  E,rta**  diallrai  Page  Sat 

Hoibsra  Bnrv  EC1N 2MH.  U-4Q59222  Tnadetmitlml  LHe  ItL  Ce.  LU. 


Gut  Fieri — ■ 

For  CuMri  lUtad 


DnaetnrPdNov 
EnuKyfy  Nox2- 
InU  Fil  Nov  2 


Ml  Ftl  Nov  2 £1025 

Fixed  M Nov  2 09  A3 

index  Linked  Nov 2—  £34.98 

Prop  Fd  Nov  X — £5250 

Cash  Fd  Itav2 017050 


1792—0*: 
1*301  +0.6 
702-3  +X9 


-71  — Refuse  Investments  UnM 


Equity  Pens. 

Money  Market  — 
toroMkLPens- 

dSS2p«S77777 


liHernational  Pro...  .1165-5. 


CaKlinndJl  Life  Insurance  PLC 
O4770  High  5*.  CroytfcxiCRONICN  01680  5225 
See  .Hhaccni  Page  Mon-Fri  acri 
StoLk  E-change  Dexhogs  Page  SbL 

Conthill  insurance  PLC 
57  Udymeod.  GuWdhKd  043368161. 

EqmrvFd  Oct  25 — 137.5  1^0]  • -|  — 

Fixed  lut  Ort  26  . .. . 127.5  1345)  ...  -J  — 

MauGuthOdai 3360  BiM  — 

Money  FdOc*  26-.  - U65  123.a  ..1  — 

Can  Fd  Oct  5 SB5  J.-.J  - 

Gi5  Spec  Fd 00  5...  1005  1 .—4  — 

Credit  ft  Commerce  Life  Ass  Ltd 
CCI  Hie,  Heneoge  Lane  EC3A  5DQ  01-2B3  3411 

CCI  Deposit  Fnd. — 1210  U9«  — 

CCI  EqmtvFpA^.....  15XQ  W — 

CCI  Fixed  inL  FrxL  — 1530  16201  - — 

CCI  Mngu  F«  Acc.  2190  23ZIB  — 

CCI  Mnga  Fna  Cap. . — — J — 

CCI  Bio.- Chip  Fd  115.0  l^Oj  ...  . — 

CCI  Inti. Fd 123-0  Jgfl  . — 

CCI  High  tnccniera.  I22.D  13am....  — 
CCI  Property  Fd. ....  1120  1190i  -4  — 

Crescent  Ufe  Assurance  Co.  Ltd. 

14  New  Bridge  Street.  EC4V6AU  01-K38931 
Managed  Fufri  . — [1542  142.1J  ^ — 

MjivkmJ  Ir*. 1349  24X9  +0.7  — 

UK&iSy 1371  *°4  - 

Properly  . Wj.D  115J  - . — 

Mon.yMart.rt - 1U9  L6A  ■*«  — 

Fixed  IK.--. 1^4  1381  “83  — 

Tglio  152.3  16X2  +10  — 

lmnuunnal  1^4  T2|X5  +04  — 

Gronthilncin  -4295  137.+  +05  — 

H17B  bidritxAHxi J26|  1391  — 

rjcxtal  1425  150  9 +0£  — 

iSSSt^Friri. i?L9  9741  . 4 — 

C^Hl.IHHM- Wokuig GU21 13W I 04861 5033. 

Dra  Fa  I nun  1587]  +03  750 

Mang'dFd  *+C. 202-7  213  3] +02  — 

Mjivj'o  Fd.  tmt •' JIJ-S  tS  tI  Tn?  I"n« 

Mjnp'd  FdlnutL....  Ip42  lb23  +02  600 

SSSWMfc-ffi  il  - 

§ :::::  *m 

Erss.%'fci"-E | i ~_U  ^00 

eSH^ ru!  inn iro.s  tso 

Equity  Fd  *ncm  . J 

fyuidv  Ftf.  . ..  N7  6 207  3 “ 

&sr%?<LiEck  ...mb  - 

lm.  Tst  Fd  Ink. 1794  7m 

lm  To.  Fd  incm-..- lr4J  1©.J1 +05  300 

MonryFdAXC. r«3  ^lj  •••  • 

MuwyFd  Inem  ...  9LB  fcfij  HL» 

Money  Fd.  CJP ML2  148.6)  . — 

Infer'!  Fd 1*?2  ZJd  Tm 

inter-]  Fd  Ml I—  lg|  3r° 

Hrih  Income  Acc  ..-16*4  17Zg*U'  ~ 

High  Income  !•*.  . - 


GuaraKtedAcc. 

eS^a^ 

Fixed  tot  Cap. 

Indexed  Secs.  A« . 

Indexed  Secs.  Cap. 

Imperial  Life  Ass.  Co.  of  Canaria 
Iflvenal  Haase,  GuUdferd.  571255 

Growth  Fd  03  ZT [}«J  1546)  ....J  — 

Pimm  Fd  Oct  21 JlSOO  16l3  — 

Piwvt  F a Ser20ct 21  U50.0  — I — 

UUt  Ltakri  PavtfflBfl 

Managed  Fund |159J>  IgJJ 1 — 

Fixed  in.  Fd. 17X4  12151  . — 1 — 

Secure  Cap  Fd \lt22  M9.g  . — I - 

Eqeyrml fcO-7  2g5  J — 

Property  Fund — 1 1310  1408)  ....[  — 

Irish  Life  Assurance  Co.  Ltd. 

Basildon  House,  701  Meoraat%ECX  01G06B401 

Property  Modules— IZ75.7  29041 1 - 

Pmnartv  MaMn  GdL . 


Ppty.  Mad  Gtk.  Scr. 
Blue  CMp...__. 

Bine  Chip  Senes 
Blur  Otm  Series  3 
High  Income  Series  3 
Managrd 
Mmvqrd 
Managed  Series  3 
Global  SerlH3  — 

Ekkv  Pea  Series  X 


InU.Eqikty 2W3  — 

Da  Peas. 2694  — 

I ad  Managed lgj  ....  - 

Da  Peru- 23X9  — 

North  American IgA  - 

Da  Peo»- 1<X7  - 

lunL  CirretKy- 1302  — 

MabsEEl  §8  d = 

Multiple  HcBHb  and  Ufe  Assar.  Co.  Ltd. 

Si 

esrtfpsErd  ^ i=j  = 

SSESscftf  sad- 

KCL  Pensions  Ltd. 

MBtfla Court,  Dortdnfc  Starey.  0306887766 
NeKxEq.  Cap. n57.4  16561  J _ 

SZ&St*: 

Nrie*  Gik+F.l.  Acc.. 

Nelcx  Gth  lncCap-_B6*  9UJ — 

NalexGth  rnc  Att—Ejxa  112.7 — 

HrKX  Milrxiord  Crp-WJ  75.1  . — — 

esssan^ffi  ^ = = 

ffetoaejnsttAcc. — pi  91i  — 

Nett*  iBLFnUflL  Capw.9  7X4  . — — 

— NeM  hoFtriho.  AccJSL9  864] .J  — 


103  QxtodSL,  Manchester 

Managed [134.0 

Property  .|S2a 

Reliance  Mutual 
Twriridge  WrUs.  Kent 

pSSpfd'&TSenimo 

Prop  Fd  f2iri  Issue)  -[11 4-3 
Managed  Fd [127-1 


061-2369432 

iSi|:S3  z 


55-57,  High  Holborn  WCXV6DU.  OX 

Series  2 Man  Fd [J764 

Series  2 Equity  Fd 
Serks2  Prop.  Fd 
Sexes  2 Fixed  ke.  Fd. 

Series  2 Money  FA 
Stsrfes  2 O'seas  Fd. 

Td^  InWCL  Fd 
Tong  Managed  Pd 
Manage!  Inc.  Fd  lot 
Maaed  lm.  Fd.  acc. 

Man.  Pea  Fa  Cap. 

Man  Pen.  Fa  Acc— 

Trident  Ufe  Assurance  Co.  LM 


London  Road  Gtomsar. 
Unapt 
CnLMga 
ProptTty 
America! 

UX  Equity  Fund 
HMiVMd 
Gill  Edged 
Money 


0452  500500  DL  Intemtioafll 


Royal  Life  ItstnMC  LfeL  —— 

New  Han  Place,  Liverpool  L69  3HS  051-2274422  ^nlert 

Royal  SbleWFd J3190  33751+01]  — Fiscal 

Rtqri  Uh  (Halt  Lhriad  inaxrrH  Ud  Growth  . 

Managed  Fori — Z_Ip31-5  138.4) — GroathAt*. 

Emrity  Fnri 14L*  -06  — g«-  & 

Property  Fund 1x15*  12L6|  ......  — Pe*»- M 

International  FixM—BbiU  m3 +05  — 

GJtFund- QZX7  12*3-01  — Pent-ChtDrp-Att. 

Money  Fiari |lM4  109*|  _Z]  — P+ra  £7-*“- 

eSe^Td.  ^ 

Exempt  Eqtxty  Fd  — 5*0  IMS  -Oj  — TSB  LHe  LM. 

Exempt  Prop  Fd—  lui-2  IKi  _....  — Sec  adpeem  Page  Mon-Fri  and 

Exempt  loti.  Fd 197  J 207*  +09  — SOX*  Exdaine  dedtogi  Page  Sat 

0BSME=Bi  Z Tn—  AraramceffWIom 

lSL  Canynge  Road,  Bristol.  __  0272732241 

Save  * Prosper  Gram  fh^PenL ZZj  Z ' ■j  Z 

4,GtS»  Helcfl\  London  EC36  SEP.  070Mi6966  ftvi7  j _ "“"I  _ 


“ GJohdEquJJ'FonBbJ. 

— Property  Fd.  ■’'-!! 1 

— Gift  FA 

Deposit  Fdi. 

— Man.  Pens. >d4 


Man.  Pens.  Fd4 48X4 

Equayfens-Fd. 4745 

ITOp.Peta.Fd' 5748 

AG  Bond  Fd JU4 


79.71  *02)  — Bond - — 2740 

230J  +05  — UK  In* — 271.1 

193.7  — Deposit— — 1901 

5105  +5.7  _ Mas  Pea  3- W — 3441 

502-r  —0.4  - Equity  Pea 520.1 

KBJ  .....  — Bond  Pea — 344.1 

648)  -.4  Prop.  Pen — 1831 


Managed  Pen.  Ser.  2.(178. 

” Cash  Praion  Series  X- 1116  9 

'■  Luwhann  Life  Aran.  Co.  LfaL 
_ Langtom  Hse..  Hotmbrook  Dr.,  NW4.  01-2035203 

— Harvest  Pea  Fund  — [1435  1£L0(  . — J — 

— ^ptori'^f~'pV4  ™J  - 

— wS”  'SP>  'M*~Fd  u2o  izm  ”’4  — 

Z Legm  ft  General  (Unit  Assar.)  Ltd. 


Next  li*  day  Oct-  25 

national  Provident  Institution 

48,  GracedxxchSh,  EC3P3HH.  01-6234200 


ala  = 


•Prkes  oo  tknoer  194Wee»y  dealing  Dep. 

CoKhxied  oa  artporat  Page  Mon-Frt  and  ■_ 
Stock  rmeaqi  Deal  togs  Page  sat 


906)  ...  1050 

14&S  . . — 

204fl+Ll  — 
17l|  -09  WO 

SIS  +05  650 


CrowiBrtLi™.6..  277  3 - - 

Pens.  Vmri.  FA  — • • ~ 

Pert,  upng'd  1S4-3  162f  — 

Pem.  Mang'd '<”1 — ^ IS1  - 

Perr_  Equity  Aar...  - 1705  179.4  — 

Pttr  Eourtt  JniL  - ?SZ  " ' 

Pens  Fed  inf  Act.  - 150  7 15a6 - 

Prnv  F.d  IK  IkL-JWS  ^ - 3 

P+rr  r;*tiwlh  lru»  3-7.3  124D 

Pw  Growth  A^._  .tUAD  lmoi...  J — 
Cobb xwd  » adl*e«  P*P  Apri-r"  “"S 

Zivor  Exchange  DeatoriA  Page  Sol 

ssri£J?KsaSH«, 

ss&%ft4-m  iSW-j  = 

EMM'NUIIdrth TO71  111  Oi +081  4® 

Equity  ft  Law  Life  Au.  Sdc.  LM. 

Am»rt*jm  RrrtU  Mkri  Wycombe  M377 


Cash  Initial 
Da  Accam 
Equity  tod*ai- 
Da  Accwa. 
rued  irttlal 
DaAcciaa.  _ 

Index  LU*ed  Grit 
Do.  Acaun. 
totL  Initial 
Do  Accum. 

Managed  MUat 

DO  ACQdlL  unn 
property  tortml 

Da  Acaaa 

Exempt  Gash  Init 
Du  Accum. ...  ._ 

Exempt  Eq|y-  Imt 

Oo.  Accum. 

Exempt  Fixed  toll 
Da  Accam 
Ex.  Index  Lnk.  Gwl. 

Do  Atzunt — ... 

Exert?*  hdL  Inrtril 
Do.  Aawn.  — — . . 
Eampt  Mngd  tmt 

Do.  Aetna. 

Exempt  Prop.  Irst 

Da  Acorn 

Sa  Deposit  nut 

Da  Accura 


m - 


Americas 1648 

Far  East, 135.7 

Property- — 1858 

FbedH 149.9 

Indexed  GW 10X2 

Deposit BntJ 

fnrifedi  Para  Prise* 

tra  toUSK. 248.9 

MoaAcC. 159.0 

UKEa  Initial 144.4 

UK  Ed 15X2 

Overseas  Eg.  MUri-  17X1 

OrorseasEa 1864 

Americas  Initial  DM 


j.  Americai  — 

= SlSl^z: 


Sctirorier  Ufe  Assurance 

Enterprise  House,  Portsmouth. 

®.KS£n3=g ii 

Managed 2565 

Deposit 17X1 

Ora** 1585 

Property 

American 179-5 

Australian 120.0 

Capital 1565 

European 1535 

General 1722 

GttlAFxdlnL— — . 1325 
Income  Aocum .-. — . 183.9 

Income  DistrBI 30.9 

Sbqaoore  AMatay—  13X1 
Smaller  CoS Z_  2055 

CcSVa^id  Mngd  lp* 


■ew  Series 
U.K.  Eqoty._ 
Ni6  Amencea 


Ltd.  Ftoed*”^ 

0705^827733  CashOwosk 

254 


279*1  -05  — 

- 

1045]  +0-1  — 

Mm  z 
HI3!  = 

imm  +oj  — 

20O  +02  — 

120^  ....  30.00 

a WA  ....J  woo 


UK  cau  tv*.  Fima ®3-3  Z 

H-tor  hr  £.*«!  J!»|  «*3 

PrWrtvFmxl  iW9  _ 

F-.rtj  irterrvi  Fund.  lM*  _ 

Inor.L.rirtf^T' Fnd  W.  - _ 

Ctrl  D-WJI  F“«l  ■ :3ss  _ 

Nih  AmrriMfimd  - Jf7x  «13  _ 

F.t»  E..M  Fund  UO’  • 

Europe- fund  j -■■■  52,^,  feS  • _ 

imren-mnnal  Fund  1611  

U-.aecFund  B2*--  - 

Cranty  * Law  (Mansged  Fund*)  LttL 
AnxT.rum  PtxW  HignWveo«*r.  049*33377 


m ■ ■ - 
-Si  m:Z 
■Wi  SS::^ . - 


11X1  Pen  Eaudi  - ^5?  m f!  1 ^ - 

lud  K-n  Property  ,1596  JfiJSj  -5.pl  _ 

IP1  Pm  FneO  IK  jttfj  Z 

me *•« trait-*' ->=••  z 

inn  P.+.  »7S  tSh  *3 

miP.nC.4-  iS|J-4  Z 

Ina  p-n  BmawKI  *rt»-J  s j|  0 j _ 

^gW^er-SEJa  aJ^I  On  iraesl 

Family  fissonm  Society 

6fl.  Ej-i  54rr+t.  Murj-im  0«C35025 

F.uti.l,  a Mvs«l+d  2g6  -■  ~ 

Fjnaiy  B Man««J  J Jii  5 “ 

FramlrC  Brn  1050  M7  K — 

r.wuyD  Fixed  tot  3403  143  6j.-  — 

F.iniilj  Gapiin1  Mtogd  64  6 - 

Faimiy  Bnl  il  ■ ...  r*Z  n>  '•  ■ — 


J - 

Ufe  Assur.  Co.  of  PatnsyirtOia 

8,  Hew  Rd,  Chaumn,  IfjK.  Mtori-oy  812348 

LACOPUnU [1160  W2H  -J  — 

Ltoydi  Life  Assoiwm* 

20,  Clllton  St.  EC2A  4HX  01-920  0202 
Unki  Gwrti  Seol  15-  — — “ 

i]  t;  = 

wpuc?=ffi  = 

8SlKS,£327.:z-;.p2i  Sj 

0p8  IK  Bend  Oct  27.  150.9  IMj  ....  - 

SsincftBOctW..  12L6  EM  ■ ■ ■ 

0d&  lm  Man  to  27..  S5.7  |7«|  ~ 

0pBUSSFI0a  27-  1281  1344  .—  1L40 

PeKBPrAcOct  31 . 293  9 3094  - 

Pen>8PrCp0H  31..  204.9  . . - 

Pens  BEq  Ar  Oct  31. 733.7  77Z4  — 

PWs  B Eq  Cp  Oct  31  5114  B8.4  - 

PritsB  IF  A4  Oct  31-  Jpt-7  - 

Pens  B FI  Cp  Oct  31 . 248.7  26U  - 

Pens  S Md  At  Oct  31.  «6J  5114  — 

PensBHdCpqnal . gsl  WJ5  - — 

Pert.  B Dp  Act  Oct  31  “ 

PwnBOpCpOd  31 .11974  20781  ^-1  - 

SlnSnaltCo^Mo^  }319  M1.M  -0.G  — 

Ain  Spec  SllsNtai2. . Stl  J644  -04  - 

C«wKridy6lw2_..  75  1 791  - 

Ei  Inc  Mdv  2. ..  100-8  106+  — 

F.rt£nNtH2.  . -J9ZJ,  97 1 -4  3 - 

ai:  -1x3  — 

ffi  :q  - 

113.9  +oa  — 


Fixed  lm.  Initial.,.. BjO 

Fixed  lot- — 6404 

Indexed  CW  hritiri— H8.7 

U7, 

FlSd1*L“?i«Si  ^ 425*1  4 — 

Prices  Nov  X tort  dtalwg  Dec  L 

Hew  Zealand  Stfe.  BrS.  trace.  PLC 
MaUitxI  House,  Southend  SSI  XJS  070262955 

ftttasSBB  ^|^J  = 

American 243.4  S3-1I  — 

Paafic 29X0  387.4  -05  _ 

Property— 3425  150. a _ 

GBt_, 17X5  1809  -Oil  — 

High  tat  Equity 1155  12l3  +G6  — 

HMi  he.  Fra.  IK. 99.9  195-2}  +05  — 

Ratraa 140.6  i'SJ  ......  - 

Iwfcx-UKted  Gilt — '[99*  104.5)  +0J4  - 

Hwwfcfc  Ulfett  laHrtntt  GrOop 

PO  PAX  4,  Norwich  NR13NC.  060322200 

MOlB  WMM  Ml  Ltd. 

ManNedFuraZ M3 5 4 -0«  — 

Eqdty  Fnnd [757.9  7978) -L9<  — 


Fxd  IK  Peru  Km 29X1 

Guaranteed  Pen 1D21 

Indea-Llnked  Pens„  94.4. 

MamgedPeiBioB t045 

DetKult  Pension W5 

Dwnw  Pension ISOS 

Property  Pension 2273 

SperialEx Pansxn  — U9 J — . „ — 

Prices  for  Ufe  Series  4 Accun 
PeoshMS  Series  C Aeon  Nov  X 


Emm  & Dailey  Tit  HgL  Jrsy.  Ltd. 
P.0.  Box  73,  Sl  Helier,  Jersey.  0534  73933 

E-D-l-C.T [89  5 97.H...  .1  — 

The  English  AnaciatiOD 

4 Fore  Street  ECX  01-9209120 

E.  6 Income  Fd+ |M2  645|  +0  4 1030 

E.  AStertlng* pTJ9  85*Urill3  — 

EJL  Equity K*  745  -L«  - 

WardaneCm.  Fd- .^1933  2f)ilJ  .....T)  2.49 

■Next  drains  Nn  9.  “Next  deal  tag  No.  30 

Erinttage  Matagemcut  Ltd. 

Gremillf  Hie,  St  Hdler.  Jersey,  C.I.  0534  76007. 

Extmal  Fund -..[5167  14  — [ ( — 

Cash  Fund BMJ1  — | _.J  — 

Earn  bond  HtHdlngs  N.V. 

Pietermnai  15,  Willemstad,  Curacao. 

l*7 EC2 

EixoKIdgs [S18  00  185fl  ....4  - 

S.G.  Europe  OUigations  SJL 
9,  Avenue  de  b Liberie.  Luxembourg 
London  Agent:  FFS.  Safnhcy  Hsr.  Loraen  Wall 
EC2M  5TX  Tef.  Dl-920  0776  Trfcx  B87281 
Europt-OHIgatlaiB  S4356  1-04.7}  LAO 

Eurotu  Investments:  Ltd. 

1,  Ahaf  Sl  Douglas,  isle  of  Kaa 

UK  Agents  rt^SLAlSais.  0727  33166 

Emma*  hi  Fd. PJ98  12b2l  } - 

Executive  Life  (C.E.F.  Managers  Ltd.) 

P-0  Box  1063  Grand  Cayman  B.W.I. 
TraroAauK.GwYhFdtSU.60  — | ..J  — 

P ft  e Mfent.  Ltd.  tnv.  Advisers 
1,  Laorener  Poumney  HIH,  EC4.  01+623  4680 
F&C  Adonic  Fd.  SA  .(  51127  [ . . .[  Lll 

FAC  Oriental  Fd J S24  01  ! —4  083 

Prices  Oa  26.  Weekly  dealings. 

Fldallty  International. 

9 Bond  Street  SL  Heller.  Jersey,  Cl.  0534  71696. 
Dealers:  33231-  P O.  Box  67a  Hamilton,  Bentwda. 
American  Assetstt)...  [36389  67.m+GaM  0 85 

Australia U) $8.78  982  ....  — 

Far  EastCsl 04  34  v,0b  ...  058 

Fnxxier  far). $1183  12.42  — 

International  to S57  14  60.00  -009  0.47 

Orirat  Fund  (z) J2fr35_  27*7  — 

Paciteto S32 46  M -094  024 

Speoal Growth (r).  ..  fij .70  1431  . ..  — 

World  to ha  a!  3147  L29 

Gat  Fml  (2) gj  25Sd  +0  1 105 

American  Inc.  Tst  79.0  845^+0.9  S* 

Intri.  Inc  Tst  to.  ..  S7.1  73.2  +2 d 64 

5 Fixed  Int  Tst  to...  53  9 56.4  +03  1X6 

Sterling  AmencroiU)  888  92(4  — 

Continued  on  aoperro  page  Uon4rri  and 
Stock  Exctonge  DeilKra  page  Sit 


73.3  +0  a| 

Mra 

Uon+rrt  ant 
page  Sit 


Mz 


Fixed  ha.  Rmd b*7j 

Deposit  Fnnd JOi8 

Harwich  UaianiJfe  lasmace 

KSIBSKSum 

Ordinary  Share* 4190.7 


83^4  = 


0*03  502SS 
127  ^ *'  - 

Sal...  = 

- 


Fin  Sets  Nov  2- - — Wt 
Utrf arfl Oro Nov 2.  ■ 77.1 

Growm  urn  2 K»5 

InsGrowthNovZ Jgf 

mt  Growth  Nor  2 ..OT  2 
JWJn  Prolit  NOv  2 13  6 

Mai  High  JJov  2 - - 128  * 
Prop  Sns  Nov  2 96  2 

St-  MarVrt  Nw  Z 116  4 

Recover  Nov  2 . llhj 

W Co  NOV  2 - »— 

Um»  Energy  N*  2-  668 

WortdTrriiNp.2  - 1463 

Man  Growth  Nov  2—  J26B 

Gat  No*  2 M2 

MKPwrf  Uo.2.-  - jfl 
Aust  Growth  Nov  2 - 11136 


hSE*  bifid  secs.-„  Ml  Ml  "...]  - 
Mh*d- Rb75  17611  ...J  — 

_ , 'Prices  at  October  3L 
Nor  Units  Oct  15 [4358  - [ ...  .[  — 

Pearl  Assurance  (Unit  Fuads)  Ltd. 

252  High  HOWOrri,  WC1V7EB.  01-4058441. 

iStSSiSrazrzl^  il  -.  jz 

Ptonh  Assurance  Co.  Ltd. 

4-5  lOog  waltua  St,  EC4P  4HR.  01-6269876 

sssasr—EH'  a3*o,i  = 

Praneer  Mutual  Insuranet  Co,  Ltd. 
16,Cro5hy  no,  H Wa urioa, fpool  051-9286655 

£Seftx:.®J  i§i . J = 

Pranriued  Ufe  Assurance  Co.  Ltd. 
EactAhestef  Hie.,  Haywards  Ream  0444  458721 
American  Tech.  Fd.- 046.0  15*0) +10|  — 

BKkflng  Soc  Fd Clio  12S.U  — 

SSS&-:«:te  11:::-  = 

gr\r —m  = 

High  tut.- W18  9|g  — 

i—..  ...  ...  . .[114.0  1*  ..  31  . . — 

1 Comnad  on  adw*  Pagr  Uon-Tn  aid 
S(e»  Exctraw  DHN9.  Page  Sat 

prep.  Equity  ft  LHe  *«■  Co. 

Barter  Ave,  Southend  552 6HQ  0702  333433. 
R.  SUV  Prop.  Bond- 1 2603  I —3  — 


Scottish  AnriesHe  htvesbnent* 
150  St  Vincent  Sl,  Glasgow  W 

Eqiirj IlbX4 

Ftad  interest 
iiscmaUML. 

index  Linked  GUI 

Managed 

ExenraEq.  IniL 

Oo-Acaan.. 

Exempt  Fra  lm.  HA. 

Da  Accun 

Exempt  Inud.  IKL 

Do.Anre 

Exempt  Prep.  Uhl 

Do.  Accam. 

EmgR  Cash  IKL 

Do.  Accum. 

Exeaim  Man.  Int 

Oo.  Arran 


Scottish  EquItaWe  Ufe  Assce.  Soc. 

31,  Sl  Andrew  SqiEdMxrttft  0315569101 

Mixed ELHL5  14S8I  +08|  — 

Emily 127.4  134 2 +L9  — 

Property 10X6  108.1  ....  — 

Fixed  interest 1088  U3.7  -0J  — 

imenaliorBi 1541  162J  +15  — 

Index  Lifted 96J  1014+0.1  — 

Cash [102*4  mOS+Qia  — 


— (Accun  Units) [1503  158 

— VJUBbmb  Oh  Assurance 

— *1-43  Maddox  St,  Un.WlR9LA  01-499492 

~ Maraged  Fd. J27&2  29291  +0*1  — 

Emrty  Fd «5.z  |iag  +u  — 

IKK.  Fd 207.7  218.71  +1J  — 

Fixed  Iol  Fd— 259.7  271 -0*  — 

B«= -m  ^13  = 


041-298  2323  tfeufetqd1  Pension  UmRert 


Flenitag  Japan  Fund  SJL 

37.  roe  Notir-Dame.  Luxembourg 

Fleming 157044  — I . ..  . J — 

Frankfurt  Trust  Investment — GmbH 

Wtosenau  1,  0*000  FrauMvrt 

FT-Interams MOM  94.13J-H3M  — 

FranML  EffefeL  Fd..  &M7S31  7948) -025)  - 

Free  World  Fund  Ltd. 

Butterfield  BMO.  KaattilOn,  Bermuda. 

HAV | 519X92  | ....J  — 


_ 41-43,  Maddox  St,  L^  WlR9LA  (n-d99  4923  Q.  T.  Mamgrmrnt  (U.K- 1 LU. 


Maragrd [232*  2*4-2  +0*1  - 

Eflutty. 285  0 300i  tU  — 

tSSa  Equity Sj  101.4  +0.6  — 

Fixed  Interest 213J  2265  -08  - 

toSSSfidcin” iSs  Ifil  — 

Guaranteed 986  — 

Irtnratxxul  Moray. _fU4  J 1203)  -02  — 

Windsor  Life  Assur.  Co.  LU. 

RoyK  Atari  Use,  Sheet  SL,  Windsor  68144 

Innenor  Umts D-48-2  15611  J — 

Acqto.  Pen.  Units 0533  266*1  J — 

Hex.  lm  Growth. M8.1  166.4  ...  .|  — 

CcHind  on  aaSrora  Pagr  Mon-Fri  and 
Sack  Eraaagt  dralkgs  Page  Sat 

OFFSHORE  AND 
OVERSEAS 

Wig  Investment 

Posted)  700,  8000  Munidi  1,  Telex  524269 

AdWKa [PM7144  22031+8051  — 

AdlWrta iBUnsi  7738-53  — 

Fonda* Id5j7®  3fl«-o3l]  — 

Forets |dU3L88  47) +019)  - 


Park  Hie.. 16  Fhtslxay  Circus. 

— Tel:  0iro&8  8131.  Tlx:  836100. 


1£ 

l+arl  13a 


Scottish  Mutual  Assurance  Sodety  —iw 

109 Sl  Vtacem 5L, Glasgow  041<24863Zl  Albany  Find  Miisagwnvnt  United 


Flex  Ere  Oa  21.. ... 
Pen  Mngd  Sept  30... , 


Scuttkb  Widows'  Gragg 

PO  Box  902.  UMurgh  EH  16  5BU  031-6556000 

Inv  Poi  1 Oct  27 [249.6  2496I....2  — 

llW  Pol  20a  27..  _.p32J  244  « . . — 

lav  Pal  30a27_ 230.6  24 2i  — 

htvCash  Ort  57  n_..|1498  156.9].....  - 

Mixm  Fond lies  4 lsiq +ai  — 


Equity  Fwid  ...........  147,1 

PrapretyFrad  — ...  113.9 

HicrmiietBi  Funa_  126.2 

FiKfd  ML  Fred 145.7 

index  SO.  Fd JC33 

Pern  Mixed  Fd.  Ord.  1587 
Ptta.  EaixtyFa.Oro.  15M 
Pens.  Proa  Pa.  Ora..  1216 
Pno  Imjv  Fd  On:  .126? 
PeM.Fxd  IntFdOrtf.  1636 
Pern  ireSttFdOra...  Isa.  7 
PeraCaih  Fa  Drt...  123.2 
PM  Mao  Novi  ...  o85.fi 
PuSDEvNovl  ..  mi 

PM  Prop  Nov  1 122.5 

PM  Cioh  Hov  1 ...  . 1337 

Ex  Unrt  Acc  Oct  19. . 3138 
El  14 rot  mcOa  19. ..  [2254 


2446  . . 
2428  

156.9  ..... 
151.0  +fU 

154.9  +0J 

120  c 

132.5  -06 
1535  +06 

108.9  +02 
1J7J 

167.2  +02 

165.7  +03 
1281  +01 
1415  -07 
172.4  +08 
1103  +04 

129.8  >04 
645 1.  +16 
6955  +17 
1225 

till  . . 

327.3  .. 
235 « .. 


PD.  Boy  73,  SL  Helier,  Jersey.  Irtl.  Bond  Fore  ..Tnu  p9946  10 

Atav S Fd. (Cl).  _..fg*5J92W28d[ 4 1-09  HK& Pac.  U.  Tu  FrjHV7271  7 : 

Gartmore  Fund  Managers 

FQt  AUrn  Hwwy  8,  Bob  see  Caue  AIM  P.0.  Bo.  32.  Ooggtav  i«eof  Mar 

ABtaa  SSTliSawSot  jSSiS  JJSl:fczr:fj5S«  1 

sSS  uSSSe dSwEfeie^L  AssJcgrariBid  GENERALI 

Andover  Foturra  Ltd.  (Art.:  Thrante)  £SA5^JgS,Sft, 

c»  MIL  Bank  of  Bermuda  B09-295  4000  DoojT&ngd^a  . is?4465  li 
HAVScg.30.- -|  $7125  | 4-  


London  Aacds  for: 

Anchor  Gilt  Edge—  -EJl?0  10-041+0011  12  65 

Anchor  Int  Fd S846  8.47  1.18 

Berry  PocFd 58.79  0*3 

Berry  PaeSirig E7J4  7 518  ..  070 

CTAeahMSareceFll.  51644  +033  - 

G.T.  Asia  Fd. — „ $3 85x1  164 

G.T.  Asia  Sterilm £39.60  4L60  ..  . L26 

G T.  Aroiraha  Fa. 512-25  +0J7  110 

6.T.  Band  Fu« ill.01  -006  9 72 

GT.  Dollar  Fd.. $16.00  ...  , 0.94 

G.T.  Dfr.  (Sing.;  Fd..  £2422  2545m  ...  1.03 

GT  Global  Tech  Fd  . S14  03  . . . — 

GTHoKItaPalMirerr  18  J4  . — 

G.T.  inrasLFd.  — $19.41  ..  . 051 

G.T.  j*aii  Small  Coi..  $32.77  - 

G.T.  TecnMHOQ’  Fd..  S3L82  . ..  — 

G T.  Pacife  Fa $15.73  -0J4  2-77 

(LT.Awan  UK  Growth . $1US  ....j  1.41 

fiafbnsK  Fund  Hhnegert  Ldn.  Agents 
2.  Sl.  Mary  Axe.  London.  EC3  016231212 

Garhnnre  Food  Manararx  IC.I.i  Ltd  <a>  lh) 

«L  BrOEd  SL.  SL  Helier,  Jersey.  0534.73741 
Ci«  Fund  (JetseyJTue  B^O  WOhS  . J 1020 
GxtuMiT  Fd  Ml  rage  rt  'Far  East)  Udi;llb> 
1608  HutciKon  Use  . 10  Harcmrl  Rd.  H hong 
Austral  la  Tst...  .Moaj$49«  5J77K|  . ...J  ljO 

Japan  Fd Tue  S?2  550  34  7 jffl 033 

N.  American  Tst  WedB256l9  2730ll-OW  060 
loti.  Bond  Fmi. .Tnu  p9  946  104Ks]  ..  7 00 

HK  A Pad  U.  Tsl  FrL|HF7  J71  7 773»fl  . 260 

Gartmsre  Fund  Managers  (lOM)  (a> 

P.0.  Box  32.  Dougtdv  isle  of  Man  Tel.  0624  23911 

Intl.fne. Trails  4 19  6a]  . j 

IKI.  Grth _..Tra.|2035  2165|  (060 

Assfeoraafaid  GENERALI  S.pJL 
P-0.  Box  132.  St  Peter  Port,  Guernsey  G.L 
Sterling  Manned  Fd.jtl40.9S  156761  ...  .J  - 
Dollar  Mngd  FM.  . | S’. 44 *5  152  aj  . 3 — 

Grtnvfile  Management  Limited 

P.O.Box  73.  SLHelwr,  Jersey.  0534  73933 


Humfirns  Fd.  Mgn.  (C.l.)  Ltd. 

P O.  Bo  1 86.  Guemey.  0481^6521 

Jta=j 

SpeCUlSlB.  Fore 126.4  135.l3  ....  J 2.18 


Stert  Ira  lrcnrne  Fiaxllui 
Dollar  income  Fcmd^H 


...J  10.90 

..J  LbO 


Dollar  income  Fusj 
Trare.  Nat  Treat 
ifid.  Band. 

lm.  EraRy 

lie.  Svgs.'A’SUS 

JnL  $•»  ‘B‘ 

GMiftm  Am  Fuel  ‘A 


117  6 
LIBS 
15"  LSI 
10958  U5« 
LD3  <1.14 
67  176 


+iijl  — BMbppsgMe  CougngdRy  Scr.  Ltd. 

HUI  — P3>.  Bm  42,  Douglas,  iJtM.  0624-239U 

*§=  « P&\=zm  ^-di3b6 

+*UJ  — CAMKHD+*OetJ p599  2J56[  ...  .?  — 

Original  feme  *$10  *rt  "£J.  Hern  «L  October  y 

040364141  BrUse  Kanagemeet  Lid. 

GPO  Box  59a  KOIM  Kong 

jKsMSo=mf 

”Z3  m.7  BrHamfa  fna.  !nue«trce«t  Mngsrt.  Ltd. 

Mm  ^ ^ 

A^c^SfeFSll152.'i5/,,n?Jl4| -ONN  ro. 

SJS5JffiEfew=  SBT  ^ 

• Flnxinuii 12113  22-2E  ..... 

-K-J  Gold  Fond HJ829  09104  rtUK  582 

M Z Uortnamsabipdt- J12XC  12J2  _ 


Artatbnot  SrcurttMi  IC.I.)  LM.  lahclift)  P.o.  Box 73.  Sl  Helwr,  Jersey.  

P.O.Box  428.  SL  Metier.  Jersey  053476077  Grtwillf  lnv.T«  ...  .IU028  10.6«ri|  | 383 

C^s!^T“fiW  “MMttR Meu  M By  mo.  9 


Skaagti  Ufe  Amranto  On.  LM  _ 
FrebUtaa  Horae.  SouUraradwi  0703-334411 
Sra  xdjactni  Page  Menfri  awi 
Stera  rerain|»  DraHogs  Pipe  Bt 


OSS's “MM1M 

YeoBood- ....1950  203  03-10  591 

Sterling  Ffl.t.. 1585  15853  ...  □ 0» 

East  IKI  & Engyr.  184  1 289aM„  J 062 

Men  deWmg  Kov  10.  Tttot  9. 

8.IJL  Bond  invefeBod  AG 
10.  Saareretraisf  CH6301,  Zug,  Switzerland 
Barer  ShS  Nov2. . _ |1TI0>4)  1L200I  I — 
Baertanh  iQuerMas)  Ltd. 

Butterfield  Home,  Grand  Cayman 
LrtutarJ  BaerSFo  tSLUB  l,U9|  +10[  — 
Bar*  of  America  International  SJL 
35  BmAnoro  Royal.  Luxemooirg  CJ> 

WorUbwesi  Inc..  - U120  2 120831  JUJU 

Vahart  weireyon  wednesoap. 


591  Greday  Henderson  Mngt  Ltd- 
0»  PO-Bav  414,51  Helrtr,  Jersey  0534  7*348 

062  See  adjacent  page  Mai*Fm  are 

Sud  Ercnange  Dealmgs  capr  5a: 
Citigness  Mahon  lot.  Fund  >GuerM>y> 

I PO  Box  188,  Si  PelM  Pgri,  Guernsey  0481  21506 

— U S.  $ Pree  (Pan  ) . K30  20  20  9ljd  ) — 

L Sim  mg  Eoixvalrnl  £13  52  1+  OOia  — 

US  $Pr*»(A£cua.l  tt2156  22.20  - 

L Sterling  Eqiaralrn: Jtl4  36  14  Hi  I — 

— Prices  il  Da  27  Nvn  dralmg  W«  3 

HamBra  Pacific  Fund  M^mL  Ltd. 

2110.  CoreaugM  Centre.  Hong  Kong 

5SMB6.-.RS  JR-".1  = 


Gal  iron  Ass!  Fuirt  V SllMI  L3W  — 
AtaSpetAuCtt 1 $0.-73  T.0«!  ,._.J  - 

Henderson  Admin,  ft  Msn.  fGocrnsey) 

PO  Bax  71,  Sl  Peter  Port.  Graneey  048136591 

srs’iis^iisi  as  :h  = 

Gilt  Fund JtlOJv!  ti  id  . J it  w 

Prvne  Bt3.  Props.. _PJC  UH] J _ 

HtnRnta  Etartng  Snug 
1901,  Etflnburg  Tower.  Homtaxig. 

ggp=*fi  z 

Japan  FuBd.ZZ^Z Wr J9A5I  — 

z 

PacUKIKlFd 69*3  10.il]  . . — 

Bono  FcL tiiaSU  11-15N  ...J  1107 

HBFSaonroi  ft  Co.  (Guernsey)  Ltd. 

8 LeFeSwe  Sl,  Sl  Peter  Port,  GuenBCv.  C.l. 
GuerroeyTtL 12838  J03.9I -jjf  262 

Hffl  Saanoel  litvestnwnt  Ugmt.  InM. 


Sext  ding  Nov  7 tPrkm  Ocl  14. 
4.  ■**Prtat  Oa  3t  Heading  Nov 


TV,  P.O.  Box  63.  Jersey. 


:;::j  dt 


06344096 
J 104 


G«  Trust  (I.D.MJ.-.I100-2  USJ[  — J 10.4 
All  Jenor  Finn  Deni  Dally  Eraot 
*+IsE9dq)  Wtridy  Capital  Return  S^JOV 

Brawn  SMpleT  Tst  Co.  (Jersey)  Ltd. 

PJ3.  Box 583.  SL  Heller.  Jersey.  053474777 

Steribn  Bond  (h) 0059  1Q65|  12-28 

Grand  oa  adHOBK  Para  MowFri  31*1 
SBNk  Ereange  dralmgi  tagr  Sat 

ButterfleU  Magapeaoent  Co.  Lid. 

P.O.  Box  195.  Kamlltoit,  Bermuda. 

SSSSSSXi^MS  M=j  iffl 

Prise  at  OctTOwr  Iff  Next  nb  Ay  November  7. 
CAL  lurartonoM  (Ia8L)  LkaM 
CAL  Inxcshaents  IBwrata)  LSnAtd 
See  xnjvcrri  Pagr  Won-Frf  and 
Suck  Eadmge  dealings  Page  Sat 
Capital  Asset  Menagers  Ltd. 

Bemnxta  Hse.  SL  Jdtiro  Are.  SL  Peter  Port,, 
Guernsey  C.l.  OS8126668 

The  Curmey  Trim  _J72.0  7Z.0f  -UK  — 

Capitol  IntanBtioiBl  Fuad  SJL 
43  IWerera  Royal,  Luxrmhourg 

Capital  Ik.  Furt I $32.72  | .4  — 

Cafter  Aden  Imettsecst  Hiragtcwni  (C.l.) 
29a  Broad  SL  5t  Hellet,  Jsy.  C.!.  053978898 

zd  lUi 

BmM— i JagM 

1 Paternoster  Row,  EC4  01-2983999 

EitverorFonf [9.23  969|  J — 

Hbpano. .SjAZ  3S5R  ...  J 6J6 

■Prises  u Oct  2L  Next  wo  day  Oct  28. 
Charterhouse  Jophrt  Currency  Mngt  Ltd. 
P.D.  Box  189,  St  Hrller,  Jersey.  0534  74689 

Zgm*^Jrwme’-Fm*t & - 

£ Sterling Sjffl  — 

D Marks — 434K  — 

Sw  Frees — 40.99]  ...  — 

Fr  Francs — 125*d+ff0i  — 

SDTTj — 29L3Si-aO»l  — 

Far  ChzrriDc  Coamnfltles  (Ld  HJ  see 
Woi  mardy  Treat  Maregen 
ContfaW  Ins.  (Guernsey)  Ltd. 

P.O.  Bn  157,  SL  Peter  Port.  Graresey 
IKK.  Man  Fd  Oct  25  -1303.5  330.0)  _ J — 

Gortna  Intensticcal 
lOa.  Boulnxnf  Royal,  Liunentg 

Cortexa  Inud | SI0711  J [ — 

CralgnnBnt  Fixed  Inf.  Mngn.  (Jersey) 
P.O.Box  195,  SL  Helier, Jersey.  0534  27561 

GdtFflnd(Jn.) |93J  93.4)  -221  1L80 

valued  weekly  Wednesday. 

DWS  Oeuhcbe  Get.  F.  Wertpaplersp 
Gnawhwpweg  113,  6000  FnuMwt 

Inwstx IDIKL24  433Q  -03]  — 

Delta  Groan 

P.O.  Baa  3012.  Nassau  Bahamas 

Delta  Inv  Oct  25 [35JQ  5:48)  ...J  - 

Lmdn  Agents:  Kmnnort  Beicoa  Tel:  01-623  8000 

Deatscfier  luxestraeut-Trust 
Matonr  lanAoraue  11-13,  6000  FraTOdtirt 

esb&bs=vh  = 

Drettel  Burnham  Lambert 

77,  London  Wall,  Lnrdoa  EC2.  014,333200 
Winchester  Dtaereified  Ltd.  HAV  Sect  30  5ZL6 L 
Winchester  Overseas  Ltd.  NAV  Sept  30  S9J6. 
wmehester  U.S.  Reserves  Ltd.  CurreK  yield  8j6. 

Dreyfus  Inter continewtal  lm.  Fd. 

P.O.  Bax  N3712.  Nasux.  Baton as. 

NAV- |31.(C  32991  1 — 

Doaou  Lawrfe  lm.  Mgt.  Ltd. 

Victory  Hse.  St  Peter  Port,  Guernsey-  0*81  28034 

DL  Sterling 155  J S7.9|  „_.J  42 

DL  Interratiorel .Sl  43  L5lJ  J 366 


t*C-Maa«Grei«diFtLp67.8  16U4}  1 — 

ML  Cpiixj  Prad 

D.Martc 1 DM4275  +061)  — 

£ Sterling £21.3?  7ZJ  - 

Swos  Franc 5B602  . . . j.  — 

- 

f?.ss sgstirmssfi  nxiJssi3??5- 

Balaiced  «CSF  Fund]|SF??3Z  23  94>  . ..J  — 
Far  East  tCroHfcj»t.Br)riftS7  as7|-ara  — 
TedmotoCy  fITF  Fd)JU627  17-471-00^- 

HK  Fuad  nbxagus  (Jersey)  LM. 

Queens  Hse.  Dan  Rd.  Sr  Helier.  Cl.  0534  71460 
HK  Gilt  Fund  Aoc.  ....[122  1271*0011  — 

HK6M  Fund  (DHL)..  |L«  L09|ram|  1QJ2 

1. C.  Trust  Managers  Ltd. 

10,  SL  Georges  Si  .Douelas.  laM  062425015 

IK.  Coflinuditlrs  Tst.|14A5  1537]  J — 

Next  deafing  Ay  Oa  5. 

IGF  HraimiC  Grom 
Ser  UiaanX  pxor  MsiuFn  and 
Stock  Excrangv  DeaUngi  pagr  SaL 

N.V.  InteffeHteor 

PO  Box  BS690,  The  Hague.  HelUed 

EsmerahULOfferPce  IIDFLIT 67  — |-02B)  225 

loterrathjrxsl  Band  Trust 

2.  BaiCemd  lUyal,  Luvemoourg 

CIS  S NAV  Oct  31 KIOTO  — I J — 

CIS  B NAV  Del  31_..|fi3.*3  — I . . ] — 

lirdcts  Investment  Maiagameuf 

29a  Broad  Sl,  Sl  Helier.  Jsy,  Cl.  053477522 

GKt  Growth  Fund [0,4  42  1566)+iJ.«[  333 

GUI  Income  Furel  _ .MaS  IQ  Urd-OT7  11.85 
GdlGFMeres  Fund.„Kl.012  LOwj  752 

Jardine  Fleming  ft  Co.  Ltd. 

46th  Floor,  Comught  Centre,  Hong  Kong 

J.F.JBaoTa. [73690  3 9741  ...J  050 

Oo.  (Accum.) V3J  60  4.04M  — 

J.F.  Japan  Small  Co. . Z1  JsS  227»a  — 

J.F.  JqanTeaxxdogy,  yl&744  17477]  - 

J.F.  Eastern  Tst M3KLZ7  896  J3  . ...  16 

Do.  (Accun.) IQa fll  733  79}  .. . . — 

J.  F.  Pac.  Secs.  (Inc.)  54.93  5JB  L10 

Da. (Accum.) S526  569  — 

J.F.  Imre. Tit. fa  71  6l«j  -001 

Do  (Accun.) S5.79  bJS  -0.01 

J.F.SUi  Esl  Asm  Tst  32462  26.7U  .....  28 

Dd  (Acorn) $26 47  235*  ....  — 

J J.PMI 5.76  6.1m  4.4 

Jepon  & PacOlc  CnrTitSl5.4  - 16  ja  4J 


J.F.  Japan  Tettodom  ■ vlfc744  17!477|  - 

J.F.  Eastern  Tst.  Z!..  U5&LZ7  896  J3  . ...  16 

DO.  (Accun.) 733  79]  ..  . . — 

J.F.  Pac  Sees.  (Inc.)  54.93  SJS L10 

Do. (Accum.) £526  569  — 

J.F.  toon  Til fa  71  b-14] -001 

Do  (Accun) 5.79  6.23  -ffOl 

J. F.SUi  Esl  Aim  Tit  52482  26.7U  .....  28 

to.laaun) 52647  2S5M  ....  — 

Jf.  WUI 5.76  6.1m  A4 

Jesw  & PacXlc  CnrTslSli.4  - 16 4J 

Austral^  Tsl  ....  ,„|S6.ao  652)  . . J — 

NAV  Oa  17  Next  dealing  Oa  74. 

LanMn  AgeTOs.  Rbtc  Fleming  8 Co.  Trl:  01-638  5858 
Cairtnued  en  adlaceK  page  Uo+Fn  and 
Stock  Eactoige  Ceum^,  cage  Sal 

Leopold  Joseph  & Sam  (Guarmey) 

Hnei  Cl.  Sl  Peter  Port.  Giurraey.  0461-8664B. 

LJti  Currency  Fund 

Trlcphone  Maraqrr  for  latest  prices. 

LJ.  IKeroat  Fd.._..|0254  122«|  J - 

LJ.  Sterling  Full  - _ la 7. OS  17.06]  ....]  — 

Kle  inwart  Benson  6raup 

20  Fmchureh  SL.  EC 3.  01-o23  8000 

Guerisey  Inc. (1206  132-3TO  J 431 

Da.  Acton. 

K. B  EurObDrvl  Inc 
K.B  EiMhOndFA Acc 
K.&  Far  East  (Gray.) 

K.B  GUI  Fnnd. 

K.B.  inU.  Fort 
K.S.  Japan  Fieri 

K.B.  Slert.  Asset  Fd 
K8  U5S  Money  MU  f 
Plorehudi  US  I 
Signet  Bermuda 
TraicsUmk  rd 

Korea  Irtermtiunal  Tract 
Fund  Mew.:  Korea  Invest.  Tract  Co  UM. 
cJo  Vickers  da  Costa  Ltd.  King  WDUxm  Sum, 
London.  EC4.  01-623  2494 

NAV  MU  7,25134.  I0R  value  US$9.10286. 
The  horeo  Trust 

Dae  Iran  Imres  (meet  Trust  Co. Ltd. 

1-510.  VeWoriong.  Yoiridregoo-KH.  SroK,  Korea 
NAV  (Do  22)  won  11,345  (US$1438). 
Usrd  BratNen  ft  Co.  (Jersey)  Ltd. 

P-0.  Box  108.  SL  Hrtwr.  Jersey.  C.l.  0534  37361 
Laz.  Brot.  lm.  Cap... .lip  56  _ . 11 JM  ...  .J  1.00 


Richmond  Ufe  Ass.  Ltd. 

4 HWI  Street.  Dcwgt»,ioM  0624  27)14 

CouTruU. 36  J5  g -4  71  _ 

DrictoreBorS iBJ  733  ...  J _ 

Gold  Hold 2372  2S2 +_5  T{  — 

Sterling  Dcpcsit  Bd.„  17088  17989 +004]  9.11 

UK  Gib  FundZ__ [I65J5  175.91  ..  \ - 

RuthsGfdld  Asset  r.laragetMnt  (C.l.) 

Sl  JuUan’sCL  Sl  Peter  Pl  Guerrocy-  0481 36741 

m$3cX!zz:B7J4  :.ij  uS 

DC  HcngkgFtftt  — ZJHK31.23  33271.3271  _ 

•Prices  OcL  21.  Next  ding  Nov  7-tPrices  Ocl  14. 
flert  ding  Ngv  14.  «*Prt««  Oa  3l  Next  dog  Nov 

ttOiallna  every  Wcdoeatay. 

DC  Hitt  Reraree*  Ltd.  0481^6741  26331 
See  adberri  page  Mo»Fn  are 
Stock  Exchange  Dealings  page  SoL 
RotfBCfcSd  Australia  Asset  Mgt  Ltd. 

17  Bridge  SL  Sydney  2050,  Australia 

Five  Arrows  AuftEq..  [AS142  1 45|  ...  J 6.9 

Rays!  Sack  of  Canada  Funds 

me  lad  Haoccn  Lts  

PO  Box  246,  Si  Peter  Port.  Guernsey  Wi  2?321 

IKI  Income  Fd B969  1DJWI-CJ5I  - 

IKl  Caorixl  Fe 514.79  luffuj  J — 

N0rthAmcrtoifi:„|5t'.73  rJOi  . - .1  — 
DSC  lea  CcmxciK  Fd  LM 

U.S.Jl JCL53  - 

CiVdOnS CS2685  — 

€ Sterling £10.65  — 

D-Marta DRS18S  ... . — 

Swfc&Frana SF4C.96  — 

Japan***  Yen. - V 6,274  — 

Managed  Fund 2083  — 

Daily  Ofabaps. 

Royal  Trust  lirtui.  Fd.  Magt  Ltd 

PO  Sox  194.  Sl  Helier.  Jenry.  0934  27441 

SwrtHBFxdlntFd-,|£aS6  0t»5[  J 10  17 

IntefTBUonil  Sea  _.pl  1 i5S[  ..  [.121 

Intenuborf  BonJ._So.359  0.9*8  1 lCi5 

Prices  on  Oa  26.  Next  dealing  Nov  2. 
SCI/Tecfl  SJL 
2 Boulevard  Royal.  Lrenrtxswg. 

SCl/Tech  Nov £10- OS  _ I I — 

Save  ft  Prosper  international 
Dealing  to 

P.O  Box 73,  SLHelKr.  Jersey  0S3C73933 

Fixed  Ixtand  Ftnris 

Deutsswrarliaa.— ._ntuai7  10.TW  . ..  J 5.10 

Dllr.Fxa.  lnL»* 08.76  9J9]  J ?J7 

SL  faradS pl.7  llsirtf  . .3  1185 

Yen&Wri*- [YL3<7  1.420^1  J Z.11 

uSScJowd?. [1383  1498)  . ...J  U9 

Internal.  G-Jt 51 1.94  12  91}  ..  ) — 

Far  Eafirrt  S2ff64  22 J3  ...  4 — 

Nana  America  rjj P8.93  9*3  . ...J  - 

commodiiv“+™^._. [lorus  icsg  ...  J - 
GoWt Oil 51  1245!  ...  1 209 

liiftl-Miiwj  Btscrxe  Fradfi 

U.5.S ! LiX)  - . . J 910 

D Marta 10  DO  — -.[  786 

IStertltri L-3  _ ...I  S+* 

Ven MO  — . | 5.U 

Sepoilt  Fun! 

Slrrilng  Depmk# 3759  175  ffl  ....1  0J4 

■Oonvr  2s.  “Oeuter  27. 

(Werldy  (JKIings)  ftDsOr  araimgt- 
Scftncter  SCngL  Santa  Ue+er'  Lid. 

PO.  Bu  195,  Sl  Helm-.  Jmry  KW  Z7561 
See  yfoctm  gag*  Uen+ri  aid 
Stsdc  Excrcnge  (tealeas  page  Sxl 
J.  Henry  Sdvofier  Wagg  ft  Co.  Ltd. 

120  Oeapude.  EC2.  01-382  6000 

Am  In  Tst  0<a  20 [525.02  — I ..J  180 

Asian  Fd  On  24 m*  It  20.03  4 12 

Chrapi  Idr  Oct  3!  ..  - 1515-32  — I ..  311 

DarimaFruNovZ  ..IAS344  l.ttW-3.^  b.J 

JreanFuiriOc  27  ..  Bit  86  15961  025 

Trafalgar  Fd  Sot  32,5340-53  — I ....4  — 
Schrader  UnK  Trust  Mere.  Int  Ltd. 

Bo*  273  SL  Peter  Pon.  Guerney.  0*81 2B750 

Mnad.  Currcy 1543.7  5r()  erf  (7  01 

£ FlvetS  Interact [o520  »lu  ..  .J  < X 

CEauty- [1372  l.rri-Cj)  2 IS 


— Start «o F«J Int Fd__|£apf,  ocaa J I0i» 

_ IKrmsuortil  5ra  _ S1U74  1 35j  ..  [123 

_ InLenuuon^  Bold 30.359  0.9 *W  I lCi5 


*-*  5 Fixed  Interest*  ..  -.{51  053  8 71 

— . 5 Ewnv Sl'iS  ’hJi^-VJQ  0.S4 

Jf  Hora  rtimg  r uri* jriUKr  r 3.12 

Schroder  Lite  Ascmnsr  lot.  ISA 

Mnpf.CurncyLHe  Feli^J  637  N ...  J — 
reot  £ F&a  fnt  LJ-Fd  .[731  0 777  7|  ...1  — 

£ Eautv  Lhe  Fd IKI7  15031 — .1  - 


187  11941 
123  — 

3.12  — 

6.065  16.07 
-0«rt  1806: 
97  — 

JF*- 


L32.  Sltri.  IK.  Inc  — ,[CJ«.*>  M 10S 

LSI  Eros.  IK.  Acc . - $1360771.407.94  10.00 

Laz.  Bros.  i«  Asset..  $102*461  ...  103 

Laz.  Bros  Ira.  Auci  £50.9756  5.0 

Laz.  Bros.  Ira.  Asset-  T25  45°  49  5.5 

LaABrov  Irf-Assrl..  DM254.4779  5 0 

Laz.  Bros.  lm.  Asset..  SF20LW74  4JS 

Liz.  Bros.  SUg.  Rn...  £2085  2086|  . ..  025 

Coranuni  on  adSceni  pagr  ihse+n  and 
Stock  Exchange  (Vrliogs  page  oo  SaL 

Lloyds  Bank  iC.I.)  W T Kgn. 

P.O.  Box  195,  Sl  Heller,  Jersey.  C534  27561 

Uoydk  Tsl  C'srxs [127  7 13S8zf  ...  4 C.72 

Mex:  oealan 1 Ocs  27. 

Lloyds  Trust  Cllt  ._  ..ir:03S  1039|+011J  1188 

Men  dealing  Wnieutei  9 
Lloyds  BxtU  ireuSaul  Grnera 
P8.  ftu  438.  1211  Geneva,  swcrriam 
See  adtacem  page  MoraFrt  gad 
Stock  Exchange  DeaTara  P+S7  Sat. 

Lloyds  Sank  International,  Guernsey 
P.O.  Box  136.  Cueriaey  0*8136761 

Alexander  Fund [517.10  — | 4 - 

Louis  Dreyfus  Commodity  Fund 
c/a  Trial** , P.O.  Box  1092.  Cayman  islands. 

Oct  21_  Valia  bon  S5.97B.07.  . 

M ft  G Group 

Three  Quays.  Tower  Hill  EC3R  680  01-626  4588 

Adamic  Ex  Nov  1. S75*  8JCJ-OU)  — 

Australian  Ex  Nov  2 . 54  42  4 6M-ffl3  — 

GoM  Ex  Nov  2 $43.16  46  41jg-134[  387 

(Accun.  Urals) $67  92  7304(-52bl  387 

Island 2373  258  0d+l3  285 

I Acaan  Units) 1*94  9 440.2]  +24]  285 

Mnwactient  IdruBwl  UL 
Bk.  01  Bertram  Wdg..  Genouta.  809-2954000 
See  aaporrx  pagr  Monfn  and 
Sua  Exchange  Dealing!  pap  SaL 
MamdUtwen  Hanover  Asset  Mel 
PO  Box  92  St  Peter  Port.  Gowmey.  WB1  23961 
Ser  adnerra  page  Mon-Fri  and 
Stock  Eshangr  Dealings  page  SaL 

Midland  Bonk  Tit  Carp.  (Jersey)  Ltd. 
28-34,  Hill  SL.  SL  Heller.  Jersey.  0534  36281 
Mid.  Bk.  0 'store  Gllt.[104.o  Z(B3ri|  . . | 11  40 
MrifcuriBk  l«8d_...lSLll  1JS3  . -J  781 

Minerals.  ODc  Get.  Stirs.  Fd.  Inc. 

PO  Bax  194,  SL  Helwr,  Jersey.  053*  27441 

Mares  Oa  20  [51178  12871  ...  .J  3+6 

Samuel  Montagu  Ldn.  Agents 

114.  Did  Broad  Sl,  EC2  03  -626  3434 

MoKAmrr  Eu  me  (2MB6J.  9051  +1  Q 559 


VS s-' 


Schroder  Lite  Lcmer  lot.  Iti 
Mnpf.CurncyLWe  Feli°9J  637N  ...  — 

£ F&d  fnt  L J- Fd  _r310  7T7  71  ....  — 

£ Enure LAe  Fd [141  7 ISOS'  — 

SF^ec  nn  Life Fd.„iSL273  L?rU  — 

S Eeuly  Life  fd ill  754  IStol  ...  . — 

£ Managed  Life  Fd_.  104  8 fl6  H . . — 

Kara  Kong  Lde  Fd  . . nsSajlS  565W  -J  — 
Prices  Net  2 Ned  occiris  Hn»  9.  *mly  cealing. 

reqjeetr  Kemp-Geo  Mrtfuit,,  Jersey 
1.  Charing  Cross  SL  Helier,  Jersey.  05347374L 

SPG Caerei  Futo.. .1244.7  2*211..  ) — 

5KC  Income  Fund.  .B;  t ei.7J  ..  .j  S.72 

Gilt  Bond U5C  4 166.41  ..  4 — 

SaaarKtef  Selection  Ltd. 

Berouxti  Hoe  . S'-  Frier  Port,  Gu'nsy.  0481  7*2*8 

Forrrfuri .15320  8J-3  7 — 

Sentry  AtFtmK  inferas£an  I Ltd. 

P.O.  Box  1776,  KamiCr.n  5.  Bermuda. 

Managed  Furrt ..[56.6847  7 353U  ...  I — 

Singer  ft  Friedlander  Ldn.  AsenSs. 

21  NewSi.  BahCTKgaie  EC2M4HR  01-623  3030 

Delafniris. I DM7777  2r23[  ...1  58a 

Tokyo  Tst  Nov  — SSeOH  ..  . J 230 

Straicclc  Mefef  Trust  KngrA.  Ltd. 

3 Hill  SL-eet,  Douglas,  1 0 M . 0624  23914 

Strategic  Metal  Tr....|SL7Ss  0820  J — 

Stronghold  Management  Limcted 
P8. 60X315.  Sc  Nel  wr.  Jersey.  0534-71460 

Coimncdny  TrusL_..t9320  UD-J7|  ...  J — 
Sur Invest  l Jersey)  Ltd. 

4,  Hdi  SL  Douglas,  Islrrt  Man  0624  29441 

Copoer  Trust [0230  129B+0-UI  - 

TSB  Trust  Funds  tC.U 

lOWhart  St,St  Welter,  Jersey  (Cl).  053473494 

TSB  Gilt  Fpri  Ltd  ..[102.0  106-ftq  11^ 

TSBGfl!Fa.LKy.)Ud.  103.0  2(b0=:  1132 

TSB  Jersey  Fraxt  758  798  ...  4.05 

TSBGuerrwreFo*.  756,  ,79 B A08 

TSB  Casual  Fund 1CO-5  102.3  ..  ..  — 

Prices  en  Not.  2 Nert  sub  toy  No*. 

Tokyo  Pacific  Holdings  N.V. 

Iitumis  Management  Ce.  N.V.,  Ciaacao. 

NAV  per  share  S11220. 

Tokyo  Pacific  Hldgs.  (Seaboard'  N.V. 
Inanb  Maregemeic  Co.  N.V . Curacna. 

NAV  per  vtarr  SB1 87. 

TyncSsfl  Bank  I Isle  cf  Msn)  Ltd. 

30,  Attoi  Sl,  Douglas,  isle  H Man  0624  29201 
Stg.  Money  Fiari — ._|  — — I • ..|  8 75 

TyndaE  Croup 

2 How SL.SL  Heller. Jerecy.  053*3733^3 

TOFSL {£16  EO  IS  OH  ...  J 1J9 

(Accum  Sharer).  _ JO  3247  — . 

Amerkan 11944  2IT0)  . J 212 

(Actum,  stores).. |22u6  24-16)  ..  . | — 

Eurepran — 195  6 ■ ••■!  *96 

(Accun.  shares)...  . |!09  2 U7  W . J — 

fa.  Eastern CUD  2273.  J 0 76 

(Accun  shares)...  - (23C  4 246+1  ...  \ 

Jersey  PC 1424  155  «d!  -E.4.  8.02 

( Men.)  ACC.  Uts.) . . 325  0 35*  6 -5  * — . 

GUI  FC --.-mi4  11-  id  +1 3 12M 

(Accun  shares) — [282-2  28781+34)  — 

Albert  Heine,  Snath  fqrtaiuitr.  SL  Pete;  Jtot. 
Snernsey.  0*B127ffbe 

Victory  House.  Donato.  Isle  of  Man.  0634  24111 
High  incGM: |lll8  U3M+LMUJ0 


_ More  Slq  Res  NOv2  £13  77  13  7BKHiq  — 
024  Mom  Ik C<r  Novi . .[UOJl  10*3l-00fl  — 

Conlixicd  on  ad^cm  pagr  Mon-Fri  and 

1 aa  Sura  Exchange  Dealxxp  page  SaL 

l?i  Murray,  Johnstone  (inv.  Adviser > 

6 4 163.  Hope  5L. Glasgow,  C2.  041-2215521 

“ &9  | d r 

PicdK  Fund  Oa  31-1  $439  \ ._.|  - 


Nat.  Westminster  Jersey  Fd.  Mgrs.  LU. 

23.-25  Broad  Sl.  Sl  Hrlcr,  Jersey.  0534  70041 

Karris*  *W|  . J 'IS 

Inud.  Bond  Fd.  la)  . MO  700j  ...  7 7 14 
•Suo.  day  every  Thun. 

NegK  SJL 

10a  Boulevard  R3jOl,  Luarmtourg 

HAV IS4A3  — I ...,|  — 

H-EJL  IntanuHcnal  Ltd. 

P 0.  Box  119.  Sl  Peter  Port,  Guernsey.  C I. 

Storting  Deposa |70.C  7481  . J — 

SterlmgF'Wd  Inereti  79  4 S3 M . . .1  — 

Sterling  Managed  . . 74  2 80  7|  . ) — 

[nil.  Fixed  Irarrrst-.  B82  «.9J  . _ .]  -■ 

I ntnl  Managed [£.4  95  K . J - 

Newport  Infprmfioral  Managemenl 
Bb.ol  Bermuda  Bidj,  Bermuda  809  295  4000 
Npt  IMI.  SeCuriliK..|S15Tl  — j . j — 

NpL  IKI.  Inc  Fd  ...  013.45  — ( .. . I — 

Horcap  Fund  kbingen  iBenaWta'  LhL 
See  jCatera  page  Mptrfn  ant 
Sura  Eicharae  CeJu>n  page  Sal 

Narmapdy  Trout  Managers  Lid. 

29,  AMI  Street,  Douglas.  I. a M.  062421724 

Camh.Curiera,6Ga  IH.SSb  11063-004  280 
NArthgutc  Unit  T$L  Mgro.  (Jeraeyi  Lid. 
P.O.  Sox  £B.  5l  Helter.  Jersey  »34  73741 

Pagfc  Fd  Oct  2b [S1LI6  121*(  ■!  — 

Pacific  Basin  Fund 

10a  Gouseuard  Royal,  Luxembourg. 

NAV . ..  |J15*3  —}.[-- 

In  Ui  MiG  Int.  Mngi,  Lilt.  London. 
Perpetual  I'.T.  Kgn.  >Jrnry>  its. 

Ser  XOjdCrrK  page  Men-Fn  ant 
Swoi  Exefungr  Deaine:  ugr  Sal 

Phoenix  inter rattfas ml 

PC  Box  77,  5l  Pewi  Port.  Guem  CWB1  26741 
iroer-Dollar  Fund. ..  |S445  *80-007]  — 

Far  losi  Fund |S386  3.63-0  v?  — 

1 rat  Currency  Fund  111  TS  189]  . — 

DAI  Ur  Fid.  IK.  Fund  B3  64  3 *81  — 

S»r.  Exempt  GiH  Fd  [a  27  2451-00))  — 

Providence  Capital  International  Ltd. 

PO  Bov  12J,  St  Peter  Port.  Guernsey  0481  2672619 
UK  Sioriunirfeel  |L1  378  1 M2]  -DOtJ  — 

Imi.  Stodsiurltei...  B1002  1.07BJ-0H5  — 

World  Tecnrelogy  Cl  273  ! 369I-0MI  — 

N.  Am  SnctonancrL  15)  142  1.2M-0M  - 

Far  east  . . . iso  9ii  lore  — 

UK  Fixed  interest  |£3  3'C  14i6l>DD!5>  — 

1*7.  Fined  lm [$1  129  12151-0071  — 

rml  Currency  pi  0*3  lia-Ofin  _ 

tnU  Mkrtey  MarXet—nl  078  l.lfrOj -0001  — 

U K Ucner  Market  jil  Ml  1 121|  -JOS  — 

SUg  Mangd  Fd  Cl  200  1300] -3(0:  - 

Dollar  Manqd  Fd  [Sl  L25  1 21a +)C!  — 

Sanng.  Taigrl  Rate  t7W57(i 
PrtO  P*  Jo  Neil  Oralmq  Nox  2 
Fpr  Ouevl  Fund  Min.  (Jenev) 
see  Royai  Tfili  I nil  Mngl 

QidlSerSHeinoM  Commodities 
jlJ5,  Gi+sisiini  Sireei  EC2V7LM  01+>C04177 
Resource  Fund  1*145  22  — J [20 

Next  drains  tote  no*  1 

Pta  Pro  then  (loM)  LU 

24  Athol  St.  D0119UB  loM  0624  21 724 

MndFuri  . |iU90  1S5J  ..[  785 


LOW -OK 
> 369) -OMI 
1.229  -0  DM 

1 476J  -OOL' 
1 2151-007 
122)  -OGffl 
. lfrOj  - 0 00 1 

12i|-aos 

13001  •3(04 
21Uh)C! 


(Accun.  Shires] i892  193  g +2  9 — 

I KcrnaiMnll  Equity.  39*1  4202!  ...  — 

DJ.  S 5 955  6.270  ...  — 

Pauls  Ecwly -.114  6 120j]  ..  — 

Do.  S L7Z0  IM«  . - 

NCrth  Amer.  EqUty„.  SO-5  S4  M . . . — 

Do.  $ ...1200  L2bS  ..  - 

UK  Equity. E4L2  255  « . — 

DoS 3615  5813  . - 

European  Equity ......  1003  105  W — 

Dc.  S 1495  1S7H  - 

tmerrou  FWal  km. ..  JW 1 357  g — 

Do.  $ 5.060  5J3ffl  ..  — 

Sterling  FixMlfii 2*84  26l5j  — 

30.  S_ 3 705  ]«0|  ....  - 

Dollar  Deposit. ..  '.065  1123  • — 

Do.  S 1565  Lk.’fl  - 

Storting  Deposit )43  8 15!  9j  . - 

Do  S. 2 MS  226®  - 

CotrtiKKXly 3JU  354  li  — 

Do  S—  5 0TO  5 36?  — 

Gold  ...  . 78.7  92  5[  — 

Do.  S ... 1175  U40J  . — 

UK  Property 203  4 214  21  — 

DoS ...3  035  3195)  — 

lmrrnau  Managed  _ 3C9  3 3256]  — 

Do.  S 9 615  JH.q  — 

UK  Managed 226  7 2*0.^  ...  ■ - 

Do  S 3 41D  3590(  — 

TyrajattHSuardlao  MngmL.  Ltd. 

See  adb=m  page  Uon^n  and 
Sura  Ejtthjnjc  DrUngi  page  Sat 
M.  G.  Tyrrell  ft  Ce.  Ltd. 

P.O.  Bor  415.  LonHn  WL3  9NV. 

Ortac IS9.45  9251  I — 

Untco  Invest  Fd  Mgt  Ce  SA  Luz 
London  S.  Conunenu’  Banker-,  Ltd. 

2.  Threpno run  Ave^  London.  01-6386111 

Union  Invest  Fund... [70 54  73.0C1  ..  I — 

Unton-Intrei&iient-GiEsenscInft  mtrt* 
Ponlach  16767,  D bCCO  FranMurt  lo 

Undones IDxCfliT  21.2CJ  , I — 

Urarak  iDMaf  22  M 40rulOj  — 

unroraa |n»Oo34  aa+lS-OIffi  — 

Vantrugh  Fund  Mrpr-it-  I rtf.  Ltd. 

28-34  Hill  SL  Sl  Helter  Jeney  0534  36281 

VCF  income  (A  L BJ  |I22D  122  lri]  +05j  6 96 

VCF  Growth  (CLO  |9SS  9Q7I-15)  — 

S.  G.  Warburg  ft  Co.  Ltd. 

3a  Grrvtan  StereL  EC2.  01  -bCO *555 

Energy  Intni  Nat  1 ....1538  06  — | -OJj  — 

Mere  EurcoaOc:  26. .1111.44  165’1  . J t Oh 

Select  Rx  Ocl  IS  ..[51558  — 1 -1  — 

T/artiurg  Invest.  MngL  H.O.M.J  Lzc. 

1 Tnaxus  Sl  Dougou,  isle  a Man  Ca2s  «5b 

MrrCIOMFund [53.0  5TOs8  _ J 7* 

Merc  Intel  Sane  Fd  ..[368  38  drii  -U  !|  66 

Wjriztrs  Invest.  MncL  Jny.  Ltd. 

39-41  Broac  Street.  SL  Hauer,  jti  C'  0534  7*715 
Merc  Coram  Nut  1 . iZ26b  23l7|-C(K[  0“5 
fJerc  far  East  Otf  26  (20-36  2C  Jfil  0 £6 

Merc  Trars  Oa  2S  . . (23J1  21  H*  151 

Mr  nil  Tn  Oct  20.  . tij  J5  11 13  — _ 

Selected  MU  Oct  27  (17  25  176*1  2JT 

Merc  Money  MM  Tit 

D-Mark...  ..  [CM750J  — +5D2]  — 

Dunn  Guddci BFIOitf?  — -CJ3  - 

Japan*!*  Yen.  . ...  j 97  587  — -2  - 

£ Sterling  ..  . klfi  21  - +001  - 

Swos  Franc  ..  ..  S.r.?5<J  _ -CM  _ 

U.S.S  - . - . 1538.52  — -a.0l|  — 

Wardlty  Invwtnwnt  Services  Ltd, 

4th  Floor,  Hutchcon  HDiae,  Hong  ITjng 
Wvdl*. Trori . ..  [55 « 531[  [ 2 41 

warttey  Nrtdn  (a  Fe  K24  51  26234  .(  5 72 

Warfie>  Bond  Trust  ..  S1C.70  IQ.+fl  8 53 
wardtev  Japan  Trust  |S26h3  27  5*1  } 054 

WeftAvon  Sees  iGuerwey)  Ltd 
PO  Bo.  214.  Si  Peter  Pert,  Guernsey  0481  27768 

GjiiAOpitenFd id.11  Litiroon  :w 

uSSCptnu. . . IS100  1 051  | — 

World  Wide  Growth  Management 
10a.  Boutevaro  Royal  Luvemaourg 
Worldwrie  Gin  Fa|  $12  89  I | - 
to*  Ad*  M i G lm  Bn®.  Utt  London 

Wren  Commodity  Management  Ltd. 

10.  St  CnrgtS  5: . DfteHaa  leM  (*,24  25815 

MlrenCom  Fund  . K2  131  _ 

Cnnrne  Fure  45  J 67  B — 

PreCroin  Meal  Fung  )1£6  123  5 — 

Vanguard  Gmoy  Fo  Jfc-.  37. 0 — 

F.niKtei  Funxn  ?c  7e2  815  — 

WrWlIntl  Firi  * . . SO 448  046f  — 

NOTES 

Pricey  are  rt  eerier  MlWnuir  BrivLilt-d  41XJ 
thOte  Peugrulrd  J ■•■in  no  pn-ln  » rur  to  U S 
oc‘ar.  1i«k  +.  tine+n  >n  un  cti  ronl  a. 11-  1 nr  ail 
toying  npnxn  1 O'lerrd  erecex  mcrede  .III 
e*errte>  b Tooayv  iJriCr-,  c t ini  Mi+O  (to  0"n 
pr-ce.  d Exbroaied  g locai  i oeenirg  fner 
ri  Dnlrtoimn  '.rrt  c>  OK  um  ? f'eiridic 
Brrraiufii  «“.ixance  flare.  1 Siffg'r  B'emiurn 
m leaner  x Otferep  Jr  ice  mcluorv  *■’  fWrttei 
rnml  agent's  onmii<t«ii  y Ottered  pr<e  mciudn 
ai:  expenses  d bousp:  tnrougn  managers  2 Prenoin 
rUf3  pr«  9 Guernsey  gross  F Susoeroec 
♦ Virtd  urtorr  Jrnf,  pi  t £|-suooi¥isian 
C Only  arananie  is  rninutve  boo+s  4 1 +14 
column  stows  amuA'ite:  rale  ot  nav  increase 


2J’;|-C0L 

2CJ« 

litSI 
17  69j 


N7E63  — +003 

BTRUP  - -0J3 

. ..  V7  587  - -2 

. US  21  - +001 

„ 5.r.754J  _ 

I iff  52  — -HOI 


Financial  Times  Thursday  November  3 1983 


COMMODITIES  AND  AGRICULTURE 


Strong  supply  of  J^^t‘has 

turkey  predicted  French 

BY  RICHARD  MOONEY  soft  wheat’ 


Why  world  weather  watchers  say  the  heat  is  on 

w-  J-  Burroughs  on  the  forecasters’  change  of  heart  over  the  climate  JSfS*  £££  , 


BY  RICHARD  MOONEY 

THERE  should  be  no  shortage 
of  turkeys  for  the  Christmas 
market  this  year,  according  to 
the  British  Turkey  Federation. 

With  demand  remaining  fairly 

static  there  should  be  no  trouble 
in  supplying  the  10.5m  to  11m 
birds  shoppers  are  expected  to 
buy.  a federation  official  said 
yesterday.  Last  Christmas  just 
over  10m  whole  turkeys  were 
sold. 

Early  indications  are  that 
prices  will  be  well  down  for 
frozen  turkeys.  The  only  major 
retailer  to  publish  its  Christmas 
prices  so  far  is  the  Asda  super- 
market chain,  which  says  it  will 
be  charging  4Sp  a lb  both  for 
grade  "A"  oven -ready  deep 
frozen  turkeys  and  for  ready- 
basted  birds. 

These  prices  would  represent 
cuts  of  20  per  cent  and  26  per 
cent  respectively  compared  with 
last  year. 

Stronger  demand  is  expected 


for  fresh  birds,  however. 
Federation  members  estimate 
this  year’s  price  at  around  lOOp 
a lb  compared  with  78-99p  last 
Christmas.  With  demand  swing- 
ing back  somewhat  towards  the 
fresh  product,  Christmas  sales 
of  chilled  turkeys  are  forecast 
to  rise  modestly  to  slightly  more 
than  3m  birds. 

The  turkey  market  is  less 
dependent  than  it  was  on  the 
Christmas  market.  Sales  of 
whole  birds  this  year  are 
expected  to  total  between  16m 
and  17m. 

Sales  of  cuts,  portions  and 
further  processed  products  con- 
tinue to  rise  significantly,  and 
are  expected  by  the  BTF  to 
reach  the  equivalent  of  8.5m 
birds,  compared  with  1m  six 
years  ago.  and  in  retail  value 
to  enual  the  revenue  from  sales 
of  whole  turkeys. 

The  Christmas  market  for 
geese  is  expected  to  top  last 
year’s  record  180,000  birds. 


Silver  rallies  strongly 
following  recent  falls 

BY  JOHN  EDWARDS,  COMMODITIES  EDITOR 


SILVER  prices  rallied  sharply 
yesterday,  recovering  some  of 
the  recent  heavy  falls.  On  the 
London  bullion  market  the  spot 
quotation  lifted  by  29.65p  to 
589.9p  a troy  ounce  at  the  morn- 
ing fixing.  Values  moved  fur- 
ther ahead  in  the  afternoon,  but 
eased  when  gold  fell  back  in 
late  trading. 

Traders  said  that  speculators 
were  being  tempted  back  into 
buying  after  the  recent  collapse 
in  the  market  to  the  lowest  level 
for  nearly  a year.  Reports  that 
Argentina  will  attempt  to 
arrange  a moratorium  on  its 
$40bn  foreign  debt  also  en- 
couraged the  early  rise  in  gold 
and  silver. 


PRICE  CHANGES 


There  was  no  turnover  on  the 
second  day  of  trading  die  new 
2,000-oz  silver  contract  on  the 
London  Metal  Exchange.  How- 
ever, there  are  high  hopes  that 
once  cash,  as  well  as  three 
months,  trading  is  possible  on 
the  new  contract  it  will  emerge 
as  the  dominant  market 

Apart  from  requiring  a much 
smaller  deposit  the  2,000-oz 
contract  has  a weight  tolerance 
of  2 per  cent  compared  with 
5 per  cent  on  the  10,000-oz 
contract 

The  LME  stressed  yesterday 
that  it  is  planned  for  the  two  , 
silver  contracts  to  run  in  tandem  , 


THE  SOVIET  UNION  Is 
believed  to  have  bought  lm 
tonnes  of  French  soft  wheat  for 
November  and  December  ship- 
ment London  traders  added 
that  negotiations  were  con- 
tinuing over  further  purchases 
of  up  to  500,000  tonnes. 

France  Is  also  expected  to 
hold  talks  with  China  for  the 
sale  of  1.5m  tonnes  of  wheat 
A further  safe  has  been  agreed 
with  Egypt  which  is  to  buy 
500,000  tonnes  of  wheat  flour 
between  now  and  July  next 
year. 

• THE  AUSTRALIAN.  Wool 
Corporation  continued  support 
buying  to  maintain  its  floor 
price.  It  took  between  31  and 
37  per  cent  of  bales  offered  at 
auctions  in  Adelaide,  Newcastle, 
Albury  and  Free  man  tie. 

• CHICAGO  Board  of  Trade’s 
October  volume  was  6.03m  con- 
tracts, up  402  per  cent  on  the 
same  month  last  year. 

• THE  U.S.  now  -has  the 
capacity  to  transport  200m 
tonnes  of  export  grain  annually, 
according  to  Continental  Grain. 

9 WORLD  BEEF  and  veal  pro- 
duction is  expected  to  faU  1 per 
cent  in  1884,  while  world  cattle 
numbers  should  expand  slightly, 
says  the  UjS.  Department  of 
Agriculture. 

• THE  ISLAMIC  Development 
Bank  signed  an  agreement  to 
provide  $10m  in  financing  to 
Tunisia  for  cotton  imports. 

• TURKEY  WILL  subsidise 
imports  of  vegetable  oils  to 
keep  prices  in  the  domestic 
market  stable. 

• THE  Department  of  Trade 
is  offering  financial  support  to 
British  companies  exhibiting  at 
the  Interamerican  Dairy  Con- 
gress in  Miami  in  May. 

• TINY  WASPS  and  beetles 
from  Brazil  are  being  let  loose 
in  Nigeria  to  attack  the  cassava 
mealybug  which  attacks  the 
plant  which  produces  tapioca. 


AN  AIR  of  certainty  has  crept 
into  recent  projections  of  how 
the  global  climate  is  going  to 
change  in  the  future.  The 
majority  view  is  that  the 
general  trend  is  firmly  in  the 
direction  of  a warming  of  the 

climate 

Only  a decade  ago,  in  the 
wake  of  the  disastrous  harvests 
and  droughts  of  1972  in  the 
Soviet  Union  and  sub-Saharian 
Africa,  the  consensus  was 
equally  determined  that  we 
were  heading  for  a new  ice  age. 
So  why  the  sudden  change,  and 
can  we  place  any  more  faith  in 
the  latest  set  of  forecasts? 

The  reasons  for  the  change 
are  twofold.  Much  more  work 
has  been  done  on  the  causes  of 
climatic  change,  resulting  in 
more  plausible,  though  not 
necessarily  correct  models,  and 
the  cooling  trend  in  the  global 
climate  during  the  1860s  and 
early  1970s  seems  to  have 
halted  and  reversed. 

The  modelling  work  designed 
to  explain  past  fluctuations  has 
focused  on  three  principal  fac- 
tors. First,  there  is  the  old 


chestnut  of  changes  in  the  out- 
put of  the  Sun  associated  with 
sun  spots.  Improved  measure- - 
meats  both  from  the  ground 
and  from  satellites  have  pro- 
vided Increasingly  convincing 
evidence  that  the  output  from 
the  Sun  does  vary  in  a periodic 
way,  although  the  changes  are 
only  small. 

These  measurements  show 
that  the  sun’s  output  varies  by 
a few  fractions  of  1 per  cent 
with  changes  in  the  number  of 
sunspots.  The  output  is  higher 
when  the  number  of  spots  is 
low.  This  means  that  during 
the  1-year  cycle  in  sunspot  num- 
ber, the  amount  of  solar  energy 
reaching  the  Earth  will  rise  and 
fall  out  of  phase  with  the  num- 
ber of  sunspots.  Furthermore 
there  is  evidence  that  the 
energy  from  the  Sun  fluctuates 
about  the  same  amount  over 
a 76-year  cycle 

This  variation  appears  to  be 
related  to  a pulsation  in  the 
diameter  of  the  Sun. 


THE  EL  NINO  current  pat- 
tern, which  was  believed 
partly  responsible  for.  the 
1983  droughts  in  the  UJS* 
South  Africa  and  Australia,  * 
has  dissipated,  said  Mr 
Donald  G liman,  chief  long- 

range  weather  forecaster  for 
the  UJ3.  national  weather 
service.  This  could  point  to' 
more  normal  weather  patterns 
in  1984. 


The  second  climatic  factor  is 
the  impact  of  giant  volcanos. 
These  inject  dust  and  sul- 
phurous gases  Into  the  upper 
atmosphere  where  they  form  a 
veil  of  particles  which  reflects 
somq  sunlight  back  into  space. 
Because  this  thin  layer  can 
remain  in  the  stratosphere  for 
a number  of  years  it  is  capable 
of  altering  the  climate. 

The  third  climatic  factor  is 
the  man-made  production  of  car- 


bon dioxide  from  burning  fos- 
sil fuels/  The  amount  of  carbon 
dioxide  in  the  atmosphere'  has 
increased  by  about  15  per  cent 
to  about  340  parts  per  million 
since  the  beginning  of  the  cen- 
tury and  might  double  by  the 
middle  of  the  next  century. 

There  is  little  doubt  that  an 
increase  in  atmospheric  carbon 
dioxide  will  lead  to-  a warming 
of  the  climate.  It  is  generally 
estimated  that  a doubling  of  the 
amount  of  carbon  dioxide  in  the 
atmosphere  would  lead  to  a 
2°C  to  8aC  increase  in  the 
global ' temperature. 

When  these  factors  are  com- 
bined to-  explain  -.  climatic 
changes  in  the  last  100  years 
they  produce  an  Impressive  fit 
with  observations.  The  warm- 
ing of  about  0.5  °C  that  occurred 
over  the  northern  hemisphere 
in  . the  first  half  of  the  century, 
which  brought  forecasts  of  an 
Imminent  melting  of  the  polar 
ice  caps,  is-  explained  by  a com- 


bination of  solar  and  carbon 
dioxide  .warming  effects. 

The  subsequent  cooling  of 
about  02°C  between  the  1940s 
and  the  1960s  is  attributed 
largely  .to  the  downwards'  part 
of  the  76-year  solar  cycle. 
Fluctuations  imposed  on  these 
broad  trends  are  largely 
explained  in  terms  of  the  sun- 
spot cycle  and  major  volcanic 
emxptions.  This  model  now 
predicts  that  the  combinailm 
of  upward  pressure  of  carbon 
dioxide  and  solar  factors  will 
now  lead  to  a marked  warm- 
ing. 

There  are. '.however,  good 
reasons  for  being  cautious  about 
this  prediction.  Not  least,  there 
are  statistical  objections  about 

the  way  in  which  the  theory  has 
been  tailored  to  fit  the  obser- 
vations so  well. 

In  summary,  the  weight  of 
evidence  suggests  the  global 
climate  win  become  a little 
warmer  over  the  next  few 
decades  and  possibly  a bit  more 
variable.  But  do  not  be  sur- 
prised if  in  a few  years  this 
forecast  is  stood  on  its  head 


Nutmeg  price  set  to  rise 


BY  BARBARA  DALZELL 

WHOLESALE  NUTMEG  prices 
are  likely  to  increase  because 
of  the  U.S.  invasion  of  Grenada. 

Nutmeg  usually  sells  for 
between  £1.000  and  £1.500  a 
tonne  depending  on  quality,  but 
the  recent  unrest  has  poshed 
prices  up  by  about  £100  to  £150. 

Grenada  is  one  of  the  world’s 
leading  nutmeg  producers  and 
nutmegs  accounted  for  23  per 
cent  of  the  island’s  total  exports 
last  year. 

Because  communications  with 
Grenada  have  been  difficult,  it 
is  not  clear  what  is  happening 
to  the  crop.  There  are  fears  that 
bombardments  may  have  dam- 
aged or  destroyed  nutmeg  plan- 
tations, and  that  stocks  in  ware- 
houses may  have  been  dis- 
turbed. 

As  a result,  higher  insurance 
Is  forcing  prices  up.  But  whole- 
sale price  increases  are  not 
likely  to  be  reflected  immedi- 
ately in  the  shops.  Nutmeg  is 


used  as  a spice  in  cakes,  pud- 
dings and  some  curries. 

Schwartz  Spices  says  it  has 
no  immediate  supply  problems, 
while  another  major  British 
spice  group,  McCormick,  reports 
that  it  “ won't  even  feel  a 
hiccup”  if  poUticaft  calm  is 
restored  quickly  in  Grenada. 

McCormick  adds  that  although 
it  buys  most  of  its  nutmeg  from 
Grenada  ait  present  it  would 
switch  to  buying  East  Indian 
nutmeg  if  it  ran  into  supplies 
problems  later.  But  it  has  three 
or  four  months'  supplies  avail- 
able and  its  brokers  see  -the 
Grenadian  unrest  as  a.  short- 
term problem. 

C.C.  Spice  says  it  does  not 
envisage  any  immediate  supply 
disruptions  and  says  it  has  sales 
contracted.  Its  main  fear  is  that 
these  may  not  be  able  to  be 
honoured.  Brittoi  Pepper  and 
Spice  also  says  it  has  “ reason- 
able” physical  supplies 


Mild  autumn 
boosts  sugar 

MILD  WEATHER  so  far  this 
autumn  has  been  ideal  for 
the  British  sugar  crop  which 
is  still  increasing  In  weight 
and  sugar  content  Mr  Don 
Brisbouzne,  head  of  agricul- 
ture services  at  British  Sugar, 
said  yesterday. 

Harvesting  is  going  well 
said  the  company’s  13 
factories  are  processing  a 
total  of  just  over  80,000  tomes 
of  beet  daily. 

The  eompany  has  not 
updated  its  forecast  of  this 
year's  crop  since  May  when 
it  said  it  is  likely  to  be  below 
an  average  level  of  Llm 
tonnes  white  value  against 
last  year’s  record  L4m  tonnes. 

In  Bangkok,  - mean- 
while, Thailand's  commercial 
economics  department  said 
die  country  will  produce 
about  19m  tonnes  of  sugar 
cane  in  1983-84  (September/ 
August).  -. 


India  cuts  cotton  quota 


BY  OUR  COMMODITIES  EDITOR 


INDIA  is  to  cut  back  the 
quantity  of  cotton  that  traders 
can  export  in  the  198534  sea- 
son to  only  200,000  bales  (of  170 
kilos  each),  the  Commerce  Min- 
istry announced  in  New  Delhi 
yesterday,  Reuter  reported. 

An  official  statement  said  the 
reduction  was  decided  after  tak- 
ing into  account  crop  prospects 
and  estimated  domestic 
demand.  Last  season  the  export 
quota  was  680,000  bales. 

A spokesman  for  the  Associa- 
tion of  Cotton  Merchants  in 
Liverpool  said  the  aimonnce- 
of  a “preliminary”  export  quota 
by  India  for  1983-84  was  Im- 
portant since  it  enabled  traders 
to  go  into  the  market  and  buy. 

The  merchants  are-  faring  a 
difficult  situation  following  the 
refusal  of  the  Indian  Govern- 
ment to  allow  the  shipment  of 
some  300,000  bales  of  cotton  sold 
to  international  traders  In 


January  and  February  out  of 
the  1982-83  export  quota. 

India  claims  that  it  needs  the 
cotton  for  domestic  consump- 
tion. But  the  merchants  say  the 
real  reason  is  that  since  the 
contracts  were  'made,  cotton 
prices  have  risen  sharply  fol- 
lowing the  setback  in  the  UR. 
crop.  Values  are  now  some  10 
cents  above  the  contracted 
levels  of  between  58  to  60  cents 
a lb.  ' 

Traders  say  the  cotton  Is  sit- 
ting around  in  India  being 
offered  at  higher  prices  to  the 
domestic  industry 

Protests  against  the  alleged 
breach  of  contracts  have  been 
sent  to  the  Indian  Government 
by  cotton  trading  organisations 
throughout  the  world.  But  so 
far  they  appear  to  have  fallen 
on  deaf  ears. 

Merchants  in  Liverpool  and 
Switzerland  are  understood  to 
be  worst  affected. 


BRITISH  COMMODITY  PRICES 


AMERICAN  MARKETS 


BASE  METALS 


POTATOES 


’ NICKEL  ajn.  1+  orl  pjn.  + or  ■ w,-w 

a the  high  spat  among  generally  Official  ! — | Unofficial  — f TIM  market  was  strong  following  a 

se  metals  on  the  London  Metal  1 — ■">-  " j- — — — report  indicating  tower  than  expected 

a*,  as  the  early  weakness  in  _ I I _ _____  „ European  crop  figures,  with  April 

i encouraged  U.S.  buying  at  and  fP°*  ——I  BtopyO."™?  I „ H*1-  reaching  £218.00  before  profit-taking 
the  recent  support  levels.  The  3 months  azoi-s  .+*3.6;  3Z07-B  i+ib.  eased  prices  to  close  about  steady  In 

ouehed  a high  for  the  day  of  - — 1 L — — mid-range,  report*  Coley  and  Harper. 

but  was  unable  to  improve  . •Cents  per  pound,  * MS  par  kilo.  ...  =-.  ~ — . - — 


INDICES 


TIN  wes  the  high  spot  among  generally  f Official  ! — (Unofficial  — t 

dull  base  metals  on  the  London  Metal  ...-  ..it-  ■ ■ — — 

Exchange,  as  the  early  weakness  in  ' _J  _ 

sterling  encouraged  U.S.  buying  at  and  ft***  H*!- 


abava  the  recent  support  levels.  The  a monuis  oaui-a  aoii-o 

price  touched  a high  for  the  day  of  1 L. — ‘ — 

£8.700.  but  wes  unable  to  improve  •Cants  per  pound.  * MS  par 

beyond  that  level  and  cloaed  at  * On  the  previous  unofficial  dose. 

£8.680.  The  other  morals  lost  ground 

during  thn  day  as  'the  pound  eii  t/rn 

strengthened,  with  Copper  finally  OILefclr  «.  ;.r 

?Tr???r^  AJumlniqm  ~ ’ Silver  was  fined  »,65p  nr  . 
£1.054.5  and  Nfcfcat  a210.  inarm- -for  «imi  delhinr-  in-the-h 


lYestday’s  j Previous  I Busins* 
Month1  dome  ! otofoj  Pone 


COPPER 


silver-  „ Iiaa£ 

Silver  ' was  fined  28.6 Sp  err  ounce  ■■182.80" 

Wg  Her 'for  sum  dclhrmy  fit  the  London  apm  J xujoo 

bullion  market  yesterday  at  589.90.  May  .~l  218.00 

U.S.  cent  equivalents  of  the  fixing  Nov...~.|  81.60 

levels  were:  spot  876c;  op  39c;  three-  “Sales;  8DO  (88 


£ per  tonne 

168X0  • 165.80  1158.0858.0 


Amalgamated  Metal  Trading  reported  "J®"**1  ®*£c*  u0 
that  in  die  morning  higher  grade  cash  817.6c,  up  38.7c;  and  12-month  96B.Bc, 

copper  traded  at  cash  £331.  Dime  « j*?-  RUBBER 

months  £957,  98.  56.50.  56.  55.  5*  50.  583p  _(861-80Sc)  and  closed  at  591 -583p  _ ... 


W...-I  81.60  i 81.00  181X0 
Salas:  800  (881 1 lots  or  4$  tonnes. 


FINANCIAL  TIMES 

~HovT  l ltiot-  iliMth  aio)Y"araao 
283,84-  ;28S.18  j 284X81  227X8 
(Bess:  July  1 1952—100) 
REUTERS 

Nov.  2 1 Mov.  l MthagolYaraao 

. 187 6X  IlSSB.C  j 1886.1  . 1B16X 

Mdd0YrS“" 


NEW  YORK.  November  2 Dominican  Republic.  Coffee  price* 
Precious  metals  continued  their  re-  exploded  to  the  upalda  as  abort 
covery  on  short-covering  and  on-  trade  .S?tor  ,intar?“t  ■nd  *flht 

bcHaf  that  the  IMF  refunding  bill  ^C«>££ 

would  pasa  in  the  congress  thereby  nominally, htahoTon  StwSLtion? 

was  moderately  lower  on  bwodo  ware.iimAdv  discounted  m hm  mamt at 
arbitrage  buying  which  Cotton  cloaed  basically  steady  reflect* 
provided  the  market  wrtfa  the  necea-  ing  continued  concern  about  tbs  con- 

on?£  bull -d,Uo!3  of  tha  ®°viet  crop  and  inoreaa- 
JiS?1*""  aJoc*  r*Porl  end  oh  »wong  ing  damage  to  the  U.S.  crop:  Sova- 
indicatfona  that  secondary  diatribe-  beans  ;er?d  grains  finished  hiuberaa 
atocka  are  not  being  replenished'  early'  strength.’  motivated  by  tha 

^a^ly ony. .ran;  .Itrainu-.  Joarad  heavy  abort-covering, 
-mporte-oi. -new— oeeb- -oHerMgs- -by- the—  reports  ■ Heinokf-  Commodities.  • 


Nov.  1 | Oct 


i ago  [Yaarago 


months  £967,  58.  56.50,  56.  55.  5*50. 

Cothodes:  cash  £911.  10.50,  11.  Three  WSMMcl 
months  £935.  34.50.  Kerb— Higher  i 

Grade:  Three  months  £956.  56.50.  57.  SILVER  - 
Afternoon:  Higher  grade:  Three  months  per  I 
£958.  57  50.  58.  57.  56.  56.50.  58.  Kerb  troy  ox.  I 
—Three  months:  £954.50.  54.  63.  52.50.  — — 1 


B80-884O.  The  physical  msricet  opened  slightly 

_ - • - - — | - higher,  attracted  little  Interest  th  rough - 

SILVER  • Bullion  + orf  LJWI.E.  1+  or  put  the  day  and  closed  quiet,  reported 


par  I fixing  — I pan.  — 
troy  oz.  j price  |Unofflc*l 


Lewie  and  Peer.  The  Kuala  Lumpur 
November  lob  price  for  RSS  No  1 was 
254.25  (256.00)  cents  a kg  and  for 


M’jsa  * B1-  6,“:  1ft— ""  Ifeil&ES  MACS  SMRao 


LONDON  OIL 
SPOT  PRICES 


I Latest  I*  or  — 

CRUDE  OIL— FOB  18  per  barrel) 

Arabian  Light j2B.na.2e.S0i  — 0.05 

Iranian  Light  127.86-27.BII  -0,08 

Arabian  Heavy  _....|8e.40-a6.sm  -O.M 
North  Sea  i Fortleei  g9.20-aB.4ffl  -O.ti 
North  8ao  iBrontl  ...,‘20.46-89„iH!i  —0.05 
Air  loan' Bonny  LT hi  '2 >.60-29.75:  -0.01 


PRODUCTS — North  West  Europe 

CIFI6  per  tonne) 

Premium  gasoline. -«85  300  I + 1.5 

Gaa  oil ,288-259  —1.0 

Heavy  fuel  oil .1171174 1 -t-0.5 


GOLD  MARKETS 

Gold  rose  S4J  an  ounce  from 
Tuesday's  close  in  the  London 
bullion  market  yesterday  to 
finish  at  £3811-382}.  The  metal 
opened  at  $3774-378,  its  low  for 
the  day  and  improved  steadily 
to  touch  a best  level  of  $383}- 
S384}.  Gold  reacted  to  its 
recent  sharp  fall,  with  gains  in 
early  New  York  trading  helping 
the  metal  recover  from  the  day's 
lows. 

In  Paris  the  12}  kilo  bar  was 
fixed  at  FFr  99.600  per  kilo 
(£383.87  per  ounce)  in  the  after- 
noon compared  with  FFr  99,750 
(5384.40)  in  the  morning  and 
FFr  99.800  (S389.27)  on  Tuesday 
afternoon. 

In  Frankfurt  the  12}  kilo  bar 
was  fixed  at  FFr  32,555  per  kilo 


Prices  began  the  day  around  SI  .00 
higher.  reflecting  a lower- than- 
expected  U.S.  itockbulld.  and  traded 
in  a narrow  range  throughout  the 
morning.  The  market  moved  ro  the 
high*  on  the  New  York  opening, 
attracting  trade  selling,  re  porta  Premier 
Man. 

GAS  OIL  FUTURES 

Month  +?  i 


| 2UX.  I 
per  tonne!  ' 

Nov 854-BO  ! + 1.88  354.0863.75 

Dec 366.00  I + 1JW  256.7B  -M.75 

Jen | 296.60  U-l.n.U 7X8-56.75 

Feb ! 265X5  +2.7S1W30-W.50 

Mar.... I 249X0  ( + 1 J62M.2B4g.50 

April ....  | 246.60  It- lxa|l47JRM8.50 

May I 244.00  |—O.50|  — 

June 244.00  -O.HM  — 

July— I Z43.125ij-1.l25l  _— 

Turnover:  1.930  (1X58)  Iota  of  100 
tonne*. 


32  000  tonnes  o “n-op  tiw 

' tonnes. 6 months. 6 16 XOp  -rwi  - j I I 

I aTrYK  14-01  pjtn  T+or  l§rnontlts643X5p  *M.r  — j No.  I ]Yest day’s!  prevtoti 

COPPER  I Official  | — Unofficial  — t LME  Silver  (2.000  ounce  contract )—  RAX.  ctoee  j close 

_ i — 1 Three  months:  6CS.8p  (587.5p).  Turn-  ’ 1 _ . . 

High  Gref e £ a £ £ over:  nil  (42)  lots.  ' £ per  tonne 

_ — __  „ — , Turnover  51  f«9)  lot*  of  10.000  aza.  P* 

98**1” :•■■■  SS2‘^?I+o«7  +5c  Morning:  Large  Contract  three  months 

LhSES*  ®f^s6  , + a-6  606.0.  07.0.  08  0.  08 A.  08.0.  09.0.  Small  iamjaa 

f ^ “ i~  2S!bnsS»o“-  mmSFm  JSSSiwSS  bks 

Cash B11-.6  U6.7&  S13.G4.5  +3JB  Sf'?’  rS-O  K^Th-  l»™  Oct -Dec1 637^39  £29-881 

3 month*  934.B-6+8J&  S36.6-S  .-M.75  SSS  mniShn  m S mn'lllT ' JanMchBBO-BBZ  rS44£46 

SetUem'tj  911.6  -+6.B;  - three  months  605.5.  03.0,  04X.  ApWne  MM67  1809X64 


Previous  I Business 


1024-9  .1026,8 1 1076.9  I 978.3 
(Base:  December  31  1974^100) 

DOW  JONES 


Spot  ilS4.M!  NA  '144.94)127X7 
Put's  1141X6  f NA  |1B1  A3]1B5.21 
(December  31  1831-100) 


...|  931-15  rhi-Tw  933^1  | + 3 
It  SI  964-.S  1+8.5;  9G6-.8  i + 3X 

2|  B31-8  |+7Ji  - i " 

...  911-.S  1*5.73  913.64.5  +3JS 

Ui  934.6-S+8J&  936.6 £ .+4.75 


Cathodes  I 

Cash 911-.8  1*5.73  913.64 

3 months!  934.6-S+SJHi  936.6- 
SetUem'U  911.6  ;+6^  — 

U.S.  pro'tf  — I — I *66-75 


I £ p'er  tonne  1 

Dec. 1 792-8 84  ,781-785  — 

Jan.  >...i787-795  ,780-790  — 

JanMflh! 790-791  -782-786  792-785 

ApLJne.  807-808  -801-802  809-798 


MEAT/FISH 


three  months  605.5.  03.0,  04.0. 


COCOA 


JlySe.pt  1876-882  872X70  | — 


MEAT  COMMISSION  — Average  fat- 
stock  prices  at  representative  markets. 
GB— Cattle  95.30c  par  kg  Iw  (+0.01). 
GB— Sheep  125.56p.  per  kg  eat  dew 
(—3.17).  GB— Pigs  76.03p  per  kp  Iw 
(—0X9), 

SMITUFIBLD  — Pence  per  pound. 


e-to,.  rt'  B*efi  Scotch  killed  aides  82.0  to  87X; 

Seles.  6Z  (30)  tots  of  15  tonnes.  U)rar  hindquarters  94.0  to  97.Q.  lore- 


TIN  After  a quiet  opening  futures  *S3S2S*  /buvsral  quertera  5BX  to  81  .D.  Veal:  Dutch  binds 

steadied  later  in  the  morning  end  held  nSS? nJ- tsTX;  *nd  *nd»  141X  to  144,0.  Lamb:  English 

Tin— Morning:  Standard  Cash  £8.600.  the  levels  through  to  a firm  closing  rw  1 ■ j ' Rn  rvi,  ™ 4rv,  1 amall  ®.0  to  84.0,  medium  68X  to 

8.596.  8.600.  Three  months  £8.700.  call  at  the  upper  end  ol  an  £18.00  62X.  heavy  66X  to  58,0;  Imported:  New 


8.695.  90.  85.  81.  80.  High  grade:  trading  range  raoorts  Gill  and  Dufiua. 
Three  months  £8,745,  SO,  25.  Kerb—  Yesterday's;  1 


Three  months  £8.745,  SO,  35.  Kart — 
Standard:  Three  months  £8,682,  85. 
Afternoon — Standard:  Three  months 
£8.690,  85.  81.  80.  High  grade:  Cash 


Yeete  may's: 

Close  + or  Business 

■ ! _ ! Done 

j£pertonne  1 ; 


Sobol-  Jan  moon  naJtM  a™al1  ®»  » medium  58X  to 

I9.00P).  Jan  BO.OOp  C7SJ0P).  (52X.  heavy  66X  to  58.0;  Imported;  New 

Zealand  PL  69.3  to  59X.  PX  56.5  to 
SOYABEAN  MEAL  S7.2.  Pmk:  English  under  100  lbs  39.8 

1 to  55.a  100-120  lbs  48.0  to  53X. 

The  market  opened  £2X0  higher  on  120-160  lbs  43.0  to  52X.  - ' 


trade  buying  re  porta  T.  G. 


COVBiT  GARDEN— -London:  Prices  for 


£8.730.  Three  months  £8.720.  Turnover:  D*c 1426-30  .4- 10.51 1433-16  Prices  remained  firm  on  fresh  buying  tha  bulk  of  psoduce.  In  atariing  per 


2.780  tonnes.  March- ; 1434-35  , + B.O  - 1438-31  closing  with  gains  of  £3J». 

May 1446-49  + 9.0  1448-38  ..  ..  . - - . 

A-™-.  ,+  or„  IMn-  '+  W July 1458-62  ! + 10. 5|  1460-48  YesMay'B,  + Of 

TIN  Official  ! — Unofficial  —f  Sept— 1468-70  + 6.5  <1470-64  «I0**  — 

...  ^ <—  Dec-.— 1485-90  +6.5  i 1484  

High  Grdo  £ £ £ ; £ March— : 1496-00  1— 1.0  I — £ 

Cash- 8740-5  +7J  ■ 8730-5  —711  Sales’  2.556  f3  2791  lout  nf  iri  per  tonne! 

3 months,  8720-5  :+ 10 1 8720^  +8  A ' °“  0 Dee IS2JB1 82.S4  +2 Jl 


($382-03  per  ounce)  against 
DM  32,085  (S377.01)  previously 
and  closed  at  $383-363}  from 
5377} -377}. 

In  Zorich  gold  dosed  at  $382- 
$385  from  S376-379. 

LONDON  FUTURES 

>Ye*f  rday’al  +or  Business 
Mofrtf1  | dose  — Done 

I 8 per  troy  J I 

! ounce  ! | 

Nov. j3B4.Da  B7.B0  + 6.0  : — 

Dee  •386.7n-ra.B»  +5.4O'5B0jo-M.rn 

Feb J 39 1X182.08  +5.B  392.00-89.60 

April 398 J#  98.90.  + 536  397,0080.90 

June ^O4XMtt.40+5£5:  — 

Aug -llOJa  im+5JBi  — 

j ! 

Tumavar:  838  (661)  lots  Cl  100  troy 
ounces. 


High  Grdo  £ £ £ : £ 

Cash- 6740-5  *15 1 8730-5  -19 

3 months,  8720-5  I-t-lO1  8720-5  :+B 

Sett  la  ml  8748  .+  6 : — I 

Standard. 

Cash. 8596-8  +20 . 8685-91  —4.5 

3 months’  8680-1  +IB.S  8680-1  +13 

Scttlem’t  8698  +20;  — 

Straits  eJ  :s30.02  +0.011  — 

lew  VorX'  I I 


lead  „„  _ 

, .......  covery  in  thin  volume  reports  Dretsl,  LONDON  DAILY  PRICE— Raw  sonar  ha  If -carton  3 -20-3.40,  Granny 

CaOKMBS Talo  82T1|n60  a2^K«rb-  Burn>^m  LemlMn:  A "»W  byColombia  £137.00  (£135.00)  a tonne  lor  Nov-lSc  f ^ .7-60^-20-  h"l|-“rTon 

^rae  months  '£282  60*  8&KL50  83  » reg.strat.ons  triggered  a sharp  shipment.  White  Sugar  £156.76  ?^P!l■.0<^,S?^knJn??,,  c*'™'1 . 88D-7 JO: 

inrae  iwntni  «■  advenes  in  New  York  whilst  In  London  (£152.00).  L“Uf?:  ? k0  Golden  Delicious  6.00. 

ran'  g35o  oS  n"taso  Kerb-’  ?dd'tit”val  B*ins  were  posted  during  a The  market  found  support  from  the  f.?£.,na  6a3:  ^“PBanan:  Red  Delicious 
momhsS;  cio^Tumo'y^  ^ pon.mle.jon  houmra  and  . Price,  !®  » Orttejou. 


Yeatday’a,  + or  I Bustriess 
close  | — ) Done 

per  tonne!  • 

Dec 182.00  8234  +2J91IU0 


package  except  where  otherwise  sutad- 
Im ported  produce:  Satoumas — S pants: 
2.40-3.40.  Oranges— Spania:  42/08/64/60 
6.50.  70/80/90  6XQ,  100/110/120  H.-SO; 
Outs  pan:  Valencia  La  tag  56  7.70,  72  7.70, 
88  7.60,  112  6.B0.  138  B.30.  150  5.30: 
Braailian:  Valencia  Latea  6-20-8.50: 


1MJHL89J6  +3J0 188JW-8MB  Uruguayan:  5.006.30.  Lomons-^tafiun: 


COFFEE 

After  a slightly  easier  opening,  trade  CIlfSAR 
and  dealer-  buying  encouraged  a ro- 


Dec-..  J 186  XLM.'M  +0JH8M0 

Sales:  "82  (<^4)  tots  of  TOO  tonnes." 


Cuban:  4.00-4.20;  Jaffa;  32  6X0.  36  6.00. 
40  6.20,  48  5X5.  66  6X5.  64  6.40.  carton 
Pink  8X0-6.50:  U.S.:  Ruby  9.60-10.80; 
Cyprus:  40/48  5X0.  56/B4  5.00.  Apples 
— French:  Golden  Delicious  carton 


18.12S  tonnes. 


aum.  1+  or.  p.m.  r+  or 
Official  — Unofficial  — t 


COFFEE  Y“Tdw,,i  * or,  Bualnees 
: Close  | - Done 


MOV- 1860-62  J+SX  j 1862-46 

January  ....  1668-89  [ + 7.0  1 1872- 66 


(£152.00).  *0  oowen  Delicious  6.00. 

The  market  found  support  from  the  « CL,ng  ®,S0:  t***2B*'J“:  J?*11  Delicious 
commission  houses  and  prices  18  approx  7.00:  U.S.  Red  Dellcioua 
Improved  some  £3X0  over  the  day  rtorT  J*S^14.».  Psora — 


before  profit-raking  pared  the  gains  “!*n:  Wniante  0.20-0X4.  G _ 

somewhat  at  the  dose,  reports  C.  Pound  loilla  0X5-0X4; 

Cxamikow.  'lal'a  0.30X.35.  Almerta 

0-18-0X2.  Napoleon  0J5-0X7.  Melons 

m-  e -J  » „ “Spanish:  10  kq  Green  3.00-4.00;  Galls 

Mn  Bu^rese  small  My  5.0DS.5O;  IsreeJi:  Galie  6X0- 
con-  dose  dose  done  7X0.  Bananas- -Colombian:  40  lb  boxes 
tr*ct  I 10.30-10.S0.  Avocado*  — Canary; 

£ MrtMUM  4.00;  Israeli:  4X0-4.2D:  U.S.:  4.50-4.80 

l per  tonne  Ptoaapptes— Each:  Ivory  Coast:  045- 

>ec |1« JE-aB^ST4WW-aflJHIS«XIM8,H  J'??.  *»P«  0X0-1  JO;  Brazilian*: 


Cosh 272J8-.I6+0J&,  273-J5  ;+2-J7  March— 1821-22  i + 4X  1822-10 

3 months'  282-.S  +0.57  283-4  '+2,76  May— 1782-83  i+4X  >1784-70 

Settlemt)  272.75  +JS  ■ — ■ •—  ”■  1 - - 


July— .1753-56  +6X  1755-44 


Gold  Bullion  (fine  ounce) 

Close .1836134 -382 JB  (£2 56 lg  867)  ,137714-378  (£252-3420514) 

Ooening .-...(837714-278  <£264-254Ift)  [3377  377 J,  (£252  Is  253) 

Morning  fixing *381.60  (C2S7.041)  S376  (£261.569) 

After  noon  fixing <3383  (£267.392)  18377.76  (£252.676) 


U-S-  Spot  — I — *25-9  I ......  Sept.  1733-34  j + 7.0  '1734-25  „ ™.  us>  4sub, 

Nov..:.™. ...  1701-11  I +3.0  1 1704-03  £ per  tonne  Plnsapples— Each:  Ivorv ‘cial'^o^: 

7|ki/+  »’rfa.nrtir^n r^^n-i Deo  —.  |148J5-a,!iili;i«CJN-MJs(l5aX0-48.H  J'Sl,  ^PSj,  0-50-1  JO;  Brazilian*.- 

q Zlno-Mcmlng:  Three  months  £591.  SKlS*  (1M.WK  idSTSLiffiaKS 

91.50  33^-Sa  94,  95.  Kart:  Three  (136.17).  Se lee:  4X62  (4J11)  lota  of  E0  toiinet.  Smyrna:  «*e  " 8 

months  £696.  95.60.  Afternoon:  Three  Tate  end  Lyle  delivery  price  for  — New  Zealand:  6 00-6  20  Toirunol^- 

months  £S95.  93.  S3.  92,  92.50.  93,  _____  granulated  basis  sugar  warn  £246X0  Spanish:  Tray  3X0-400-  CemlrS-^Siiv 

32  50-  32  Kerb;  Three  months  £593,  GRAINS  (£242X0)  a tonne  for  export.  Xxo:  Dutch:  *7 ray  3 90-4 

3Z  90.  83.  90.  91,  91.50.  Turnover  - T ..  IMematfooN  Sugar  Aoreem«m-(U.S.  S^.BOAu^ini 

«si,sffl£asB,,jsaffi 

zinc  o&  +-?Vowcw!+-f  StVSSKb 

rrr—rr  JST^SE  S-Teoi^'aD^sri#n:Ds 

C-Sh BB0.5-1x!+ajB77XXX+6X  2*  J™  1M-  COTTON  MS  ^^d 

3 months  605-  5 1 + 9 i 501.M.6 +M  22.30.  May  124. 40-24 JO,  Sept  untreded.  „ • ..  , 4.00-4.90;  Israeli;  Green  4X0.  YffitoS 

Setttom't)  581.6  +W'  — i HGCA— Locational  ex-farm  spot  prices-  UVBBPOOL— Spo«  and  shrpmeoi  *»!«»  4.00:  Spanish:  Green  3.00,  Red  3 JO 

PgSaCS:  ~ I '*48-7B  . Fded  wheat:  Eastern  1W.00.  £.  Midlwdi  » 418  tonnes.  Business  wee  Yellow  3.60.  CobbSSs  - DuSi:  Si 

120.40.  N.  East  121.60,  Scotland  120X0.  “ ertwaive  Imm  end  purchases  5.60.  White  TaSK  Soger  pexs?. 

..  barley;  E.  M.dlands  11B.W.  The  aPd  over  numeroua  qualroes.  Users  K«iyen:  Per  pomtl  AoTffl 

AA^nM™UM  Th  8.  S,n3flTO,^e,X^b5a rt  ZSTTSiSJSljrjPfji 

Three  months  £1.059,  60.  01,  81.50.  j — — a'mjinn:  _0ulch: 

Afternoon:  Three  months  £1X61  60.50,  MIMr  WOOL  FUTURES  Canity; 

60,  59.  58.50.  68.  39.  58.  57.  66.  Kerb:  lYestrdoys  + or  Yett*l«y*-+  or  r U I UntO  aXtW.»:  Greek:  £404.60.  Cotngenea 

Three  months  £1,055.  54,  65,  55  50.  66.  MnUlJ  dew  • — ( close  l _ SYDNEY  GREASY  WOOL— Close  (In  ~ "ranch.  Per  pound  0.35-0.40. 


krugrnd  3394  394ia 
is  Krg  ■203-203*4 

U Krg  •103>rl04H 

1«1D  Krug  IS42>4-43 
Mapleleaf  [1393i«-3B4H 
New  SOV  138944  90 if 
is  New  SovISM  544* 


Gold  Goins  Nov.  2 
(£264^4  -265 14)  [King  Bov 
t£136is-157j  Victoria  Sov 


(«69<i-70i 
(£28)1-291 
(£2644*  265) 
(£6014  6044) 
(£3614  3614) 


iFrench  ao, 
160  pesos  Max 
jlOOCor.  Aust 
320  Eagles 


392  la -94  (£62  631 

392)3-94  l£62-63i 

372le-74l4i  £48 >4  SO) 
14634GB  (£31114  31914) 
3371-376  (£24912-2624.) 
3640  660  (£363  36914) 


EUROPEAN  MARKETS 


ROTTERDAM.  November  2. 
Wheat — (U.S J per  tonne):  U.S.  Two 
Red  Winter  Nov  20/Dec  10  101.50.  Dec 
160.  Jan  161,  Feb  163.  March  164  50. 
U.S.  Northern  Spring  14  per  cent  pro- 
tein afloat  184.  Nov  188.  Dec  188.  Jan 
192,  Fab  1S3.  March  19*.  April/May  181. 
U.S.  Three  Amber  Durum  Nov  2W. 
NOV  20/Dbc  3D  204. 

Madre— (U.S.S  per  tonne):  U.S.  Three 
Yellow  afloat  181,  Nov  160,  Dec  160. 
Jan/March  Ito,  April/JunB  160  sellers. 
Argentine  Plate  afloat  170,  Nov  174 
sellers.  _ ^ „ 

SoyabB»»B— IU-SJS  per  tonne):  Two 
Yellow  Gulfports  Nov  325.75,  Dec 
328.50.  Jon  332.  Feb  335.70.  March  339, 
April  340.  May  340.90,  Oct  268.35,  Nov 
268.25,  Dec  272.  Jan  276  sellara. 


Argentine  afloat  320.50  sellers. 

Soyameal — ( U.S.S  par  tonne):  44  per 
cent  afloat  261,  Nov  2G6,  Dec  270.  Jon 
274.  Jan/March  277.  Aoril/Sept  268. 
Nov/March  1984  239  sellers.  Pallets 
Brazil  afloat  283,  Nov  289.  Dec  294  50. 
Jan  302.  Apnl/Sept  274.50  sellers,  alter 
afloat  cif  280  traded.  Pellets  Argentina 
afloat  273.  Nov  276.  Dec  280,  Jan  285. 
Jan/March  291.  July/Scpt  270  sellers. 

PARIS.  November  2. 
Coco*— (FFr  por  100  kg).  Oec  17Q3- 
1704.  March  1725-1730.  May  1747  bid. 
July  1)65  bid.  Sent  1785  bid.  Dec  1822 
bid,  March  1843  bid-  Sales  at  call:  1. 

Sugar— (FFr  par  tonne):  Dec  1920- 
1923,  March  2045-2047.  May  2120-2121, 
Aug  2205-2220,  Oct  2286-2300.  Dec 
2320-2340.  Salas  a«  call:  35. 


NEW  YORK  • - — ■; 

COCOA  TO  mutes,  S/tonnex 
I ~ Owe  High  uw  Pnv 

One  1886  1988  1942  19«Z 

March  2911  2014  '1971  TB71 

May  2034  2036  1998  2000 

Ally  2050  2069  2022  2039 

Sept  2094  — — ' 2060 

Dec  - 2995  2081  2081  2079 

Merah  2105  2105  2090  29 B2 

COPPHt  25,000  lb,  cam»/H> 

Close  High  Low'  Pnv 
Ntnr  • 82.05  — — 62X5 

Dec  62X5  63 JO  62X0  6Z.G0 

■ran  03  JO  — — duo 

^reh  M4S  86  JO  64.30  64X0 

May  65.66  86.46  66.70  65.75 

Jldy  66X5  67X5  67.19  87.00 

Sept  68  JO  88X6  68J0  69 JO 

Doe  70JS  71X0  70X0  70.35 

Jan  79X6  71 JO  71  JO  71.05 

flflnrch  72J5  73X0  72-66  7240 

COTTON  50X00  lb,  cawte/lb  . 

I Ooam  fflgh  LW  niv 

90X2  90.10  99X2 

March  81X9  81X8  81X6  81.70 

May  KLOO  82X0  82.00  82J5 

July  82X0  82XS  82.18  82X7 

Oct  76X5  78X9  78  JO  76.30 

Doc  74JW  74X7  74X0  74X0 

March  75.75  . — — 75X0 

COLD  100  troy  oz,  Vtrpy  oz 

~ Chrae  High  lew  Prev 

Mov  . 383.1  382J  381 X 378J 

Dec  39SX  386.7  382.5  380X 

F*  »n.7  393  0 398.7  397X 

ApiB  398.1  399X  385X  333X 

June  • 404.6  40SJ  401.5  3B9X 

Aug  411 J 4T1X  409 X 406X 

Aug  4TIJ  411 X 409.0  406X 

Oct  418  J.  4WX  417.0  413.4 

D^  «-4  424.5  423X  420.8 

Feb  391.7  383X  388.7  387X 

HEATING  OIL  42X00  UX.  gMtoMk 
cente/UX.  gallons  - • • • 

Z Orara  High  Ldw  P nv 

Deo  82X4  .82X0  81.70  — 

Jen  82X1  82X0  82X0  — 

Feb  82.63  82.70  B2J5  — 

March  80X1  80X0  80X5  — 

April  79  JS  79  JS  79.00  . 

May  77X6  77.70  77.BS ' — 

Jtete  76.46  7045  7SXS  — 

July  — — _ 

Aug  75;  00  . - — — ' 

Sept  75MQ  ~ 75.00  75X0  • — 

ORANGE  JUICE  15X09  lb,  onts/lb 
" ci»i  High  Craw  Prev  ’ 

Nov  130X0  130.00  129X0  128.75 

Jan  123  XS  123X0  123X0  123X0 

March  122X&  122X0  121.75-  121.70 

May  122X0  122X0  120.75  120X0 

July  129X0  120X0  120X5  120.15 

Sapt  120X0  — — 119X0 

Nov  118X0  . — — . 118X5 

Jan  114X0  — — TT4X5 

PLATINUM  60  ttoy  <*,  S/troy  oz 

~ Ctoee  High  Low  Pm 

Nov  381.6  — — 377 X 

Dee  383.6  38&.0  385.0  379X 

385X  388X  384.0  -381X 


WJGAR^WORUJ  " 11  ••  112.000  lb. 

- , ^ High  Low  Prev 

KtoUi  2^!  S-55  9jn 

March  8X  9X4  9.06  9.37 

“V  8^8  9X9  9X4  2Q 

July  . 9.78  1020  9.75  10X4 

SepT  -19X7  10X0  ..10.07  10X1 

Oct  ..  10X0  10.64  70.18  70X0 

wuuch  77X1  11X3  11X0  11X8 

CHICAGO 

UVE  CATTLE  40.000  (b,  cente/R) 

_ Close  High  Low  Pnnr 

m 52-70  30  6972 

p«b  69X5  60.05  59.50  89X7 

April  92.12  62J0  61.70  61X2 

■kMW  84.12  64X0  63X0  64X2 

Aug  82X0  63.16  82X0  83XS 

Q«  51X0  51X5  81X0  81X5 

UVE  HOGS  30,000  to,  cente/lb 

oZ  Low  n«v 

U00  47X5 

552  S-S  48-7z 

Jtraa  51X0  52.05  51.77  52.17 

hS  £5-22  6387  ^15 

Aur  53X2  53.47  53.02  53.10 

oSt  5Z-0S 

Dec  53.20  53X0  53.05  (US 

MAIZE  5X00  bti  min.  cant«/H6-)b  bushel 

Dec  wf!  JS5  l*w  Prwr 

•re®  *09  353X  349.0  348.0 

Sto?*  “S'®  3W.4  344X 

May  346.6  348.0  344X.  . 342J2 

M0-2  338>* 

*11-0  308X 

D*°  S9ZX  293.6  289X  2882 

PORK  BELLIES  38X00  lb,  cente/lb  

r,  2°**  ffio*'  low  Prev 

^i1.  62-20  81X5  82X2 

EtaC*  ff48  67 -90  62X0 

BUS  64.00  83X0  64X5 

aS?  SP*  64X5  64X7  64X0 

***9  62J0  83.15  62-70  62X7 

^A^ANS  BXOO  b„  rain, 

cants/B04h  bushel 

Nov  *««v  Prar 

jST  22-4  830-0  823X 

~t  9B3X  868.0  849X  84ZX 

S£5*  £*»  2S-2  MaL0  8S7J0 

ft79-2  882.0  -85BX  99DX 

a£  aani  22  2 8610  ' 

5JSL  ^2-°  «38X  — 

SET  22-  2®^  — 

5"  OBOX  893X  685X  — 

J*fl  700.4  700X  700X  — 

3QYABEAN  Meal  iqq  tong,  %/toa 

52?  ' - 5f*  239-0  234.0  233X 

Nb!«h  2410  2*6-0  2*4.9 

■to*  S S'?  242X  237X  3X5 

5IK  2S-5  238X  234-8 

2»-0  234.0  234X 

22?**  2*9-0  224.0  Z23LS 

3312  213-°  209.9  2UL0 

122-9  *»X  187X  ' 198X 

Si?  222-  1910  198.0  190X 

190X  190.0  199X  190X 


IS?  Si  SJ  SS  SI  SuvAran  on-  am  lb.  — 


JMy  397X  398X  396.0  394J2 

Oct  404.7  402X  402.0  <TO.7 

Jan  411 J — , - — 498.1 

SILVER  5.000  tioy  oa,  pente/troy  o* 


Three  meniha  £1.059.  60.  (II.  01.50.  uout 
Afternoon:  Three  months  £1X61  80.50, 

60.  59.  58.50.  58.  59.  58.  57.  56.  Kerb:  lYestrday'a  + or 

Three  months  £1.055.  54.  65,  55  50.  66,  Mnthj  clew  ; — 
55,  54.50.  Turnover;  23.775  tonnea.  i“. , — ■~~~~ 


Nov 

Clam 

High 

S82X 

883.0 

887.5 

Dec 

888.0 

8S3X 

878X 

873X 

S&&.S 

—TO 

’ __ 

March 

87  OX  • 

81 5X 

900.0 

886.1 

May 

925.7 

B2S.0 

B16X 

9tOX 

941 X 

94SX 

938.0 

928X 

B573 

982.0 

850.0 

541.7 

982.0 

990.0 

9B2X 

■tan 

990.2 

990.0 

990.0 

S742 

March 

1006.7 

— 

9B0X 

lYestrdoy*  + or  ,YosttJayB  + m 

! ; - cIm?  I “ 


■I-  ordor:  buyer.  aeHer.  buatoess).  Austro-  ® lb  8X0-11.00; 

;+0.8fi  Ha"  cents  per  kg.  Dec  557.0,  558 X,  Spanish M 1^  lb^3.0&XXQ.  Dateo— Packets 
-j.n  m 668.ixfi7n-  Uu*h  cTcn  cn  n cnn.  * 30  0.35-0X2.  Brazils-— Largo  washed 


ii22S  “S-]5  U6.B0  ; + 0.96  Han  cents  per  kg.  Dec  557.0,  568 X. 

or  Jga-jHJ  i-D.M  110X5  :+0Xfi  568.1 -567 X;  March  S75.0.  577 X.  577 X- 


luntinlmi  a-fll-  + or  p.m.  I — I 125,88  — Oia  122JB  i + oxn  577.0;  May  586 X 585.6.  587X-586Xi  5ftM8B  pBf  K>und  0.48  Walnuts— 

j Official  - ] Unofficial  MdyJ  128.70  -026,184.35  +0XB  July  59BX,  600  0..  WWafled:  0«  594X.  Ch'n»«:  P«r  t»und  0JS-CL33;  French 

» !*»  ss-jfarjtjtt-ss  ^•s&'ssss a 

monthj  10SB-.5 1+  « jI065.SX  ;+!.7S  SatoaMffl'  jNM^Mnk  *7-  “loSi  “mujuio  ^MOM-  ■; 

N^WG  ^136X0°  jJn  139  T*  ^ ^ 

triMMoi  Nov  I38-S0-  Jen  iM  iranjnip-  Dec  *09.  412.  412;  Jan  407,  411/411-  5'®?'  C*1**5™*  — Jersey:  Per  pound 

NICKEL  tahnB^l2BCJU? M?iLehrai»ni:01 liah_,Md  1L0:  413.  417.  416.  Way  418.  g jg***  Jl,!l.aB  P”  P°un^  0-20-0,22. 

mi  l i - , . . . ^ __  * j.  3.  Jan-March  128  East  Coast  <24.  423-422:  Aug  428,  440,  437:  Oct  fprot/t3~~°Litct,:  Par  pound  0.17-0.18.  ' 

Nickel— Momhig:  Cash  £3.128.  29.  J®*1?™-  French  Nov  148.  Dec  438,  4*2,  44Q-.  Dec  <43,  446,  untraded:  ^**w**9,“~por  pound  Cape,'  1 .BO- 
TH roe  months  £3.210.  05.  Afternoon:  1*7.a0  East  Coast  sellers.  Barley:  Jan  445.  448.  uniraAtd^lutorch  ^ Chilean:  1.60-1.80.  English  produce— 

32‘10‘j  wt*11  ThrB*  5’9”*h'f“*L,ob_fan‘Mflnth  ’ZS-SO  East  4S8,  untreded:  May  480,  468,  untreded^  *PPh»^Per  pound  Cox's  0.14-OXfl 

months  £3.205.  Turnover.  2,220  tonnes.  Const  sniipra.  Rest  unquoted.  Sales:  38.  Russet  0.1543 JO.  Son  tan  ai4X.1& 


**°T  PRICES — Chicago  -loose  iard 

Vnri?  (:?,,S2inS^~Par  P®UBd-  New 
TBric  tin  686X0600.00  (598.0D-802.00I 
cente  per  pound. 

suup#rb  0.10-ai4.  Brantley  ■ 
ai2x.18  Howgite  0,100,11.  Peocs— 
Conference 

S-SS’Jre  Bakere-" 

JSJf®'  Mwahroomo-LPer  pound  open 
0^;!?’  cloMd,  L0M-2D.  Lettuce— 

*“y  round  ixo-uo.  ■ WttMili 
Cca  2.00*2.20,  Iceberg  per 
Onhsns-rPer- 68  ib 
Cebh**0*— Pat  25  lb  Coltre 
140-2X0,  Primn  2.40-2.80.  Greene  — 
?J^reK*nt  Coimieh  3.00-3X0. 

UflCDhl  -4d»4.8tL 
Kent  4.50-6.00-  Cuoumbere  -1.80-240. 
Tometoee  —-  Hcthotise  12  rb  3X0-3.00. 
Celery— 3.00.  Beetroots— 28  ib  f.au  on,  ■ 


~ High  Low  P«v 

»■«  &.70  29X6  29X0 

39X0  29X0  2M2 

5-15  30 JS  29.65  23.45 

30'40  29-90  29X7 

30.45  30X9  2BJ6  29X0 

Auguet  29X5  X9.90 1 28X6  29 JO 

8»Pt  - SB  JO  28X7  28.12  ' Z7.7S 

Oct  28.60  26.80  29.10  28.19 

Dee  '38-20  _ a ffXO  25X0  . ja.75 

.WHEAT;  5X00  bu  -min,  c*ata/fiO-lh 
buefael  ■ ■■  ■->  . 

„ ‘ ".  . Close  High  Low  . Pros 
Dec  - 3 68.4  380X  366.D  35CLZ 

■fan*  • 370 J ' 371X  398j4  :387.6 

. 368.0  389X  367X  .387 X 

353.0  354X  3S2.0  -3S3X 

Sapt.  359X  - 361X- . 3SBJT  3SM 

Deo  370X  373.0  370X  mil 

Turnips— 58  -Ib  2x0-3.00.  Swedes  - 
28  Ib  1XCH  xa  CbpMoans— Greee  P«r 
pound  0X0-0.22.  Leeks  — Pur  pound 
0.20-0.2*.  Carrots  — 28  Ib  1.00-1  A 
Parsnip*-®  ib  2X0-3.00.  Sprout*- 
Per  pound  0.16X.18. 

. GRIMSBY  FISH— Supply  fair,  demited 
BOBd,  prices  at  ship's  side  (unpro- 
ctowd).  pet  stone:  shelf  cod  ffi-50; 
7X0,  codlings  £43)0-5X0:  large  hsddoe* 
fS-50,  medium  £4X0-6.60.  smell  £2X0- 
large  ptoice  £6.50-6.30,  medium 
€8.70-7-20,  . bear-  - -smell  £4.406  JK 
skinned  dogfish,  medium  E4X0j  leoW"'  ' 
mis. -large-  C8X0,  email  C7.60f  rtekfiah  - 
£2.80^50?  egithd  £2.766X0. 


^ markets 


j 


t 


a... 


J^1 


\^iA 


Financial  Times  Thursday  November  3 1983 


1 1 


CURRENCIES,  MONEY  and  CAPITAL  MARKETS 


FOREIGN  EXCHANGES 


akMiWMl 


FUTUI 


Background  support  for  soft  dollar 


Gilts  lose  ground 


The  dollar  had  a slightly  softer 
tone  tbrooghoat  yesterday’s 
fairly  thin  trading,  and  lost 
ground  when  the  Federal  Re- 
serve intervened  to  add  money 
market  reserves  in  New  York. 
Despite  the  softness  of  the  dollar 
It  remained  underpinned  by  the 
failure  of  Congress  to  raise  the 
U,S.  debt  ceiling.  This  is  setting 
back  the  Treasury  refunding 
programme.,  leading  to  delays 
in  auctions,  and  possibly  higher 
interest  rates  if  the  U.S.  authori- 
ties are  forced  to  bid  for  very 
large  sums  as  one  set  of  auctions 
merges  into  another  around  the 
end  of  the  month. 

In  addition  Ml  money  supply 
is  expected  to  rise  by  about  $lbn 
this  week,  and  to  continue  on  an 

upward  path  during  the  next 
month  or  so,  discouraging  any 
temptation  to  reduce  interest 
rates. 

Sterling  moved  in  line  with 
the  dollar,  losing  ground  to  other 
major  currencies. 

DOLLAR  — Trade -weighted 
Index  (Bank  of  England)  127-3 
against  122J»  six  mouths  ago.  The 
dollar  has  retreated  from  the 
peaks  touched  In  August  amid 
hopes  that  a sustained  fall  was 
Imminent,  following  better 
money  supply  figures  and  slight 
easing  of  interest  rates.  A,  large 
UJS.  Budget  deficit  is  likely  to 
restrain  the  fall  In  interest  rates 
and  the  dollar,  but  downward 


pressure  on  the  currency  will 
continue  due  to  the  substantial 
trade  deficit. 

The  dollar  fell  to  DM  2.6440 
from  DM  2.6930  against  the  D- 
marfc;  FFr  8.0425  from  FFr 
8.0775  against  the  French  franc; 
SwFr  2.15  from  SwFr  2J610  in 
terms  of  the  Swiss  franc;  and 
to  Y2S4.45  from  Y2S480. 

STERLING — Trading  range 
against  the  dollar  in  1983  is 
JL6235  to  14540.  October  average 
1.4977.  Trade-weighted  index 
83.7.  against  83.6  at  noon,  8&5 
In  the  morning,  84J.  at  the  pre- 
vious dose,  and  84£  six  mouths 
ago.  The  pound  has  tended  to 
move  with  the  dollar  recently 
although  a decline  sg«H»yf  Con- 
tinental enrendes  Is  probably 
welcomed.  It  ha<;  also  reacted  to 
Middle  East  tension  and  Its 
effect  at  oil  supplies,  highlight- 


ing the  pound’s  status  as  a petro- 
currency. 

Sterling  moved  within  a nar- 
row range  of  $L.4&10  to  $1.4900. 
It  opened  at  Sl.4820-1.4830,  and 
dosed  at  $1.4870-1.4880,  a rise 
of  10  points  on  the  day.  On  the 

other  hand  It  fell  to  DU  3.9350 
from  DM  3.9475:  FFr  1L96  from 
FFr  1&0050;  SwFr  330  from 
SwFr  3.2150;  and  Y349  from 
Y349.2S. 

D-MARK  — Trading  range 
against  the  dollar  in  1983  is 
2.731S  to  2J320.  October  average 
2.G023.  Trade  weighted  Index 
126.1  against  129.6  six  months 
ago.  The  D-mark  has  improved 
after  falling  to  its  lowest  level 

for  nearly  10  years  against  the 
dollar  In  August  As  UJ5.  money 
supply  figures  have  improved, 
attention  has  switched  to  German 
money  supply  growth  which  is 


EMS  EUROPEAN  CURRENCY  UNIT  RATES 


Belgian  Franc 

Danish  Krona  ... 
Gorman  D-Mark 
Franco  Franc  ... 
Dutch  Guilder  —. 

Irish  Punt 

Italian  Lira 


Currency  % change 

ECU  amounts  from  % change 
central  against  ECU  central  adjusted  for 

rates  November  2 rata  rfivergenca 

40.9008  453399  +231  +1.77 

8.14104  8.14705  +0.07  —0.47 

2J241B4  2JEB74  +0.75  +021 

I4MH  0 .87808  . +005  -029 

222595  2.53231  +025  -0.29 

072589  0.727091  - +0.19  -025 

140349  3372.12  - -2J2A  -2M 


Divergence 
Amt  % 


causing  some  concern 

The  dollar  was  fixed  at 
DU  2.6510  at  yesterday’s  fixing  in 
Frankfurt  up  from  DM  2.6477  on 
Tuesday.  There  was  no  inter- 
vention by  the  Bundesbank  at 
the  fixing  but  there  were  reports 
of  intervention  in  the  open 
market  Sterling  weakened  to 
DM  3.9360  from  DM  3.9550  and 
the  Swiss  franc  was  lower  at 
DM  1.2300  compared  with 
DM  L23Q3.  Within  the  EMS  the 
Belgian  franc  clipped  to  DM  402 
per  BFr  100  from  DM  4.9210. 

BELGIAN  FRANC  — Trading 
range  against  the  dollar  In  1962 
is  Stffl  to  45 AO.  October  aver- 
age 53.03.  Trade-weighted  Index 
96.5  against  94.6  six  nwUis  ago. 
The  Belgian  franc  has  come 
under  renewed  pressure  within 
the  EMS  as  the  dollar  Nv 
declined  from  the  peaks  touched  , 
two  months  ago.  More  recently: 
however  the  dollar  has  shown ; 
dens  of  further  upward  move- 
ment which  could  lead  to  re- 1 
newed  strains  within  the  EMS. 

The  Belgian  National  Bank 
spent  the  equivalent  of  BFr 
9-7bn  In  the_  week  ending  last 

week’s  "figure  of  BFr~  5bn.  **At 
yesterday’s  fixing,  the  dollar  was 
quoted  at  BFr  53.9075. 


Gilt  futures  lost  ground  in  the 
London  International  Financial 
Futures  Exchange  yesterday  but 
finished  above  the  day's  lows. 
This  followed  a better  perform- 
ance by  sterling  during  the  after- 
noon and  a firmer  trend  in  U.S. 
Treasury  bond  futures.  Earlier 
in  the  day  prices  had  eased  on  a 
weaker  cash  market  as  sterling 
recorded  losses  against  the 
dollar.  Early  selling  down  to 
108-06  from  an  opening  level  of 
108-22  in  the  December  contract 
tended  to  reflect  profit  taking, 
but  values  recovered  daring  the 
afternoon  with  the  December 
price  closing  at  108-18  compared 
with  Tuesday's  settlement  of  108- 
25. 

Three-month  sterling  deposit 
’ futures  finished  largely  un- 
changed from  Tuesday,  showing 
an  encouraging  resiliance 
despite  sterling’s  early  fall. 


LONDON 


THREE-MONTH 
points  of  100% 


EURODOLLAR 


Interest  tended  to  concentrate  on 
the  March  contract  with  the 
market  encouraged  to  move  Into 
longer  positions  on  growing 
hopes  of  a cut  in  UK  interest 
rates.  While  the  December 
delivery  price  stayed  at  90.80, 

unchanged  from  Tuesday,  the 

March  price  advanced  marginally 
to  90.53  from  90.52. 

Eoro-dollar  prices  were  a 

little  firmer  overall.  The 
December  price  opened  at  90.30, 
reflecting  late  Tuesday  levels  in 
the  U.S.  but  eased  back  slightly 
before  following  Chicago  In 
generally  quiet  trading  to  finish 
at  90.30  up  from  90.28  previ- 
ously. U.S.  markets  failed  to 
show  any  clear  trend  with 
uncertainty  generated  by  the 
current  delays  In  raising  the 
U.S.  debt  ceiling.  This  has 
introduced  the  possibility  of  a 
bunching  in  Federal  auctions 

CHICAGO 


U.S.  TREASURY  BONDS  (CBT)  8% 
SI 00.000  32nd*  of  100% 


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D«y* 

Nov  2 sprawl 

U.S.  1 .4810-1 .490 

Canada  12255-1237 
Nertlnd.  4.39*2-422*1 
Belgium  78.7OS0.10 
Danmark  14.16-14^2 


1.4810-1-4900  1.4870-1.4880  OJS-OJSe  die  -0.44  0.19-0 -24»ft* 

12255-1J37S  1.8330-1.8340  OJKc  pra-O.02  <0*  020  Ofi2-O.12di* 

Nertlnd.  4.39*2-422*!  420V-421*a  IVfc  pm  £40  3V3>i  pm 

Belgium  78.70-80.10  7925-7926  Be  pro-2  dfai  0.45  2-12  dis 

Danmark  14.16-1422  14.18-14.19  1 -2S-ZJ0ora  die  -1-50  EJ64 JOrfls 

Ireland  1 2630-1  .Z7D0  12665-1-2665  OJ3-OJOp  41*  -3.46  026-1  .IlkSs 

W.  Gor.  3.92-3 .36  3-93-334  IVr-lpf  pm  3J1  3V»pm 

Portugal  186-50-1883)0  18725-187.75  155-41 0C  <r>*  ->18-40  SSS-ltfOriis  ■ 


Spain 

Italy 

Norway 

Franca 

Suradan 

Japan 

Austria 

Switz. 


22725-228-50  227.70-227 JO  20O-Z36c  cBs  -11-46  690-76S<fla  - 


2284-2287  2287-2289  MV1S>,  (ten  die  -7.79  47-48  di* 

V lOJTVtl-tBS  11.00-11.01  3.65-4 JOora  <Bs  -423  10.75-11-508 

‘ 11J5-12W2  TtJSVn-O*1*  ZV3*<C  dis  -421  WVWtflis  • 

in  11J4V1121  T1.fi8VTl.a71*  2V3*>ara  «fl*  —229  7V*<fis 

347V350*i  34BV0484  0 200  JOy  pm  222  225-2.40  pm 

a Z7.62-27.77  27.70-27.75  SV6%0«>  P«*  327  22V18*.  pm 

3.1SWU11*  3.19V3201*  1V1\e  pm  - 8.09  4V3>  pm 

Belgian  rata  is  for  convortiMs  francs.  Financial  franc  80-85-80-95. 
Six-month  forward  dollar  0 26-0_4tc  dis,  12-month  0.73-0-83c  dis. 


Danmark  82250-92580  92275-8232G  0-60-1. lOora  dis  -1.07  220-2J0«fie  -1.11 

W-  Gar.  2.6420-2.8545  2.6435-22445  02£028pf  pm  4.10  2.87-222  pm  420 

Portugal  12520-12620  12520-126.10  110470c  «s  -18.08  360-760dis  -17.62 

Spain  153.00-16326  153.00-153.10  14O-170C  dim  —12.13  4GO-fi20dla  -12.66 

Italy  1.605-1210*1  1205V1206**  9V10V.  Era  dis  -726  30V-31  dis  -7.61 

Norway  72000-7.4130  7-4025-7207S  225-2. Kara  dis  -3.89  8JD-6.6Ddls  -328 

Franca  82350-82800  62400-82450  1.XM  25c  dte  -2.64  6.6O620dfs  -325 

Sweden  72600-72530  725O0-7.HSSO  1J0-1.60oro  (Ha  -229  32S-4.05dis  -2.01 


an  23425-23425  234.40-23420  OB0-O24y  pm  320  223-128  pm  322 

itrla  18.60-18.68  1B.60-18.51  S2O2.40gra  pm  3.67  17-15  pm  3.43 

Hz.  2.1465-2.1560  2.14852.1506  1.15-1.106  pm  627  3 06-3.03  pan  5.67 

1 UK  and  Ireland  am  quoted  in  U.S.  currency.  Forward  premiums  and 
discounts  apply  to  tha  U.S.  dollar  and  not  to  tha  Individual  currency. 
Belgian  rate  is  lor  convertible  francs.  Financial  franc  54.35-54.40. 


EXCHANGE  CROSS  RATES 


Class  High  Low  Prav 
Dec  0.4682  02682  02670  02663 
March  — — — 02719 

June  0.4807  — — 0.4784 

Volume  149  (6) 

Previous  day's  open  int  104  (103) 
JAPANESE  YEN  V122m  % par  Y100 
Close  High  Low 

Dec  0.4281  0.4281  0.4279  02279 

March  0.4342  — — 02314 

June  0.4351  — — 02349 

Volume  1 (15) 

Previous  day's  open  bit  153  (158) 


Latest  High  Low  Prev 
GNMA  (CBT)  8%  f 100.000  32nd*  of 
100% 

Dec  88-18  68-24  88-13  68-17 

March  87-21  67-27  67-17  67-21 

Juna  66-26  67-00  66-28  66-27 

Sept  66-04  66-09  . 66-04  66-05 

Doc  66-18  66-23  65-17  65-19 


CONTRACTS  AND  TENDERS 


GOVERNMENT  OF  ABU  DHABI 

ABU  DHABI  SEWERAGE  PROJECTS  COMMITTEE 
ABU  DHAB4  SEWERAGE  SCHEME 
INVITATION  FOR  CONTRACTORS  TO  PREQUALIFY  FOR 
OPERATION  AND  MAINTENANCE  OF 
SEWERAGE  TREATMENT  PLANT  AND  MAIN 
PUMPING  STATION 

Specialised  Contractors  in  the  operation  and  maintenance  of 
Sewerage  Pumping  Stations,  Pipelines  and  Sewage  Treatment  Plant 
are  invited  to  apply  for  Prequalification  to  tender  for  a proposed 
contract  to  operate  and  maintain  major  sewerage  facilities  in  the 
Emirate  of  Abu  Dhabi. 

The  Works  generally  involve: 

(1)  A conventional  two-stage  activated  sludge  plant,  utilising 
surface  aerators,  followed  by  rapid  gravity  sand  filters  for 
the  polishing  of  effluent  to  a standard  of  10  ppm  BOD  and 
10  ppm  SS.  All  effluent  is  reused  after  chlorination  for  irrigation. 
Sludge  treatment  is  by  anaerobic  digestion  followed  by  drying 
in  beds.  The  present  capacity  of  the  Sewage  Treatment  Plant  b 
104.250  m3/day  DWF  with  a peaking  factor  of  2.6.  Proposals 
are  in  hand  to  duplicate  the  works. 

(2)  10  main  lift  and  forwarding  pumping  stations  of  both  centrifugal 
and  screw-type  pumps  of  capacity  up  to  X500  1/sec  Ultimately 
this  figure  could  increase  to  5.000  I /sec. 

(3)  Diesel  generation  and  high  voltage  switchgear  to  the  Sewage 
Treatment  Plant  and  two  of  the  major  pumping  stations. 

(4)  PSA  oxygen  generation  and  injection  plant. 

(5)  Approximately  !55  km  of  glass  reinforced  plastic  pressure 
pipelines  in  diameter  from  450  mm  to  1300  mm. 

Interested  and  experienced  contractors  should  apply  immediately 
in  writing  to  the  Government's  Consultant,  John  Taylor  & Sons, 
PO  Box  2774,  Abu  Dhabi.  United  Arab  Emirates,  Telex  22452 
TAYLAD  EM,  or  John  Taylor  & Sons,  Artillery  House,  Artillery 
Row,  Westminster.  London  SW1P  1RY.  Telex  918873  TAYLOR  G, 
for  prequalification  questionnaires. 

Closing  date  for  submission  of  questionnaire  is  30th  November  1983. 


(Pound  9t!  rang)  1LS.  Dollar  J D«etsch*in'k|  JapsasesYen  French  Franc  Swiss  Franc  j Dutch  Guild  | Italian  Urn  jCsnsda  Dollar 


Pound  Sterling 
U.S.  Dollar 


Deutschemark 
Japanese  Yen  3,000 


French  Franc  lO 
Swiss  Franc 


Dutch  Guilder  _ 
talian  Lira  1,000 


Canadian  Dollar 
Belgian  Franc  100 


MONEY  MARKETS 


London  extremely  quiet 


UK  clearing:  bank  base 
lending  rate  9 per  cent 
(since  October  4 and  5) 

The  London  money  market 
was  very  quiet  yesterday,  with 
interest  rates  unchanged,  and 
turnover  at  an  extremely  low 
leveL 

Tbe  Bank  of  England  forecast  ; 
a money  market  shortage  of 
£50m.  but  later  revised  tills  to 
£100m,  and  provided  total  assist- 
ance of  £107m. 

Bills  maturing  in  official 
bands,  repayment  of  late  assist- 
ance and  a take-up  of  Treasury 
bills  from  Friday's  tender 
drained  £171  m.  and  a rise  in  the 
note  circulation,  another  £S8m. 
These  factors  were  almost 
balanced  by  Exchequer  trans- 
actions adding  £167m  to 
liquidity,  and  bank  balances 
above  target  of  £50m. 

Before  lunch  the  authorities 
bought  £64m  bank  bills  in 
band  2 (15-33  days)  at  9 per  cent. 

In  the  afternoon  -another  £43m 
bills  were  purchased  by  way  of 
£25m  bank  bills  in  band  2 at 
9 per  cent;  £2m  bank  bills  in 
band  3 (34-63  days)  at  Stf  per 
cent;  and  £l6m  bask  bills  in 
band  4 (64-91  days)  at  S{  per 
cent 

In  New  York  the  Federal 
Reserve  added  Slbn  of  liquidity 
to  tbe  banking  system  through 
repurchase  agreements  for 


INTEREST  RATES 


customer  account  when  Federal 
funds  were  trading  at  9&  per 
cent 

In  Paris  the  interest  rate  on 
French  six-month  Treasury  bills 
fell  to  11  57/64  per  cent  from 
12  17/64  per  cent  when  the. 
Bank  of  France  sold  FFr  L56tm 
worth  of  bills  by  auction. 

In  Frankfurt  call  money 

LONDON  MONEY  RATES 


touched  5.60  per  cent  in  very 
nervous  trading,  as  banks  bid 
strongly  for  funds  following  the 
news  that  the  Bundesbank  and 
commercial  banks  had  taken 
steps  to  rescue  a large  private 
German  bank,  Schroeder, 
Muenchmeyer,  Bengst  Tbe 
announcement  came  as  a shock 
to  the  market,  bnt  the  Bundes- 
bank was  not  semi  to  Intervene. 


On  Tuesday  call  money  was 
around  5.50-5.55  per  cent. 

In  Amsterdam  the  Dutch  cen- 
tral bank  allocated  £L3.864bn  to 
the  money  market  in  the  form  of 
a special  advance,  against  as 
interest  rate  of  5i  per  cent.  The 
advance  is  effective  from  today, 
and  will  last  until  November  17. 
Allocations  were  made  In  folk 


starling  I Local  | Local  AuthJ 

Certificate  Interbank , Authority  inegotiable 
of  deposit  l deposits  Bonds  I 


Finance  (Discount  I 

House  Company!  Market  ITT 
Deposits  Deposits  j Deposits  E 


Eligible 
reasury  Bank 
Bills*  Bills  * 


Overnights. — 

£days  notice — — 

7 days  or — 

7 days  notice  - — . 

One  month...... 

Two  months — 9i*4*4 

Three  months.  9*4  ++ 
Six  months. — j £**  ■f>nr 
Nine  months^..  9*  9*S 

One  year 1 9*i  9fir 

Two  years — 


9-0 1„ 
91a 
_ 9U 

T* 

iS&. 


— gis-au  aig-sia  — — 

— BUJS*  — — — 

— — 9-BIg  — — 

9*  9A4ISs  9 9*J-9tV  »j5r 

0*4  0*t  9 8fl  OH 

B>8  968  « 87a  8B 

91*  - — — 8JHJ7B 


ECGO  Fixed  Rota  Export  Scheme  IV.  Average  rate  forlnterast  period  October  5 to  November  • 1983  (inclusive) 
4M1  per  cent. 

Local  authorities  and  finance  booses  seven  days’  notice,  others  seven  days  fixed.  Long-term  local  authority  mortgage 
rates  nominally  three  years  10*  per  cent;  four  years  11  per  cent;  five  years  11  per  cent.  * Bank  bill  rates  in 
table  are  buying  rates  for  prime  paper.  Buying  rates  tor  four  months’  bank  bills  &*■  per  cent:  four  months*  trade  bills 
S*a  par  cent. 

Approximate  selling  rate  for  one-month  Treasury  bills  9 per  cent;  two  months  BVB^u  per  cent:  three  months  BVjFV 
per  cent.  Approximate  selling  rats  tor  one-month  bank  bills  9 per  cent;  two  months  8*V*-8**»  per  cent  and  three  months 
8r,  per  carte  irsda  bills  one  month  par  cem;  two  months  9**n  per  cent  and  three  months  9\r  par  cam. 

Finance  House  Bass  Rats  (published  by  the  Finance  Houses  Association):  10  per  cent  from  November  1 1983.  tendon 
and  Scottish  Clearing  Bank  Rates  lor  tending;  9 per.  cent,  tendon  Deposit  Rates  tor  sums  si  seven  days’  notice:  5*j  per 
cent. 

Treasury  Bills:  Average  zander  rasas  of  discount  8-8307  per  cent.  Certificates  of  Tax  Deposit  (Series  6).  Deposits 
of  £100,000  and  over  held  under  one  month  9*i  per  cent:  one-three  months  3\  per  cent:  three-months  S’*  per  cent; 
six-12  months  10  par  cent.  Under  £100,000  S*.  per  cent  from  October  8.  Deposits  held  under  Series  +5  10  per  cent. 
The  rate  for  ell  deposits  withdrawn  for  cash  8 per  cent. 


EURO-CURRENCY  INTEREST  RATES 
(Market  closing  rates) 


Sterling 1 

U.S.  Dollar.... 
Can.  Dollar...! 
D.  Guilder.  ...i 

S.  Franc..—  -j 

DeutschmTK; 
Fr’nch  Franoi 
Italian  Lira...] 
Belg.  Franc..] 

Cortv — ; 

fin ....| 

Yon  - - J 

D.  Krone.  .. 
Asia  6 (Sing.) 


Shcrt 
term 

“Bri-O.-lr 

fiU-SLj 

eiE-fl 

17a.fi 
Sr*®* 
Ufa  1*i  e 
15*4-16*4 

8»t  9 
ELB'a 
6,i&* 
301.-11 
Qlp-«to 


I 7 days  i 

■ notice  ! Month 

I 0A-*A  ©rit-SL, 

I gSs-BhS 
sit-9  Mfi 
S’®'6 

2U*  So  3 re-31* 

Sfc-Ot * 

S17a-121* 
1 16-17  1 lBSa-nig 


Bli-B 
I 8VB 
I 6t$j  Bnr 
i 10-11 
1 B la-35* 


8 ia-8 
Si, .8 

11-1194 

flij-BJe 


Three  Six 
Months  • Months 
"giaSs*  •g*j-®Ja 
sse-ate  git-io 
Bft-Brfc  83S-85S 
6>|(l4  614-648 

ail 

17!fl.l7Sfi  1734-18J4 

9U-S3c  IHS'10 
95*45*  I 85*10 

111*  1 IT*  11  >4-1134 


One 

Year 

956-878 

6Ib-6>4. 
1458.14% 
18i*.  187g 

10-101* 

10-101* 

61*-65g 

11-11>8 

10A-1OA- 


MONEY  RATES 

NEW  YORK 

Prime  rata  11 

Fed  funds  (lunch -time)...  9*j 
Treasury  bills  (13-weelc)  827 
Treasury  bills  (28-weak)  8.69 


With  the  new 
floating  Australian  dollar 
exchange  rate^ 
you  can  rdy  on  the 
professional  expertise  of  die 
market  leaders. 


GERMANY 

Lombard  

Overnight  rats  ...... 

One  month 
Three  months  .. — ... 
Six  months  - — -... 


......  5.5 

5.6S 

5.6S 

......  6.15 

6JD 


FT  LONDON  INTERBANK  FIXING 

<11.00  a-m.  MOVEMBER  2 

3 month  LLS.  doBars  j 6 month  UA  doilara 


bid  81116 


Offer  B wns 


bid  9 n/16 


offer  8 IGilB 


The  fixing  rates  are  the  sncbmeile  means,  rocnxfed  to  the  nearest  one- 
Bfxnomh,  oi  the  Wd  and  offered  rates  tor  SlDm  quoted  by  the  market  to  five 
reference  banks  at  11  •»  each  working  day.  Tbe  banks  am  National  Westminster 
Bank,  Bank  o»  Tokyo,  Deuucb*  Bank.  Bmnqus  Nstloasls  da  Paris  snd  Moigsa 
Gusraoty  Trust 


FIANCE 

Intervention  rats  .........  12J& 

Overnight  rats  — 1Z-2S 

One  month  .........  12.1875 

Thrge  months  12.25 

Six  months  122375 

JAPAN 

Discount  rate  — • 5-0 

Celt  (unconditional) 6-15625 

Bill  discount  (3-month)  624375 

SWITZERLAND 

Discount  rata  — 4 

Overnight  rate  iWr 

One  month  3W*s 

Three  months - 44 -41* 


NETHERLANDS 

Discount  rate 5 

Overnight  rate  SV5V 

One  month  - 5uu-5*5i* 

Three  months  6*u*6*ti. 

Six  months  6**-6S 

5 CBtTfflCATB  OF  DEPOSIT 

One  month  829-920 

Throe  months  9.46-9.55 

Six  months  mm...  9.BO-B.79 

One  year - 920-10.00 

LONG  TERM  EURO  S 

Two  years  - 

Three  years 11V11** 

Four  years  11W 

five  years  11V121* 

SDR  UNKED  DEPOSITS 

One  month  8VS7* 

Three  months 8**u-Bi» 

Six  months  8V9i* 

One  yaar  9*u-SSi 

ECU  LINKED  DEPOSITS 

One  month  8T^-2uu 

Three  months 

Six  months  O**-®1* 

One  year 97u-9u>* 


ASM 


BANK 


AUSTRALIA  AND  NEW  ZEALAND 
BANKING  £3«OUP  LIMITED 

{IncornoraiedsiiniiiTvied  lubiih  >ninfSweof  veav'i  AushiJ! 

55  Gracechurch  Street,  London  EC3V0BN 

/nte/bank  Dealers  (7J-6C3  9123  Telex  8871 1 1 

Corporate  Dealers  01-621  1275 

Australasian  Dealers  01-621  1475  Telex  885441 


PR^W1Y2f 


Street  Grcsv6riorSq6are:. ' 
W1Y2E^§;yv4l  408^^5;; 


Financial  Times  Thursday  November  3 19B3 


INTERNATIONAL  CAPITAL  MARKETS 


66,  rue  de  la  Victoire.  PARIS  ■ FRANCE 


Credit  Industriel  et  Commercial 
and  consolidated  subsidiaries  and  affiliates 


3 . CONSOLIDATED  BALANCE  SHEET 
AS  OF  DECEMBER  31,  1982 

ASSETS  (In  thousands  of  dollars] 

Cash,  balances  with  central  banks,  government  depositories  736,889 

Banka  and  financial  intlUulioas  5,466.500 

Treasury  and  other  bills  purchased  firm  or  under  agreements 

to  resell” 3,824,622 

Loans*,  discount-  and  overdrafts 12.580,207 

Accrued  interest  and  other  aaaeto  2,713.749 

Marketable  securities,  at  coot 142.6^2 

Investments  in  non  consolidated  companies  186,523 

Equity  in  net  assets  of  companies  consolidated  under  the 

equity  method 26,298 

Properly  and  equipment,  less  accumulated  depreciation  ...  306.905 

Total  28,988,308 

LIABILITIES  AND  STOCKHOLDERS’  EQUITY 
Central  banks,  government  depositaries,  banks  and  financial 

institutions  5,121,637 

H Securities  and  bills  sold  firm  or  under  repurchase  agreements  1,892,413 

t)  Deposits  by  customers 14.661.985 

1 Accrued  charges  and  other  liabilities 2,351  i69 

| Long  term  debt  

(j  Allowance  Tor  loan  and  other  losses 496,774 

E Goodwill,  net 4,760 

n Non  group  interest 309.870 

| Capital  stock  85,047 

I Retained  earniogs  and  revaluation  surplus  : 236,031 

g Translation  sdj  oat  me  nt 7.701 

Consolidated  net  income  33,402 

Total  stockholders'  equity 362,181 

Total  liabilities  and  stockholders'  equity 25,988,305 


11  . CONSOLIDATED  STATEMENT 
OF  INCOME  AS  OF  DECEMBER  31,  1982 

CURRENT  OPERATIONS  (In  thousands  of  dollars] 

Banking  revenue 3.161.322 

Banking  expenses  [1, 904 ,724] 

Net  revenue  from  banking  operations 1,256,598 

Interest  and  dividends  from  securities 16,459 

Other  revenues 9.581 


Total 

Salaries,  wages  and  employee  benefits 

Interest  on  long  term  debt 

Depreciation , provisions  and  other  operating  expenses 
Gain  on  translation 


Total 

Income  from  current  opera  lions  

Income  taxes  

Equity  in  net  Income  of  companies  consolidated  under  the 

equity  method  

Non  group  interest 

Net  income  before  security  transactions  and  extraordinary 

item 

Extraordinary  item : use  of  prior  period  tax  Uwaes 

Net  income  before  security  transactions  after  extraor- 
dinary item  

SECURITY  AND  RELATED  TRANSACTIONS 

Profits  less  losses  on  sale  of  assets  

Provision  for  impairment  of  securities  

Gains  lew  losses  of  interest 


1,282,638 

(632,674) 

(93.787 

(423.090] 

(1.149.651] 

133,087 

(78,262] 

3,333 

(31,061) 


Total 

Income  taxes  

Non  group  interest 

Net  income  from  security  and  related  transactions 

NET  INCOME 


CREDIT  INDUSTRIEL  ET  COMMERCIAL 
LONDON  BRANCH 
74  London  wall,  London  EC  2M  5NE 


FT  INTERNATIONAL  BOND  SERVICE 


The  list  shows  the  200  latest  international  bond  issues  for  which  an  adequate  secondary  market  exists.  For 
further  details  of  these  or  other  bonds  see  the  complete  list  of  Eurobond  prices  which  is  published  monthly.  The 
following  are  closing  prices  for  November  2. 


0anDnuteABS3 

lDOt 

IK 

102% 

40% 

0 

509 

Horn  Pan  8%  81 

loot 

103 

103% 

40% 

40% 

5.58 

Sarttnm  Henrtatf  6 91 

IDpt 

99%  108% 

40% 

-0% 

LOO 

Summit)  Mad  tad  s 9! 

loot 

in 

108% 

40% 

-0% 

5.SS 

T*ioBkIW5%91  Z! 

loot 

101 

10 1% 

-0% 

-0% 

6.17 

Trine  00,8%  93 

loot 

98% 

08% 

40% 

-2% 

6J3 

World  Bank  5%  83 

inert 

90% 

81% 

-7% 

-7% 

604 

U.S.  DOUR  Ortpx  on 

SmUCMTS  blind  BM  Off*  day  ire* 

Ann  0<  S Tn  10%  SI 100  94%  949*1  0 -OVi 

talk  ai  Tokyo  11 90 100  5Wi  35*,  0 uv< 

Bmuk  Cri  Hyd  I0V«  88  200  97%  07%  8Vi  -r«% 

Britwl  Fm  1 P/a  90 12S  180%  1DD%  -B%  -0% 

C.C  C.E.  I Pi  97 TOO  93%  84%  0 -04k 

C.EC.E.1Z%95 75  99V.  93%  40%  40% 

Can  Imp  Hk  Com  1 1 90 75  92%  93%  -0%  40% 

Otkoip  0'S  1D%  SO 100  93%  93%  -0%  +0% 

OutmpO/S  11%  90 IDO  97%  98%  8 40% 

Cara  Cob  Inr  3%  92  100  91%  !2%  D -.6% 

Oed Simm SAM  10%  90......  150t  98%  98%  -0%  B 

Don  Norsk  Cred  1 > % 93 50  B3Va  93V.  0 -0% 

Du  Pom  11%  95 150  99%  99%  -41%  -0% 

E.C.5.C.  1 1 % 90 75  99%  100%  -0%  ,4% 

E.0C.  11%  87 100  100%  101%  0 +0% 

LDf  11%  93 IDO  93  93  % 0 -0% 

U.C.J187 350  98%  M%  -0%  -9% 

LI.B.  10%  93 200  92%  B3  -8%  8 

£.<4.1181 125  95  % 98  4 0%  40% 

LI.B.  11%  93 150  98  98%  0 0 

Bacnohn  10%  90 50  91%  92%  0 0 

Enured  Fin  11%  93 100  98%  98%  -0%  *0% 

Fup  lm  Ra  10%  90 lOOf  93%  94%  0 B 

Gan  Bw  Credit  9%  91 100  91%  92%  0 0 

GMAC  0/S  Rn  10%  90 200  97  % 97%  -0%  -4% 

GMAC  0/S  Fta  11%  90 100  99%  99%  -fl%  -0% 

Honeywell  Ini  10%  90 100  97%  98%  -0%  -0% 

Indun  Bt  Japan  10%  88 100  9 7%  97%  • 0V,  . ov« 

Japan  An  Linn  10%  98 — _ 42  92  % 93%  -0%  -8% 

JapanAir  lima  II  93  75  95%  98%  -B%  -OVj 

J.C.  Penny  11%  90  100  100%  100%  ~9%  -0% 

J.  P.  Morgan  1 1%  90  WW 150  97Va  98%  0 -0% 

Icui  Strains  Im  1 1 9Q 75  98%  97%  Q 0 

LT.C.B.  10%  90 100  93%  94%  0 -‘-8% 

LT  C B.  12%  90  - 85  102%  102% 

MerriX  Lynch  10%  90 700  94%  95%  0 -8<re 

Mtertisfci  Carp  10%  90 100  94  94%  0 8 

Mitsobidi  Fin  11%  90 100  96%  98%  ->-0%  -0% 

Nippon  Credit  1 1 90 100  94%  95%  0 -6% 

DAB.  10  91.... 100  90%  91  -4%  0 

Ontario  Hydra  10%  90 250  94%  94%  0 0 

Omaha  Hydra  1 1%  90  200  100%  101  4 0%  -4% 

Pacific  Gas  I Bae  12  91  75  1B2  102%  +8%  -6% 

Prudential  0/S  10%  93  100  95%  96%  x0%  -41% 

Prudential  0/S  12%  87 ISO  104%  105%  0 +0% 

SaskMdxwm  Pr  10%  90 125  98%  97  V.  -0%  *BV. 

Seara  0 'S  fin  11%  93 150  98%  98%  0 -0*5 

S N.C.F.  11%  B3  100  97%  97%  0 T0% 

SA  Cal  Ham  10%  90  75  98%  97%  -0%  0 

SuMonaRn  10%  90 100  94%  94%  -4%  -0% 

Terms  Capital  3%  90  150  92  % 93%  -0%  -0% 

U.BS.10BB 100  98%  99  0 -41% 

U.B.S.1I89.  150  100%  181%  0 -0% 

World  Bank  10%  SB ISO  98%  97%  +0%  +OV» 


Yitarid  Bank  11%  88 

Worid  Bank  11%  00 

World  tail  12  93 

ft>.  price  si* 

OElfTSOS  UABX 
STRAIGHTS 

Air  Canada  7%  03 

ANAS.  8%  88 

Arab  Banking  Carp  8 88  ...— 

Austria,  Hep  7%  B9 

Austria.  Bap  8 93 

Avon  kn  fin  7%  S3 

Baatrka  Foods  7%  93 

B.F.C.L  8%  90 

Comp  Tel  Nac  Ejp  8%  93 
Drasdner  Fntanra  4 90  WW ._ 

Drasdmi  finance  4 ft)  XW 

E.C  S.C  8 90 

E.LC.8%  93 

EJ  a 8 33 

Eurofiaa  7%  3B 

Finland  Rap  7%  88 

lot  Standard  Be  7%  S3  

inland  8%  81 

Japan  Da»  Bart  7%  80 

Kobe  Cny  7 93  

LT.C8-  8 SO 

Ranauk  Acceptance  B 90 

S O R France  7%B3 

S*  African  Tran  8%  90 

World  Bart  7%  90 

World  Bank  7%  89 

A*,  fares  da 


SWISS  FRANC 
STIUHITS 

Bank  a I Tokyo  8 91 

Bergen.  Cay  d 5%  95 

Denmark  8%  9) 

E D C.  5%  91  

LD.C  8 93  

EutopatM  B%  33 

Ez-ha  Bk  Japan  5%  91 - 

lad  Fiinl  Finland  6%  91  . ... 

InhAn  Bev  Bk  6 63 

InsAn  DavBk  6%  93 

Japan  Dev  8mk  5%  S3 

Kami  Be  Poemr  8 9 1 

Kawasaki  Stab  9%  91 

kUmtobePrnv5%  93 

Mranri  lUan  5%  S3 

Mom  la  filtrate  6 93 

NTG  Bk  Demerit  fiv.  91 

New  Brunswick  5%  83 

Mission  Steal  8%  91 


TOO  89%  99%  *8%  -0%  11.40 
150  98%  99%  +0%  -*4%  11.72 

200  108  !B0%  ■*-0%  -0%  11.94 
pu;  gg  day  S.  w wort  +% 


ten  straights 

Aunrafet  8%  B2 

LI.B.  8%  B2 

Japan  Akiras  7%  87 

Now  Zealand  7%  89 

World  Bart  8%  92 

Av.  price  Ct 


i okangesr  on  day  -%.  an  mok  -% 


Change  an 

tested  Bid  Offer  dey  imh 

15  1B5  185%  9 -r-8% 

15  182%  163%  0 8 

— 9t  101%  182%  0 -8% 

15  102%  1B2%  +0%  -BV, 

20  1B3%  1B«%  B +8% 

ekaagas:  m day  B,  on  wart  +% 


Creflr  Fonder  5*  S3 0%  89%  99*  6/f  10  T84J 

Cradit  lyennab  5%  84 BVt  99%  09%  5/1  1BJ1  1844 

Craft  Lyona*  5%  07 0W  BB%  100%  1/4  10  IBjj 

Credit  Km  5%  94 OV.  93%  100%  0/3  16%  10.75 

Denmark  Not  5%  98  . - 0%  99%  W%  ’-V4  10  1045 

Dreedner  Fm  5%  93  WW  't  „ 0%  107%  107%  . '4  944  944 

Drerimr  Far  5V«  93  XW 0%  100%  100%  *9.  4 9.94  948 

E.O.F.  5%  95XW 0%  1W»  100%  18/2  11%  1U| 

LE.C.5  9D 0%  IBS  198V*  5/1  19.19  1B.lt 

Hlsionu  5%  95 0%  SB1*  98%  28/4  18  1814 

NZSMBarSft  92 0%  180  180%  22/12  10%  1022 

Napm  Credit  5%  90 0%  108%  108%  10/2  11%  n.ig 

SfleEenrri8  5%902W 0%  99%  99%  9/11  8%  s.18 

Sodeb  Gtenk  5%  95 0%  99%  100%  1/3  102!  1028 

Swnkn  5%  SB 0%  108  1B9V.  08/2  18.19  10.18 

-iiniikia  V'i  m 0%  100%  100%  3/2  11.19  11,12 

Be.  price  duwga:  ea  day  +%.  en  weak  +% 


bwad  BU  0Ha> 

tin  ««rt 

Yirid 

100 

108%  101% 

+«Va 

-0% 

725 

100 

99%  180% 

40% 

40% 

8JZB 

TDD 

97%  97% 

40% 

-0% 

8J7 

100 

99%  100% 

D 

40% 

7.64 

1D0 

101  181% 

0 

-0% 

709 

100 

188%  100% 

-0%  +0% 

7-38 

130 

103%  184% 

0 

40% 

7.17 

ISO 

188%  101% 

40% 

-0% 

709 

1D0 

96%  97% 

40% 

0 

8.71 

2SD 

100%  109% 

40% 

40% 

2.47 

2SD 

03%  84% 

-0% 

0 

7JJ9 

160 

100%  101% 

-0% 

-8% 

7.77 

101%  111% 

-6% 

-0% 

6.01 

no 

90%  in 

-0% 

-0% 

6.83 

100 

102  1DZ% 

-0% 

4l% 

746 

1SD 

59%  in 

40% 

40% 

745 

100 

102%  183% 

4ff%  41% 

7.28 

150 

100%  190% 

-0% 

0 

8.48 

100 

101  101% 

4ff% 

40% 

722 

120 

n 07% 

a 

40% 

708 

in 

102%  182% 

-0% 

-0% 

703 

150 

30%  98% 

fl 

0 

801 

100 

97%  97% 

0 

0 

825 

IDO 

99%  99% 

-0% 

0 

0J8 

250 

98  98% 

a 

-rl% 

744 

300 

100%  101% 

40% 

40% 

7.85 

I Kd  ORar 
101%  102% 
99%  in 
102  102% 
100%  191 
101  101% 
9B  38% 
99%  100% 
101  101% 
97  97% 

99%  108% 
101%  102 
101  101% 
108%  101 
16®%  101 
101  101% 
102  102% 
U%  «% 
101%  101% 
99%  100% 


Ctamgaoa 
day  wart 

-0%  +8% 
40%  +1 
-0%  0 
40%  +8% 
40%  +0% 
-0V.  -0% 

40%  -0% 

40%  0 

40%  -0% 
40%  -0% 
40Ve  -1% 
-0%  -1 
40%  -9% 

40%  +OVt 
40%  48% 
40%  -0% 
40%  -0% 
0 40% 

0 -0% 


onra  STRAIGHTS 

Farm  Credit  12V.90CS 

Natan  12%  83  C3 

TDMTGCotO  12%  88  CS 

Quebec  Hydra  1 2%  S3  C5  ... 
Royal  Treat  12%  88  CS  — 

World  Bart  12%  90  CS 

Karat  Csorta  12  08CS 

LE  G.  11%  S3  ECU — 

Gaafinanca  II  90  ECU 

AJeanenc  Bank  6%  88  fl 

Bank  Meax  & Rope  9 88  H 

Bed  Sup  Brd  8%  88  B 

P H.P.  8%  88  H 

Swtd  E>a  Grad  7%  88  R. — 

WerU  Bart  9 BB  fl 

fl.KLB.  14  86  FF 

Sotvoy  t De  14%  BS  FF 

B.FC.L  11%  BB  £ 

Britisk  Oxm  11%  91  £ 

CEPME  1 1 % BS  £ 

QBA-Gagy  tat  8%  82  C 

LEE.  1 1%  91  £ — — 

EEC.  1 >%  93  £ - 

Rn  Far  tad  10%  B0  £ 

Finland  Rep  11%  88  F. 

Fin  Mat  Orany  1 2%  92  £ 

Gen  Bac  Cu  12%  99  F 

IJ.1. 10%  93  £ 

Mori  B Rn  1 1%  BS  £ 

Norsk  Hydro  12  90  £ 

Sweden  11%  S3  £_ — 

Swod  Ezp  Dad  1TV.  SB  £ — 

World  Bank  11%  68  £.~ 

Eunrtorn  11  93  LlflFr 

Eurapwat  10%  93  baft  — 

FLOATOffi  BATE 
NOUS 

B. F.tf.5%88.,- 

Cebsa  Nat  Tata  5%  90 

CC.F.  5%  95 — __ . 

EC.F.  5%  SB  _ 

Capoa5%  88  VM  — 

CBpam5%92 

Clwmieal  NY  5%  94  TT 

CJi.CA  5%  95  XW 

C. N.T.  5%  01 

Credit  Agricok  5%  S7 


I Sd  Offer 

n 99% 
98%  07% 
1IB%  108% 
190%  100% 
108  >80% 
100%  100% 
102  102% 
100%  108% 
98%  99% 
100%  101 
190%  101% 
97%  »% 
99%  100% 
99%  100% 
90%  96% 
102%  102% 
100%  101% 
101%  102% 
99%  99% 

in  ioo% 

99%  IBOVe 
97%  99 
100%  101% 
106V.  101% 
94%  »% 
99%  108% 
183%  104% 
102%  103% 
94%  95% 
97%  S8% 
182%  102% 
97%  98  V. 
97%  98% 
98%  99 
UB  103 
102%  103% 


day  wart 

-0%  49% 

0 D 
0 -0% 
40%  40% 
-0%  40% 
8 40% 

-9%  0 

8 40% 

0 -0% 

0 a 
-0%  -0% 

1 -8% 
-0%  -0% 
-0%  -®Vi 

0 B 
0 -0% 
-0%  40% 
-0%  40% 
4 IH/a  40% 
-S%  -0% 

40%  40% 
-9%  49% 
0 40% 

-0%  40% 
0 40% 

fl  40% 

8 40% 

0 40% 

-0%  40% 

40%  49% 
40%  40% 
40%  4l 

40%  +9% 
0 40% 

fl  -0% 
0 -0% 


Bridgestone  Tun  5%  98 — , 

Canon  7 87  

Danas  Sat  CD  5%  98 

Hitachi  Carts  SV»  98 

Hen*  Mew  5%  98 

KyanKMaB%  97*._ZI 

Mnelwa  Co  Ltd.  5%  68  — 
Mitsubishi  Etacmc  5 v«  98  - 

Hppon  DO  Co  5Vz  98  -ZZZi 

Olympus  Optical  0%  87~I 
Orient  Rnanca  5%  97 


Orient  Rnanca  5%  97  __ 

Orient  LeetaBB  5%  98 

Sector  5 98 — 

Sendtamn  Beetle  5%  37 

YamaicM  Sac  Go  6 98 

YaaranoadU  Ptiwm'ral  4 80 

NEC  Crop 3%  93  SFT 

Sotun  hper  3%  93  SF  t _ 

Asks  5 92  QM 

Kanbrtrtu  6%  88  DM  — 
Sam  tarty  0%  92  DM. — 


Gam.  Can*, 
data  prim  BM 

3/82  470  122% 

...  7/82  748J  289% 
__  10/83  588  97% 

2/62  SIB  186% 

__  B/83  884  118 

— 3/3 3 7590  137% 

10/83  873  99 

— 2/83  782  109% 

— . S/B3  867  114% 
_ B/83  398  110% 

2/82  705J  164% 

— . 4/83  884117% 

4/83  779  102% 

__  12/82  1331  100% 

3/82  927-2  » 

„.  6/83  2880  94% 

11/83  2920  127% 


- 3/82  577 J 121 

_ 8/83  472  98% 

„ 10/03  1808  9S% 

_ B/83  978  138 

„ 9/83  718  102 

_ 12/83  528108% 

8/82  816  120 
_.  2/83  365  122% 


Og. 
Offer  day 
123%  40% 
211%  40% 
38%  -0% 
i8T%  -a% 
119  42% 

139%  -r3 

I0B  40% 

111%  40% 
115%  -0% 
111%  40% 
166%  -0% 
118%  40% 
103%  -0% 
101%  -0% 
97%  -1% 
95%  40% 
129  4l 
122%  40% 
98%  0 

»%  4D% 

140  -1 

104  -0% 

107%  -0% 
121  -8% 
123%  40% 


,;r-* 

.rf1  i , 1 • ’ 


. i ■ * 


Spread  Rd 
0%  99% 

0%  99% 

0%  99% 

0%  99% 

0%  99% 

0%  99% 

0%  100% 
0%  99% 

0%  99% 


Offer  Cjbte  Cxym 
190%  29/1  10.18 
99%  21/4  18 
99%  7/4  944 

in%  Z4/3  IMS 
109%  3/12  1846 
1BB%  10/12  10*/h 
100%  23/12  IB 
99%  7/12  10 
99%  6/11  9% 
1B0V.  24/3  193! 


* He  ktoiMflan  ava&ddeixnraa  day's  price, 
t Only  oca  marian  mrtre  aappfied  a pric*. 

Straight  Banda:  The  yield  to  mtemptioH  of  the  nridprice;  the  amornn  betted  b 
in  nrifisns  of  currency  tnita  enepf  for  Van  brads  where  il  b in  kfflbea. 
□range  on  week  - Change  nor  price  a wart  aorfiar. 

Haottag  Bate  NnWi  Danradnatad  in  (Mare  antes*  nrtemba  rmScattd.  Co*- 
pan  rttnm  w rnremffii.  C.  dan  - Data  msa  coupon  bacooes  aHadiw.  Spread 

- Margin  aba  m-mondi  dtared  rata  (TT  dna  1 Mb;  5 above  non  raw) 
far  U.S.  doBacs.  Cxpe.  - ctarmn  canpen.  Co.  yU  - eumaa  riehL 

Cammtfldi  bombs  Danoneiibd  in  doBare  rabre  ortenrisa  brtcafet  Cbg.  day 

- Change  tn  dey.  Ow.  data  - First  dan  tar  cntwnriiw  into  dram.  Ore.  price 

- MoaiiBri  ramunt  of  brad  per  share  repressed  in  cunaney  rd  share  at  con- 
varstan  me  Bred  at  bue.  Pram  - Pareareaga  pi— km  al  the  current  rffap- 
twa  prim  of  acquiring  share*  am  rta  hand  mo  Ae  meal  ramiri  price  id  fee 


6 1%  fioradal  Tana  lid,  1983.  BapredacOn  it  ndaria  re  in  pm  ta  any  fan 
not  mreonad  rtrtont  written  cmmwit.  Data  rmffM  by  DATASTBEAM  hmr- 


Denmark  to  raise 
£100m  in  market 

BY  MARY  ANN  SIEGHART  IN  LONDON 


DENMARK  is  tapping  the  newly- 
reopened  sterling  floating  rate  note 
market  for  ClOOm  with  a bond  that 
has  the  longest-ever  life  in  this  mar- 
ket 

S.  G.  Warburg  won  the  lead-man- 
agement mandate  after  heavy  com- 
petitive bidding  from  other  British 
merchant  banks.  The  bond  has  a 15 
year  life,  with  optional  redemptions 
for  the  investor  after  10,  and  lor  the 
borrower  after  five  years.  The  inter- 
est paid  will  be  ‘A  point  over  the 
mean  of  the  3-raonth  domestic  Lon- 
don interbank  bid  and  offered  rates 
- the  rates  at  which  banks  borrow 
and  lend  to  one  another  in  the  inter- 
bank market 

Despite  terms  that  were  con- 
ceived to  be  tight,  the  issue  per- 
formed very  well,  trading  at  a dis- 
count of  about  0.40  point  within  its 
0.625  point  selling  concession.  The 
total  front-end  fees  are  1.125  per 
cent 

In  the  dollar  market  the  only 
new  issue  was  a SlOOm,  10-year  deal 
for  Long  Term  Credit  Bank  of  Ja- 
pan. The  bond  has  a 12  per  cent  cou- 
pon at  par  and  is  led  by  Morgan 
Guaranty  together  with  Credit 
Suisse  First  Boston,  Salomon 
Brothers  and  LTCB  Internationa], 
The  fact  that  the  bond  involves  an 


interest  rate  swap  may  explain  its 
tight  pricing  - it  only  pays  14  point 
more  than  the  recent  Nippon  Credit 
Bank  SlOOm  deal,  though  its  life  is 
three  years  longer.  It  traded  at  a 
discount  of  about  points  yester- 
day - outside  its  selling  concession. 

The  dollar,  Swiss  franc  and  D- 
Mark  secondary  markets  were  all 
quiet  yesterday,  with  prices  dosing 
unchanged. 

• Following  its  success  with  ster- 
ling/dollar  currency  options  a 
month  ago,  Salomon  Brothers  yes- 
terday launched  similar  instru- 
ments for  conversion  between  D- 
Marks  and  U.S.  dollars.  There  are 
250,000  "put"  warrants,  which  en- 
able the  holder  to  sell  D-Marks  at 
the  rate  of  DM  2.67  to  SL  and 
250,000  “call"  warrants  to  buy  D- 
Marks  at  DM  2.58  to  SI.  At  a spot 
price  of  SI  to  DM  2.65,  the  call  war- 
rants were  being  offered  at  $16,60 
and  the  puts  at  59  JO.  Both  have  a 
one-year  life. 

BHF  Dank  bond  average 

Nov  2 Previous 

98.721  98.749 

High  1983  Low 

102.017  97.699 


November  3, 1983 


Ente  Nazionale  per 
i’Energia  Elettrica  (ENEL) 

SDR  100,000,000 

Floating  Rate  Debentures  due  1986 
Extendible  at  the 

Debenture  holder's  Option  to  1989 
Guaranteed  by  the  Republic  of  Italy 

In  accordance  with  the  terms  and  conditions  of  the 
Debentures,  notice  is  hereby  given  that*for  the  Interest  Period 
commencing  on  November  4, 1983  the  Debentures  will  bear 
interest  at  the  rate  of  9'/ia%  per  annum.  The  interest  payable 
on  the  relevant  Interest  Payment  Date,  May  4,1984  against 
Coupon  No.  6 will  be  SDR  238.559. 

The  USS/SDR  rate  which  will  determine  the  US$  amount 
payable  in  respect  of  Coupon  No.  6 will  be  fixed  together  with 
the  Interest  Rate  for  the  period  commencing  May  4, 1984,  on 
May  2, 1984. 

Fiscal  Agent 

H|  ORIOIN  ROYAL  BANK  LIMITED 

A mem  twol  The  Royal  Banned  Canada  Group 


BASE  LENDING  RATES 


Bank  9 % 

Allied  Irish  Bank 9 % 

Amro  Bank 9 % 

Henry  Ansbacher  9 % 

Arbuthnot  Latham  ...  9 % 

Arm co  Trust  Ltd.  9 % 

Associates  Cap.  Corp.  91% 

Banco  de  Bilbao  9 % 

Bank  Hapoallm  BH  ...  9 % 

BCCI  9 % 

Bank  of  Ireland 9 % 

Bank  Leumi  (UK)  pic  9 % 

Bank  of  Cyprus 9 % 

Bank  of  Scotland  09  % 

Basque  Beige  Ltd.  ...  9 % 

Basque  du  Rhone 10  % 

Barclays  Bank  9 % 

Beneficial  Trust  Ltd....  10  % 
B re  mar  Holdings  Ltd.  9 % 
Brit  Bank  of  Mid.  East  9 % 

I Brown  Shipley  9i% 

CL  Bank  Nederland  ...  9 % 
Canada  Perm’t  Trust  10  % 
Castle  Court  Trust  Ltd.  9i% 

Cayzer  Ltd.  9 % 

Cedar  Holdings  9 % 

l Charterhouse  Japhet ...  9 % 

Choulartons  . 101% 

Citibank  Savings  110]  % 

Clydesdale ' Bank  9 % 

C.E.  Coates 9|% 

Comm.  Bk.  of  N.  East  9 % 
Consolidated  Credits ...  9 % 

Co-operative  Bank * 9 % 

The  Cyprus  Popular  Bk.  9 % 

Dunbar  & Co.  Ltd. 9 % 

Duncan  Lawrie  9 % 

E.  T.  Trust 9i% 

Exeter  Trust  Ltd. 10  % 

First  Nat.  Fin.  Corp....  11  % 
Edward  Manson  & Co.  10  % 

Robert  Fraser 10  % 

Grindlays  Bank  t 9 % 

I Guinness  Mahon 9 % 

iHambros  Bank  9 % 


Heritable  & Gen.  Trust  9 % 

■ Hill  Samuel 9 9 % 

C.  Hoare  & Co 1 9 % 

Hongkong  & Shanghai  9 % 
Kingsnorth  Trust  Ltd.  10  % 
Knowsley  & Co.  Ltd — 9}% 

Lloyds  Bank  9 % 

MaUlnhall  Limited  ...  9 % 
Edward  Manson  & Co.  10  % 
Meghraj  and  Sons  Ltd.  9 % 
Midland  Bank 9 % 

■ Morgan  Grenfell  9 % 

National  Bk.  of  Kuwait  9 % 

National  Girobank 9 % 

National  Westminster  9 % 

Norwich  Gen.  TsL 9 % 

R.  Raphael  & Sons  ...  9 % 
P.  S.  Refson  & Co,  ...  9 % 
Roxburghe  Guarantee  9]% 
Royal  Trust  Co.  Canada  9 % 
Standard  Chartered  --||  9 % 

Trade  Dev.  Bank  9 % 

TCB  9 % 

Trustee  Savings  Bank  9 % 
United  Bank  of  Kuwait  9 % 
United  -Minahi  Bank...  9 % 
Volkskas  Intnl.  Ltd.  ...  9 % 
Westpac  Banking  Corp.  9 % 
Whiteaway  Laidlaw  ...  9]% 
Williams  & Glyn's  ...  » % 
Wintrust  Secs.  Ltd.  ...  9 % 
YortoWre  Bank 9 % 

■ Member*  of  the  Accepting  Mounon 
Committee- 

• 7-day  deposits  5-5%.  1-month 
5.75%.  Shore-larm  £8.000/12 
months  6.1%. 

t 7-day  deposits  on  sums  of:  under 
£10.000  64%.  £10.000  up  to  €50.000 
6»*%.  £50.000  and  over  7H%- 
1 Call  deposits  Cl .000  and  over  5V4- 
|l  21 -day  deposits  over  £1.000  64%- 
S Damand  deposits  54%. 

V -Mortgage  base  raw. 
n Money  Market  Cheque  Account™ 
8.80%.  Effective  annual  rate  — 
9.16%. 


The  Warrants  having  been  sold,  this  announcement  appears  as  a matter  o!  record  only. 


New  Issue 


September  1983 


Household  Finance  International  N.V 


100,000  Warrants  to  Purchase 

U.S.  $100,000,000  1154%  Guaranteed  Notes 
due  December  1,  1990 

The  .Voter  u ill  be  Unconditionally  Guaranteed  by 

Household  International,  Inc 


OSTERREICHISGHE 

VOLKSBANKEN-AKTIENGESELLSCHAFT 

US  $25,000,000 

Floating  Rate  Subordinated  Notes  due  1989 

Notice  is  hereby  given  pursuant  to  the 
Terms  and  conditions  of  the  Notes 
that  for  the  six  months  from 
4th  November , 1983  to  4th  May,  1984 
the  Notes  will  bear  an  interest  rate  of 
10ft  % per  annum 
with  a coupon  amount  of  US$  257.52 

London  & Continental  Bankers  Limited 

Agent  Bank 


S0CIETE  GENERALI  DE  BELGIQUE 

Offer  for  sale  of  3,626,204  AFV  shares  to  exist- 
ing shareholders. 

Opportunity  to  exchange  1975-1987  8£%  conver- 
tible loan  stock  for  AFV  shares. 

See  the  complete  advertisement  published  on 
Page  3 in  the  supplement  devoted  to  Belgium. 


This  advertisement  is  issued  in  compliance  with  the  requirements  of  the  Council  of  The  Stock  Exchange  in  London. 
It  does  not  constitute  an  invitation  to  the  public  to  subscribe  for  or  purchase  any  securities  of  Rohr  Industries,  Inc. 

Rohr  Industries,  Inc. 

(Incorporated  with  limited  liability  in  the  State  of  Delaware  in  the  United  Slates  of  America) 


Orion  Royal  Bank  Limited 


Continental  Illinois  Capital  Markets  Group 


Banque  Paribas 
Credit  Lyonnais 


Girozentrale  usd  Bank  der  Osterreichischen  Lloyds  Bank  International  Limited 


Society  Gen6rale 


Manufacturers  Hanover  Limited 


Svenska  HandeJsbanken  Group 


Authorised 

20,000,000 


Issued  and  reserved  for  issue 
at  30th  September  1983* 

Shares  of  Common  Stock  9,596,560 

(US$1.00  par  value) 

^Including  2,197,815  reserved  for  issue 


The  Council  of  The  Stock  Exchange  in  London  has  admitted  to  the  Official  List  all  the 
shares  of  common  stock  of  Rohr  Industries,  Inc.  issued  and  reserved  for  issue. 
Particulars  relating  to  Rohr  Industries,  Inc.  are  available  in  the  Extel  Statistical  Service, 
and  copies  of  such  particulars  may  be  obtained  during  usual  business  hours  on  any 
weekday  (Saturdays  excepted)  up  to  and  including  25tif November  1983  from: 


Kleinwort,  Benson  Limited 

20  Fenchurch  Street,  London  EC3P  3DB 


Rowe  & Pitman 

Citv-Gate  House,  39-45  Finsbury  Square, 
London  EC2A  1JA 


Cazenove&Co. 

12  Tokeahouse  Yard, 
London  EC2R7AN 


JyJ?  j 


f 


3rd  November  1983